For many Rogue Valley owners, the house is the largest savings account they have. There are about a dozen ways to draw on that equity, from borrowing against the house to selling it, and each fits a different situation: a repair you can’t put off, care costs, a gap between selling one home and buying the next, or a fixed income that no longer stretches to the bills.

Three Questions Sort the Options

Do you want to stay in the home? Can you make a monthly payment? And how long do you need the money? Staying points to loans, the state’s tax deferral, or renting out space. Leaving usually means selling, which puts the most money in your hands. A monthly payment rules a HELOC or home equity loan in or out, while a reverse mortgage and the tax deferral require no monthly payment.

Borrowing and Staying

Home equity line of credit (HELOC). A credit line secured by your home that you draw on as needed, usually for about 10 years, then repay. The rate is usually variable, and you qualify on income and credit. A HELOC suits repairs in stages or an emergency cushion.

Home equity loan. A lump sum with a fixed rate and payment, on top of your existing mortgage. It suits one known cost, like a roof or a septic replacement.

Cash-out refinance. A new, larger mortgage that pays off the old one and hands you the difference. With the 30-year fixed rate near 7% in October 2026 (Freddie Mac), refinancing away a lower-rate mortgage can raise your payment a great deal, so compare a cash-out refinance with a HELOC or home equity loan first.

Reverse mortgage (HECM). For owners 62 and older, the federally insured Home Equity Conversion Mortgage pays you as a lump sum, monthly amount, line of credit or a mix, with no monthly mortgage payment. The loan is repaid when the last borrower sells, moves out for more than 12 months in a row, or passes away. The 2026 lending limit is $1,249,125 (HUD). You still pay property taxes, insurance and upkeep, and falling behind on those bills can make the loan come due. Costs include a 2% upfront FHA insurance premium, 0.5% a year after that, an origination fee capped by HUD, and closing costs, so a reverse mortgage suits owners planning to stay for years. Every borrower meets with a HUD-approved counselor before applying. A spouse under 62 can be named as an eligible non-borrowing spouse at closing and stay in the home later. Heirs can keep the home by paying off the loan, or sell the house, and never owe more than its value.

Oregon’s Property Tax Deferral

The Senior and Disabled Property Tax Deferral pays your county property taxes each November, repaid with 6% simple interest when the home sells or stops being your main residence. For 2026, you qualify at 62 or older or with a disability, with household income at or below $70,000, at least five years owning and living in the home, a home value within the program cap, and homeowners insurance. Apply January 1 to April 15 at your county assessor: Josephine County, 500 NW 6th St, Grants Pass, (541) 474-5260; Jackson County, 10 S Oakdale Ave, Medford, (541) 774-6061. If you’re considering a reverse mortgage too, ask the assessor first, because the two don’t usually combine.

Earning From the Home

A tenant in a spare room brings income without touching your equity. Oregon requires cities, Grants Pass included, to allow an accessory dwelling unit on single-family lots; rural rules are stricter, so check with county planning first. On acreage, a partition or lot-line adjustment can turn unused ground into cash while you keep the house.

Selling

Selling turns all your equity into cash at once. Most married couples who have lived in the home 2 of the last 5 years owe no federal tax on up to $500,000 of gain ($250,000 for a single owner). A rent-back written into the sale lets you stay for a set time after closing, so you move once. HECM for Purchase lets a buyer 62 or older buy the next home with a large down payment, often around half the price, and no monthly payment afterward. And when care or a new home can’t wait, a short-term bridge loan against the current home spans the gap until closing.

A Caution on Home Equity Investments

Companies such as Hometap, Point and Unlock pay cash now for a share of your home’s future value. They’re structured as investments, not loans, so many borrower protections don’t apply, and the payoff can run far higher than a loan’s. Read every page with an attorney or a HUD counselor before signing.

My free guide, Getting Money Out of Your Home, sets every option side by side with the Oregon programs and local offices for each. Download the guide, or call or text me at (971) 303-2253.

Figures were checked in October 2026, and limits, rates and eligibility change each year. This article is general information, not legal, tax or financial advice.