Q: May a reverse mortgage lender's interest in a property be deducted to qualify for Oregon's Small Estate option?
A:
No. Oregon law requires that you list the property with its Fair Market Value as of the date of death (or, if it has been a year since the person passed the value within 45 days of filing the small estate affidavit). You do not reduce the value by any mortgage, liens or property taxes owed.
If the property is worth more than $200,000 you will need to file a full probate.
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