(2) Notwithstanding ORS 311.670, a homestead that is pledged as security for a reverse mortgage is not eligible for tax deferral under ORS 311.666 to 311.701.
(3) Subsection (2) of this section does not apply to a homestead that is:
(a) Eligible for tax deferral under section 7, chapter 13, Oregon Laws 2012, section 1, chapter 31, Oregon Laws 2013, or section 1, chapter 494, Oregon Laws 2013; or
(b) Pledged as security for a reverse mortgage pursuant to a contract executed on or after July 1, 2011, and before January 1, 2017, provided the taxpayer seeking the tax deferral has an equity interest in the homestead that equals or exceeds 40 percent at the time of filing a claim under ORS 311.672. [1971 c.572 §7; 1977 c.160 §8; 2011 c.723 §16; 2019 c.591 §1]