Washington Reverse Mortgage

A Washington reverse mortgage can help seniors and retirees over the age of 62 secure retirement income and remain financially independent during the best years of their lives.  This loan type simply converts home equity into spendable cash.  It transforms the investment value of a home into spendable income that seniors can live on.

Reverse Mortgage Washington Information

There are many lenders who specialize in reverse mortgages in Washington, and you can learn more about how to contact these lenders and what to look for when selecting a lender to work with below.  For now, read through the reverse mortgage information provided on this page and try to learn as much as you can about this unique, specialized loan type.

Reverse mortgages function very simply.  Your lender purchases the rights to own your home equity and pays you for this right.  The amount you are paid is equal to the amount of home equity your lender purchases, minus fees involved in creating the loan.

This money can be delivered to you in any number of ways.

• Your lender can provide it to you all at once, in a lump sum, if you prefer.
• Your lender can make payments to you on a monthly basis for as long as it takes to deplete the equity.
• Your lender can provide you with a line of credit tied to your home equity that you can access at any time.

Depending on the financial flexibility you need, you can combine multiple options to craft your own unique payout arrangement.

The ownership of your home remains in your name during a reverse mortgage.  Your lender does not own your home and cannot possess it to pay back debt.  You can live in the home until you pass away without paying back anything to your lender.

At the end of your life, your heirs who inherit the home will have to pay back the reverse mortgage.  Most often, this is done by selling the home and turning the proceeds of the sale over to the lender.  The government guarantees that lenders can not come after your heirs to collect more than what the home sells for, even if the reverse mortgage amount is higher than this.

The HUD maintains a list of Frequently Asked Questions that may help alleviate any concerns you have. Read through this list or get in touch with one of our lenders to have your questions answered.

Washington Reverse Mortgage Lenders

It’s not difficult to find a reverse mortgage lender in Washington.  Lenders love to administer these loans.  They are simple financial instruments that create value for both borrowers and lenders.  But you must take the time to find the best lender to originate your loan.

All lenders charge fees.  This is true when closing any loan type, but reverse mortgage fees are often higher than fees on other loans.  Contact several lenders in your area to find out what fees and rates they charge.  Once you know what deals are available, pick the lender who can best meet your financial needs.

For more information about picking a lender and applying for a reverse mortgage, read our reverse mortgage checklist.

About Washington

Washington is a northwestern state that is known for its impressive natural beauty and high tech business sector.  The total gross state product for Washington is 14th in the nation.  Significant businesses within the state include the design and manufacture of jet aircraft by Boeing, computer software development through Microsoft, Amazon.com, Nintendo of America, coffeehouses such as Starbucks, and tourism.

Seattle, Spokane, Tacoma, Vancouver, Bellevue, Everett, and Yakima are among the most economically significant and highly populated cities in the state of Washington.  There are over 750,000 people aged 65 years or older in the Evergreen state, and many of these individuals qualify for reverse mortgages.

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