Washington State Reverse Mortgages
A Washington Reverse Mortgage / Loan is a home loan which provides the homeowner with cash payments based on home equity. Throughout the course of the loan, the borrower retains the Washington property title/ownership. Typically, repayment of the loan is made when the property is sold or upon the homeowner’s death.
Washington Reverse Mortgage Requirements
- Age requirement: Washington borrower must be 62 or older
- HUD-approved counseling
- Income: No requirements
- Assets: No requirements
- Washington employment: No requirements
- Credit score: No requirements
- Health: No requirements
Reverse Mortgage FAQs
Can I lose my home with a Washington Reverse Mortgage?
The Bank can only foreclose on your Washington home if you do not 1) pay your homeowners insurance, WA real estate taxes, any HOA fees, 2) keep the home in good repair 3) keep the Washington home as your primary residence. You never have to make a mortgage payment.
What if I already have a Washington mortgage?
First, your current mortgage and any other liens against the property in Washington will be paid off. As long as you have enough equity to do this, a Reverse Mortgage would work for you.
Will a Washington Reverse Mortgage cause me to pass debt on to my heirs?
A Reverse Mortgage in Washington is a non-recourse loan. There is mortgage insurance, which is a Federal requirement, which will pay off the difference from the value of your home to what you owe. No one comes out of a Reverse Mortgage owing more than the value of their home. If the value of the Washington home is greater than what is owed, the heirs inherit the additional money after the loan is paid.
Are Washington (WA) Reverse Loans high-risk?
A number of safeguards have been built into the program, including mandatory HUD-approved counseling in Washington, payment guarantees, capped interest rates, advanced disclosures, a three-day rescission period and a non-resource limit.
Washington Reverse Mortgage Lenders
Apply now or contact the Washington Reverse Mortgage experts at Home Point Financial to learn more about reverse mortgages in Seattle, Spokane, Tacoma, Vancouver and throughout Washington.
