Washington Reverse Mortgage Loans

Washington Reverse Mortgage Loans are an innovative financial planning tool used by many senior homeowners to access the equity in their homes without having to make any monthly mortgage payments for as long as the home remains their primary residence.

Nationally as well as in Washington State, reverse mortgage loans that are insured by FHA, the HECM, or Home Equity Conversion Mortgage, have become increasingly popular in recent years. Washington reverse mortgage loans are being used to help pay for home improvements, in-home health care, supplemental monthly income, medical expenses, just about anything you can think of. With the pressures of inflation weighing on almost every aspect of our lives, seniors trying to live on a fixed income are finding it more and more difficult to make ends meet. A recent AARP survey found that most seniors that took out reverse mortgages did so because they need the money for routine daily expenses. Very few people surveyed used the money for vacations or frivolous expenditures.

Retirement Income

With life expectancy on the rise, many people who thought they saved enough money for retirement are finding out that they could possibly outlive their savings if inflation keeps up at its' current pace. However, an asset that was traditionally not liquidated and usually left to the heirs is the family home. Today, however, there has been a shift in attitude not only from the senior population themselves, but also from their families. Most adult children would rather see their parents live comfortably during retirement rather than scrimp just to be able to leave them the house. Another way that adult children view Washington reverse mortgage loans is that if their parents get the loan, then they won't have to contribute money to help their parents get by on a monthly or annual basis. It's a win-win situation because the parents remain independent and living in their own homes and the kids are not burdened financially to assist them.

The HECM loan limits in Washington are established by HUD. Currently the maximum loan amount is $625,500. Since September of 2001 Washington reverse mortgage loans have represented 2.5% of the national total of reverse mortgages originated in the United States.

Reverse Mortgage Loans Qualification

If you are interested in finding out if your home has enough equity for you to qualify, you can use our reverse mortgage calculator to get a rough estimate.

If the calculator results indicate that you qualify you will want to get a complete personalized benefit summary which will show you all the costs and various options for how you can receive your money. Request your free Washington reverse mortgage loans quote here. There is no obligation or cost to receive this information.

• Link to Washington AARP

Click Here To See If You Have Enough Equity To Qualify