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Reverse Mortgages for Washington State Properties

A Reverse Mortgage is a home loan.

You borrow from the equity that you have built up in your home. You do not have to make any payments on the money that you borrow as long as you live in your home.
Surprised? Reverse home mortgages are the most widely misunderstood loans available. As America ages, Reverse Mortgages are gaining in popularity as a tool to improve the quality of life for the retired person.

    Who is eligible?
Any homeowner who is 62 years of age or older and owns their own home or is buying their home is eligible. Your income level and credit score are NOT used to determine your eligibility, making almost all senior homeowners eligible.

    How much money can you borrow?
The amount of money available depends on your age, your home's value and location, and current interest rates. You can select to receive your money through monthly payments, a line of credit, a lump sum, or some combination of the options.

    How can you use the money?
You can use the money any way you desire. The lender does not tell you how to spend it. Most people use the funds from Reverse Mortgages for home improvements, for in-home health care, to pay taxes and insurance, or to generally improve their standard of living above what Social Security provides, by using it as a supplement to their income.

    When does the loan have to be paid back?
Reverse Mortgages do not have to be paid back until the last surviving borrower dies, sells the home, or moves out. The total amount owed at the end of the loan equals all funds loaned from the cash advances you've received, plus the accrued interest.

    Are Reverse Mortgages safe?
The Department of Housing and Urban Development and Fannie Mae Reverse Mortgages that we offer are developed and regulated by the federal government. They are very safe! Also, since you will not be making any monthly payments, your home cannot be foreclosed upon for becoming late on your payments.

    How do interest rates affect my loan?
Interest rates are calculated using a formula set by the federal government. The interest rate at the time of closing is the initial rate for the loan. All interest rates for Reverse Mortgages are adjustable.

    Are there any costs associated with Reverse Mortgages?
Yes, but all costs can be financed into the loan itself, which means that you do not have to come up with any money to apply! And the costs associated with a Reverse Mortgage are significantly lower than what is allowed on conventional financing. You will receive a "Good Faith Estimate" with your application showing the precise costs associated with your loan.

    Who has title of the home?
The homeowners retain title to the property and can sell, payoff, or prepay the Reverse Mortgage at any time without penalty. The lender does NOT have title of the home. You retain ownership.

    Payment may be received 3 ways:

• A single lump-sum disbursement
• Equal monthly payments for as long as the borrower(s) live in the house
• Equal monthly payments for a set period of time

    Payments are determined by:

• The age of the borrower( which determines the loan-to-value)
• The market value of the home
• If there are any liens against the property

    Are the funds I receive considered income?
No. The money you receive is a loan and is not subject to federal income tax. In addition, these payments won't affect your Social Security or Medicare benefits. There are no income or asset limitations for borrowers receiving a Reverse Mortgage, nor are there any medical or insurance examinations.

    For a comprehensive explanation or to apply for a Reverse Mortgage, please contact Jill Fielding at (360)337-0112 or click on the name.