Seniors looking to increase their cash flow during retirement may benefit from a Washington D.C. reverse mortgage, which enables eligible borrowers to access their wealth accumulated in home equity. By tapping into a portion of equity and converting it into loan proceeds, borrowers may be able to:
GoodLife is a reverse mortgage company lending in Washington D.C. that’s committed to helping seniors Live The GoodLife in Retirement. Refer to our reverse mortgage guide for more information or contact one of our Reverse Mortgage Specialists for further assistance.
Washington D.C. reverse mortgages are also known as home equity conversion mortgages (HECMs). The HECM program is overseen and insured by the federal government, therefore reverse mortgage qualifications in D.C. are consistent with those applied to borrowers nationwide. In order to meet reverse mortgage eligibility criteria, you must:
Reverse mortgage requirements in Washington D.C. follow the federal program guidelines that can impact your qualification, for example, living in a housing complex with more than four units is not allowed. A GoodLife Reverse Mortgage Specialist can go over these details to determine whether you may be eligible to apply.
Use our reverse mortgage calculator to receive a free loan estimate.
The reverse mortgage application process may vary by lender, but at GoodLife, we break it down into four steps.
First, we learn about you, your goals, and your circumstances to establish whether a reverse mortgage in Washington D.C. could be a good solution to your needs.
Before submitting your application, HUD requires all potential borrowers to attend an approved counseling session with an objective third-party who can provide additional clarity into the HECM program.
During this process, an FHA-approved appraiser will conduct a property valuation and confirm it meets the eligibility criteria.
After the loan is approved and closing costs are paid, GoodLife will distribute the loan proceeds. To receive an estimate of how much you may be able to borrow, use our free reverse mortgage calculator.
Our reverse mortgage FAQs may contain answers to the questions you have at hand, but a GoodLife Reverse Mortgage Specialist will be happy to provide further clarity.
There are three variables that affect a borrower’s principal limit: the age of the youngest borrower, the appraised property value, and the current interest rates. You can use our reverse mortgage calculator for an estimation of how much you may be able to borrow.
At GoodLife, you have the choice to receive your loan proceeds as a lump sum, line of credit, or monthly installment.
A reverse mortgage becomes Due and Payable when it reaches a maturity event, such as vacating the home or the passing of the last borrower on the loan.