Washington Reverse Mortgages

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Washington

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How a Reverse Mortgage Works in WA

Seniors in the Evergreen State may be able to achieve the financial freedom they deserve with a Washington reverse mortgage. Known as a home equity conversion mortgage (HECM), this federally insured program allows eligible borrowers to tap into a portion of home equity and convert it into loan proceeds. Proceeds may be used as disposable cash and spent however borrowers see fit, offering benefits such as:

  • Paying off debt
  • Covering medical bills
  • Preserving savings
  • Pursuing travel and leisure

Only you know what your best version of the future looks like, but we’re committed to helping you live The GoodLife in Retirement—whatever that may mean to you. Read our reverse mortgage guide to learn more about how a HECM loan may help you reach your goals.

To learn more about the structure of a reverse mortgage in Washington, download GoodLife’s reverse mortgage guide for additional information.

Have a question about Washington reverse mortgages?
Contact us today.

Reverse Mortgage Qualifications & Requirements

As non-recourse, federally insured loans, borrowers must meet reverse mortgage qualifications in WA established by the Dept. of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA). Reverse mortgage eligibility states that in order to qualify, borrowers must:

  • Be at least 62 years old
  • Own substantial home equity
  • Live in the property as their primary residence

Reverse mortgage requirements in Washington follow the federal guidelines, and not all homes are eligible for this FHA program. Talk to a GoodLife Reverse Mortgage Specialist about your specific circumstances to see whether you may qualify.

Washington Reverse Mortgage Calculator

Use our reverse mortgage calculator to receive a free loan estimate.

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Washington Reverse Mortgage Process

GoodLife is a reverse mortgage company operating in Washington, proud to help seniors pursue the retirement they’ve worked hard to enjoy. We break our reverse mortgage application process into four steps.


Education:

You’ll first speak with a Reverse Mortgage Specialist who will provide comprehensive information about your loan options, ensuring that it’s a good fit for your needs, so you can move forward with confidence.

Counseling:

Before applying, HUD requires you to attend an approved counseling session to receive further clarification about WA reverse mortgages and how one might apply to your circumstances.

Application:

An FHA-approved appraiser will then conduct a property valuation, which is used in part to determine the proceeds available from the loan. To receive an estimate of how much you may be able to borrow, use our free reverse mortgage calculator.

Funding:

Once the reverse mortgage is approved, the loan can be disbursed as a lump sum, line of credit, or in monthly installments.

Reverse Mortgages in WA: FAQs

If you can’t find the information you’re looking for, refer to our reverse mortgage FAQs or direct your questions to our Reverse Mortgage Specialists who will be happy to provide the answers you need.

How are interest rates determined?

Lenders use an index and margin to determine the interest rate of the loan during the application process, and rates may either be fixed or variable.

Can I get a reverse mortgage if I have an existing mortgage?

Yes, some of our borrowers choose to use a reverse mortgage to pay off their existing mortgage and use the remaining proceeds as cashflow in retirement. The existing mortgage must be paid at closing.

What types of properties are ineligible for a reverse mortgage in Washington?

Certain FHA-approved condos may be eligible, but multi-family properties with more than four units are considered commercial and do not qualify for the HECM program. Homes with substantial damage or maintenance issues may not meet FHA standards and are therefore ineligible.

If you’d like to learn more, contact us to see how we may be able to help you live The GoodLife in Retirement.

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