It's helpful to work with reverse mortgage licensed specialists in the area because they understand the real estate environment in your state. Please fill out the form on this page to have a reverse mortgage specialist contact you. And of course, if you have any questions about applying for a reverse mortgage in Washington, don't hesitate to contact one of our specialists at any time.Washington seniors, like many across the nation, have been affected by recent economic events. If you think it's difficult dealing with economic uncertainty when you're working, imagine doing so when you're on a fixed income. Seniors struggling to pay their monthly bills, may not be aware that they are sitting on a substantial investment - the equity they've built up in their homes. Retired or not, if you're 62 years of age or older you can access that equity through a reverse mortgage. Washington seniors across the state are turning to reverse mortgages to help pay off medical bills, renovate their homes, or just feel more secure knowing they have immediate access to money should the need arise.
Paying Back a Reverse MortgageNo more mortgage payments* and extra cash sound like a good deal, but you may still be wondering how you pay back a reverse mortgage. Washington residents do not have to pay the loan back until they either sell the home, no longer live in the home, or pass away. When one of these conditions is met, the loan amount and accumulated interest come due. However, a reverse mortgage is a nonrecourse loan, meaning you never owe more than the appraised value of the home. If the loan comes due, the borrowers' heirs could either sell the home to pay off the mortgage, or refinance for the amount owed, which includes any accumulated interest. As the borrower, you maintain ownership of your home and must pay all property taxes and insurance fees. You're also required to keep the home well maintained. As for the money freed up by accessing your equity, it can be put to any use you see fit.
Washington Reverse Mortgage SpecialistsIf you want to capitalize on the value of your home and start enjoying a life free from financial burden, consider a reverse mortgage. One Reverse Mortgage works with multiple reverse mortgage licensed specialists in Washington. Please fill out the form on this page to have a reverse mortgage specialist contact you.
*Homeowner must still maintain the property, pay homeowners insurance, and property taxes to avoid foreclosure.