A reverse mortgage—officially known as a Home Equity Conversion Mortgage (HECM)—allows homeowners age 62 or older to convert a portion of their home equity into cash without making monthly mortgage payments. Reverse mortgages are insured by the Federal Housing Administration (FHA) and are designed to provide financial flexibility during retirement.
At Seattle Mortgage Pros, we help eligible homeowners understand how reverse mortgages work and determine whether a HECM loan aligns with their long-term financial goals.
With a reverse mortgage, homeowners can access their home equity while continuing to live in the home. Instead of making monthly mortgage payments, the loan balance increases over time and is typically repaid when the home is sold, the borrower moves out permanently, or the borrower passes away.
Reverse mortgage proceeds can be received as:
Homeowners must continue to pay property taxes, homeowners insurance, and maintain the home to remain in good standing.
A reverse mortgage can be used to purchase a new primary residence, allowing eligible borrowers to buy a home with a large down payment and eliminate monthly mortgage payments.
Homeowners may refinance an existing mortgage or an existing reverse mortgage to:
Refinancing may be beneficial if home values have increased or if the borrower’s age has advanced since the original loan.
Reverse mortgages can be used for supplementing retirement income, paying off an existing mortgage, covering medical expenses, or improving cash flow.
To qualify for a reverse mortgage, borrowers must:
Eligible properties typically include single-family homes, FHA-approved condominiums, and certain manufactured homes that meet FHA guidelines.
Seattle Mortgage Pros provides clear, straightforward guidance on reverse mortgages and HECM loans in Seattle and throughout Washington State. We focus on education, transparency, and long-term planning—helping homeowners make informed decisions without pressure.
If you’re exploring a reverse mortgage purchase or refinance, Seattle Mortgage Pros is here to help you understand your options and move forward with confidence.
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