Loan programs
Reverse mortgages for Washington homeowners 62+
A Home Equity Conversion Mortgage (HECM) — the FHA-insured reverse mortgage — lets homeowners 62 and older turn part of their home equity into cash while staying in the home. There's no required monthly mortgage payment; instead, the loan balance grows over time and is repaid when the home is sold or the last borrower permanently moves out.
Reviewed by Clint Aguon, CEO & Loan Officer · NMLS #1893008 · Updated September 2026
Ways to receive your funds
- Line of credit — draw funds when you need them; the unused portion can grow over time.
- Monthly payments — for a set number of years or for as long as you live in the home.
- Lump sum — available with a fixed-rate HECM.
- A combination of the above.
Your responsibilities
A reverse mortgage is still a loan secured by your home. To keep it in good standing, you must:
- Live in the home as your primary residence
- Keep paying property taxes, homeowners insurance and any HOA dues
- Maintain the home in good repair
If these obligations aren't met, the loan can become due, and the home could be at risk of foreclosure.
Who qualifies
- The youngest borrower is at least 62
- You own the home outright or have substantial equity
- The home is your primary residence and an eligible property type
- You complete counseling with a HUD-approved counselor before applying
The amount you can receive depends on the youngest borrower's age, current interest rates, and your home's value — up to the 2026 FHA limit of $1,249,125.
What to consider
Reverse mortgages have upfront costs, including an FHA mortgage insurance premium, and the balance grows as interest accrues — which reduces the equity left for you or your heirs. Your heirs can keep the home by repaying the loan, or sell it; they never owe more than the home is worth. We encourage you to talk it over with family and a financial advisor.