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
Who we help: LoanZilla, an independent mortgage broker in Kirkland, Washington, arranges reverse mortgages (HECMs) for homeowners 62 and older in Washington, Oregon, Idaho and the other states where we’re licensed, comparing options from dozens of wholesale lenders.
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.