Washington Reverse Mortgages for a Better Retirement

There are many ways a reverse mortgage can make a retirement better, and once you understand all of them you may decide that this is a great opportunity for you. When you retire, these should be your golden years. This should be a time where you can sit back, relax, and enjoy your life. You’ve worked hard your entire life, now it’s your time to do the things you want to do and spend your time how you want to spend it.

Unfortunately, not everyone in Washington is in a financial situation to be able to take this kind of approach to life. In fact, many people who are approaching retirement still have a monthly mortgage to worry about, and still, have other bills that place a significant financial burden on them. For people in this situation they may feel that retirement is not an option they can consider now, perhaps they even feel they’ll never be able to retire. Sure, planning ahead and investing wisely sounds great in theory, but there are few absolutes in life. Not everyone can afford to invest, and not all investments pay off. If you feel like you are in this boat, and you’ll never be able to retire, there may be an option for you.

If you are at least 62 and own your home outright or owe little on it, then you can probably qualify for a reverse mortgage.

Find out how a reverse mortgage loan can be part of a comfortable retirement. Click here for free information.

What Is A WA Reverse Mortgage?

A reverse mortgage is exactly what its name implies, it is the opposite of a traditional mortgage. Instead of making payments to the mortgage company every month, they pay you instead. It’s a way to tap into the equity in your home.

How Can A Reverse Mortgage Make Your Retirement Better?

Imagine a world where all of the money in your home’s equity became accessible to you. Imagine a world where making monthly mortgage payments would never be your concern ever again. You don’t have to imagine this kind of world, you can experience it yourself if you get a reverse mortgage. The biggest way that this unique loan improves your retirement can be summed up in one word, freedom.

With a Washington reverse mortgage, you will be able to access the money you have spent years building up in your home’s equity. You don’t have to draw on that money, but having it available to you will completely change your mindset. You won’t have to hesitate if you are thinking about doing something like take a long vacation, you can simply do it. That doesn’t mean you should just blow through your home’s equity, but having access to it is definitely going to improve your life.

How many times over the course of your life have you had to sacrifice something because you had bills to pay? You had a family to raise, food to put on the table, and of course, that ever-present mortgage payment. So, why shouldn’t you be able to enjoy all of that you have worked so hard in life to attain? With a reverse mortgage, you can.

Interested in a Washington reverse mortgage? Click here for a free information kit!

Biggest Reverse Mortgage Companies Washington

Lender Loans Total Principal Limit
WELLS FARGO 4,349 1,065,870,593
AMERICAN ADVISORS GROUP 3,700 1,472,510,634
SEATTLE MORTGAGE COMPANY 2,749 587,203,599
BANK OF AMERICA 1,195 374,341,671
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1,076 563,459,451
HIGH TECH LENDING INC 935 379,504,920
FINANCE OF AMERICA REVERSE LLC 916 414,422,158
STAY IN HOME MORTGAGE INC 893 246,070,005
ONE REVERSE MORTGAGE LLC 811 253,037,680
REVERSE MORTGAGE FUNDING LLC 724 367,350,025
MUTUAL OF OMAHA MORTGAGE INC. 698 408,857,160
FINANCIAL FREEDOM SENIOR FUNDING CORP 695 164,227,684
GENWORTH FINANCIAL HM EQUITY ACCESS INC 540 153,485,981
FRONTIER BANK 514 137,412,781
HOMESTREET BANK 428 125,321,478
OPEN MORTGAGE LLC 424 198,325,445
SOUTH RIVER MORTGAGE LLC 381 168,859,025
LOAN SERVICES INC 379 91,954,346
LIBERTY HOME EQUITY SOLUTIONS INC 370 116,979,116
FINANCE OF AMERICA MORTGAGE LLC 368 175,977,925

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 3,484 1,424,524,904
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1,074 563,090,451
HIGH TECH LENDING INC 844 353,402,420
FINANCE OF AMERICA REVERSE LLC 739 366,859,725
REVERSE MORTGAGE FUNDING LLC 724 367,350,025
MUTUAL OF OMAHA MORTGAGE INC. 698 408,857,160
ONE REVERSE MORTGAGE LLC 511 174,916,100
OPEN MORTGAGE LLC 424 198,325,445
SOUTH RIVER MORTGAGE LLC 381 168,859,025
FINANCE OF AMERICA MORTGAGE LLC 368 175,977,925

Find out how a reverse mortgage loan can be part of a comfortable retirement. Click here for free information.

Washington Reverse Mortgage Interest Rates

Current Rates

Date Fixed Rate Adjustable Rate
2019-01-01 4.89% 5.05%
2019-02-01 4.63% 5.15%
2019-03-01 4.79% 4.86%
2019-04-01 4.78% 4.79%
2019-05-01 5.04% 4.68%
2019-06-01 4.77% 4.55%
2019-07-01 4.81% 4.42%
2019-08-01 4.80% 4.11%
2019-09-01 4.73% 4.07%
2019-10-01 4.46% 4.13%
2019-11-01 4.18% 4.06%
2019-12-01 3.50% 4.16%
2020-01-01 4.04% 3.93%
2020-02-01 3.68% 3.93%
2020-03-01 4.56% 3.80%
2020-04-01 4.31% 3.63%
2020-05-01 3.39% 3.30%
2020-06-01 3.54% 3.08%
2020-07-01 3.79% 3.03%
2020-08-01 3.34% 3.04%
2020-09-01 3.36% 2.91%
2020-10-01 3.37% 2.89%
2020-11-01 3.41% 2.87%
2020-12-01 3.19% 2.78%
2021-01-01 3.03% 2.71%
2021-02-01 3.21% 2.63%
2021-03-01 3.24% 2.51%
2021-04-01 3.24% 2.49%
2021-05-01 3.30% 2.34%
2021-06-01 3.22% 2.25%
2021-07-01 3.20% 2.20%
2021-08-01 3.37% 2.21%
2021-09-01 3.50% 2.16%
2021-10-01 3.34% 2.19%
2021-11-01 3.44% 2.23%
2021-12-01 3.39% 2.26%
2022-01-01 3.29% 2.30%
2022-02-01 3.38% 2.39%
2022-03-01 3.32% 2.72%
2022-05-01 3.90% 3.64%
2022-04-01 3.65% 3.09%
2022-06-01 4.59% 3.97%
2022-07-01 5.30% 4.38%
2022-08-01 4.93% 4.97%
2022-09-01 5.25% 5.49%
2022-10-01 5.47% 5.86%
2022-11-01 5.68% 6.46%
2022-12-01 6.43% 6.91%
2023-01-01 6.99% 6.98%
2023-02-01 NA 7.10%
2023-03-01 6.81% 7.28%
2023-04-01 NA 7.04%
2023-05-01 NA 6.93%
2023-06-01 6.81% 7.11%
2023-08-01 NA 7.67%
2023-09-01 NA 7.67%
2023-10-01 6.93% 7.75%
2023-11-01 NA 7.67%
2023-12-01 NA 7.73%
2024-01-01 7.56% 7.52%
2024-02-01 NA 7.28%
2024-03-01 NA 7.27%
2024-04-01 NA 7.21%
2024-05-01 NA 7.29%
2024-06-01 NA 7.35%
2024-07-01 NA 7.37%
2024-08-01 NA 7.23%
2024-09-01 NA 6.79%
2024-10-01 NA 6.44%

Historic Rates

Date Fixed Rate Adjustable Rate
2016-01-01 4.97% 3.57%
2016-02-01 4.94% 3.69%
2016-03-01 4.92% 3.83%
2016-04-01 5.01% 4.00%
2016-05-01 5.06% 4.11%
2016-06-01 4.96% 4.14%
2016-07-01 4.96% 4.25%
2016-08-01 4.95% 4.30%
2016-09-01 4.92% 4.37%
2016-10-01 4.92% 4.63%
2016-11-01 5.01% 4.56%
2016-12-01 5.02% 4.65%
2017-01-01 4.95% 4.81%
2017-02-01 4.94% 4.77%
2017-03-01 4.90% 4.62%
2017-04-01 4.96% 4.53%
2017-05-01 4.99% 4.51%
2017-06-01 5.01% 4.40%
2017-07-01 4.95% 4.44%
2017-08-01 5.01% 4.48%
2017-09-01 4.94% 4.48%
2017-10-01 5.01% 4.47%
2017-11-01 4.90% 4.56%
2017-12-01 4.84% 4.64%
2018-01-01 4.82% 4.67%
2018-02-01 4.87% 4.75%
2018-03-01 4.76% 4.66%
2018-04-01 4.75% 4.82%
2018-05-01 4.67% 4.92%
2018-06-01 4.63% 4.77%
2018-07-01 4.70% 4.78%
2018-08-01 4.65% 4.76%
2018-09-01 4.67% 4.86%
2018-10-01 4.52% 4.80%
2018-11-01 4.73% 5.06%
2018-12-01 4.54% 5.05%

Top Cities in Washington by Total HECM Loans Originated

Rank City Zip Total
1 SEQUIM 98382 478
2 EDMONDS 98026 402
3 SPOKANE 99205 369
4 SEATTLE 98118 355
5 VANCOUVER 98682 327
6 ARLINGTON 98223 323
7 CAMANO ISLAND 98282 322
8 ANACORTES 98221 311
9 SHELTON 98584 311
10 KIRKLAND 98034 299
11 SNOHOMISH 98290 292
12 PORT ORCHARD 98366 289
13 SEATTLE 98115 288
14 LONGVIEW 98632 285
15 EVERETT 98203 284
16 MARYSVILLE 98270 284
17 EVERETT 98208 280
18 SEATTLE 98125 279
19 SPOKANE 99208 278
20 FEDERAL WAY 98023 277
21 TACOMA 98407 274
22 BELLINGHAM 98226 271
23 PORT ANGELES 98362 261
24 REDMOND 98052 258
25 PORT ORCHARD 98367 256
26 VANCOUVER 98664 254
27 KIRKLAND 98033 252
28 VANCOUVER 98662 248
29 WENATCHEE 98801 246
30 GIG HARBOR 98335 245

HECM Housing Counselors

URBAN LEAGUE OF METROPOLITAN SEATTLE
105 14TH AVE SUITE 200
SEATTLE, WA 98122-5569
(206) 461-3792
http://www.urbanleague.org

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