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 3,317 1,266,399,584
SEATTLE MORTGAGE COMPANY 2,749 587,203,599
BANK OF AMERICA 1,195 374,341,671
STAY IN HOME MORTGAGE INC 893 246,070,005
HIGH TECH LENDING INC 862 331,573,570
ONE REVERSE MORTGAGE LLC 811 253,037,680
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 727 341,961,924
FINANCIAL FREEDOM SENIOR FUNDING CORP 695 164,227,684
REVERSE MORTGAGE FUNDING LLC 656 324,530,425
FINANCE OF AMERICA REVERSE LLC 605 236,179,633
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 383 171,243,745
LOAN SERVICES INC 379 91,954,346
LIBERTY HOME EQUITY SOLUTIONS INC 370 116,979,116
METLIFE BANK NATIONAL ASSOCIATION 349 108,986,450
NORMANDY MORTGAGE INC 326 83,675,854
SECURITY ONE LENDING 324 99,145,873

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 3,101 1,218,413,854
HIGH TECH LENDING INC 771 305,471,070
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 725 341,592,924
REVERSE MORTGAGE FUNDING LLC 656 324,530,425
ONE REVERSE MORTGAGE LLC 511 174,916,100
FINANCE OF AMERICA REVERSE LLC 428 188,617,200
OPEN MORTGAGE LLC 383 171,243,745
LIBERTY HOME EQUITY SOLUTIONS INC 361 114,274,116
FINANCE OF AMERICA MORTGAGE LLC 309 143,545,906
MORTGAGE BROKERS SERVICES 294 131,641,119

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%
2022-04-01 3.65% 3.09%

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 SEATTLE 98125 3,693
2 TACOMA 98404 1,969
3 VANCOUVER 98663 1,945
4 SPOKANE 99212 1,424
5 EVERETT 98203 819
6 BELLEVUE 98008 749
7 BELLINGHAM 98225 652
8 OLYMPIA 98502 640
9 RENTON 98055 622
10 EDMONDS 98020 584
11 PUYALLUP 98371 523
12 GIG HARBOR 98335 514
13 KIRKLAND 98034 511
14 KENT 98031 488
15 PORT ORCHARD 98366 487
16 BOTHELL 98011 486
17 BREMERTON 98310 474
18 SHORELINE 98177 452
19 SPOKANE VALLEY 99206 451
20 AUBURN 98002 441
21 SEQUIM 98382 432
22 FEDERAL WAY 98023 425
23 REDMOND 98053 423
24 YAKIMA 98902 417
25 LYNNWOOD 98037 414
26 SNOHOMISH 98290 403
27 MARYSVILLE 98270 372
28 PORT ANGELES 98362 338
29 LAKEWOOD 98499 314
30 CAMANO ISLAND 98292 301

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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