Washington State Reverse Mortgage

Washington State Reverse Mortgage for Seniors 62 and Older

A Washington State reverse mortgage lets homeowners 62 and older convert home equity into cash — with no monthly mortgage payments required. You retain title to your home and continue living in it. The loan is repaid when you sell, move out, or pass away.

We originate reverse mortgages in Washington and five other directly licensed states: California, Colorado, Oregon, Texas, and Idaho.

Why Washington Seniors Are a Strong Fit for Reverse Mortgages

Washington State — particularly the Puget Sound region — has experienced dramatic home price appreciation over the past two decades, driven by the technology sector and in-migration from higher-cost coastal markets. Long-time homeowners in Seattle, the Eastside, and surrounding communities have accumulated equity that often exceeds their original purchase price several times over.

The equity picture:

• Seattle and Eastside (Bellevue, Kirkland, Redmond) median home prices consistently rank among the highest outside California
• Many homeowners who bought in King or Snohomish County before the tech boom hold $500,000–$1,500,000+ in equity
• Spokane, Tacoma, and the Tri-Cities have all appreciated significantly while remaining more affordable than the Puget Sound
• Washington’s lack of state income tax makes it a desirable retirement destination, drawing equity-rich retirees from California and Oregon

HECM vs. Jumbo Reverse Mortgage in Washington

For Seattle and Eastside properties — where homes regularly exceed $1.5M–$2M — the HECM lending limit leaves significant equity inaccessible. Jumbo proprietary reverse programs are frequently the better fit in these markets.

How You Can Receive the Funds

• Lump sum — all proceeds at closing (fixed-rate HECM only)
• Monthly payments — tenure (for life) or term (set number of years)
• Line of credit — draw funds as needed; unused line grows over time
• Combination — any mix of the above

The amount available depends on your age, current interest rates, and home value.

Washington Retirement Markets We Serve

We work with Washington senior homeowners across the state, including:

• Seattle and the Eastside — Seattle, Bellevue, Kirkland, Redmond, Mercer Island, Issaquah, Sammamish
• South Puget Sound — Tacoma, Gig Harbor, Federal Way, Renton, Auburn
• North Sound and Whidbey — Everett, Mukilteo, Edmonds, Bellingham, Anacortes
• Eastern Washington — Spokane, Spokane Valley, Kennewick, Richland, Pasco (Tri-Cities), Yakima
• Olympic Peninsula and coast — Port Townsend, Sequim, Port Angeles
• Southwest Washington — Vancouver (Clark County), Olympia, Lacey

Reverse Mortgage Requirements

To qualify:

• Age: Youngest borrower must be 62 or older (some jumbo programs start at 55)
• Primary residence: You must live in the home as your primary residence
• Equity: Substantial equity required — most borrowers own free and clear or have a small remaining balance
• HUD counseling: Required for HECM loans before application
• Property taxes and insurance: Must remain current
• Property types: Single-family homes, 2–4 unit (owner-occupied), HUD-approved condominiums, and manufactured homes meeting FHA standards

Frequently Asked Questions

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1st Nationwide Mortgage, NMLS 1281. Reverse mortgages subject to borrower qualification, HUD counseling, property appraisal, and program availability. HECM loans are FHA-insured. Jumbo proprietary reverse mortgages are not FHA-insured; terms differ. Not all applicants will qualify. This is not a commitment to lend. Available in California, Colorado, Oregon, Washington, Texas, and Idaho only.