Why Consider a Washington Reverse Mortgage?
If you’re 62 years old or older, own the home in which you live and need additional cash to maintain a comfortable lifestyle, a reverse mortgage loan may be just what you need. What is a Washington reverse mortgage loan? A Washington reverse mortgage loan allows you to cash in on the equity of your home without having to make any payments on the loan unless you move or no longer occupy the home as your primary residence.
Washington Reverse Mortgage Loan Funds
The funds from your Washington reverse mortgage loan are not taxable.* You only pay taxes on your actual income sources. With a reverse mortgage you can choose your payment plan, which consists of a monthly draw, a line of credit, a lump sum or any combination. You will determine which plan is right for you with your WA reverse mortgage lender. Even if you still owe on your home you can obtain a Washington reverse mortgage loan. You will need to satisfy your existing mortgage(s) with funds from your reverse mortgage loan first, then whatever amount remains is yours to be set up on whatever Washington reverse mortgage plan you decide is right for you.
Current limits on a reverse mortgage loan are $625,500 and it was recently extended by congress to the end of 2011. There is some speculation it will return to the previous figure of $417,000. If your home falls into the upper-priced category and you feel you might be entitled to the full amount of the limits, you want to move quickly before the current limits expire. Keep in mind that the amount to which you are entitled is based on your age, the interest rate and the equity in your home. Be sure to use our reverse mortgage calculator to determine your eligibility.
Washington Reverse Mortgage Lender
The FHA limits are nationwide and will not change because of where you live. The only thing that will differ based on your location is the value of your home and the individual lending policies of your reverse mortgage loan lender. The older you are the more money you will be able to obtain in a Washington reverse mortgage.
* Consult a tax advisor
Reverse mortgages in Washington are tax-free and typically do not affect you Social Security or Medicare benefits.
Learn more about Washington reverse mortgages by selecting your city. We offer reverse mortgages in all of Washington, however the cities below are the larger cities we work in.
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