Reverse mortgage loans are a popular financial option for seniors in Spokane, Washington. A reverse mortgage is a type of loan that allows homeowners to tap into their home equity to increase their cash flow.
How Does a Reverse Mortgage Work?
A reverse mortgage loan converts a portion of a home’s equity into cash. As the money is from loan proceeds, it’s tax-free.* For borrowers who still have a home mortgage balance, a reverse mortgage eliminates the balance and the need to make monthly mortgage payments. Instead, they simply have to take care of property charges like insurance, taxes and home maintenance costs. For people who own their homes outright, the potential loan proceeds are much greater.
Our Reverse Mortgage Loans in Spokane, Washington
Home Equity Conversion Mortgages (HECMs)
HECMs are the most common type of reverse mortgage loan and are insured by the Federal Housing Administration (FHA). A HECM allows homeowners who are 62 or older to convert a portion of their home’s equity into cash, which can be received in a lump sum, line of credit, monthly payments or a combination of these options.
HECM for Purchase (H4P)
An H4P loan allows borrowers to purchase a new primary residence with a reverse mortgage. As this greatly increases homebuying power, it can be useful for seniors who want to downsize, move closer to family or relocate to a more accessible home. Like the traditional HECM, the borrower does not have to make monthly mortgage payments on their new home. They must simply cover the property charges like taxes, insurance and upkeep.
Jumbo Reverse Mortgage Loan
This type of reverse mortgage loan is for high-value homes that exceed the $1,089,300 loan limit set by the FHA. The amount of cash available is based on the appraised value of the home, and borrowers typically have more flexibility in payment options.
Benefits of Getting a Reverse Mortgage Loan in Spokane, Washington
Spokane, Washington, Reverse Mortgage Loan Qualifications and Eligibility
To be eligible for a reverse mortgage in Spokane, Washington, you must typically meet the following requirements:
About Spokane, Washington
Spokane is located in eastern Washington state and is the second largest city after Seattle. Located on the Spokane River, it’s known for its beautiful natural surroundings, including nearby mountains and lakes.
Spokane is a great place for senior citizens to live. It has a lower cost of living than many major American cities and a robust healthcare system. It also has a wealth of activities to enjoy. The Northwest Museum of Arts and Culture is famous for showcasing the history and culture of the Pacific Northwest. Active retirees can enjoy golfing, kayaking, hiking, skiing and snowboarding options.
Interested in a Reverse Mortgage Loan in Spokane, Washington?
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*This advertisement does not constitute tax or financial advice. Please consult a tax and/or financial advisor regarding your specific situation.