Washington Reverse Mortgage Lenders

Washington Reverse Mortgage Lenders

Elderly citizen living in Washington State on fixed incomes are finding it more difficult today to find the funds to pay all their expenses, especially with the constant increase in energy, food and transportation. Add to these yearly increases in insurance, medical care and medication are making it nearly impossible for some to survive. An increasing number of elderly are now turning towards their investments to make it through each month. Another alternative for the elderly are Washington reverse mortgage lenders which are assisting them in finding an alternative ways to gain access to the equity locked up in their housing investment.

Reverse mortgage lenders specialize in providing older homeowners, over 62, with a special type of home loan which that enables them to covert a portion of their home equity into tax free income. This equity for most seniors is the largest single investment holding for most elderly individuals. Reverse mortgages are unlike a traditional home equity loan or second mortgage, when a lump sum is provided and then repaid over time. A reverse mortgage, the lender provides funds to the borrower without asking the borrower to give up title, or sell the home. Also these loans do not need to be repaid until the borrower(s) no longer use the home as their principal residence.

There are several ways that the lender can provide cash to the borrower cash from a reverse mortgage:

all at once, in a single lump sum of cash;

as a regular monthly cash advance;

as a "creditline" account that lets you decide when and how much of your available cash is paid to you; or

as a combination of these payment methods.

 

It is important to note that the loans normally do not have to be repaid to the lender unless the owners die or permanently move out of the home.

Senior citizens that are considering this program should meet with an independent reverse mortgage counselor before applying for the program. These counselors can educate you about the reverse mortgage, alternatives and assisting in determining which product best fits your needs. They can also provide you with contact information for Washington reverse mortgages lenders you can provide you with further assistance. Finally you can contact the might be the right answer for you. For more information contact the Washington Housing Finance Authority for more information.

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