Best Reverse Mortgage Companies in Seattle, WA

Best Reverse Mortgage Companies in Seattle, WA

Reverse Mortgage Costs in Seattle, WA

Homeowners in Seattle can borrow up to $970,800 for a reverse mortgage, the 2023 HECM maximum nationwide claim amount. When budgeting for your reverse mortgage costs remember to account for interest, lender servicing fees, the annual mortgage insurance premium, and other housing expenses like flood insurance or property taxes.

Several factors impact the cost of a reverse mortgage in Washington:

• Age of borrower
• Home equity
• Lender fees
• Loan amount and terms
• Market interest rates
• Credit history
• Type of loan

The most common type of reverse mortgage is a Home Equity Conversion Mortgage, or HECM, which is backed by the FHA. Many lenders also offer a HECM for purchase option, which allows the borrower to take a reverse mortgage to purchase a new home. You’ll choose to receive loan funds via one of the following disbursement methods:

• Lump sum: All proceeds are disbursed upfront. Option for a fixed interest rate.
• Term: Monthly payments for a predetermined period
• Tenure: Monthly payments for the life of the loan
• Line of credit: Withdraw funds as needed. Pay interest and fees only on the portion of the loan you withdraw.
• Combination: Receive monthly payments plus use a line of credit, or choose partial lump sum plus monthly payments or line of credit.

How a Reverse Mortgage Works

You can take out a reverse mortgage on single-family homes, condos, townhomes, certain manufactured homes, and two- to four-unit multi-family homes in which the borrower occupies one unit. Vacation homes, rental homes, and investment properties do not qualify. HECMs also have a lending limit that adjusts annually, but homes over the FHA limit might qualify for a proprietary reverse mortgage from a private lender. A reverse mortgage allows borrowers to leverage their home equity for cash, then use the money to supplement retirement income, make necessary aging-in-place improvements or home repairs, or reduce their monthly housing expenses. Reverse mortgage holders don’t make monthly payments. Instead, the lender pays the borrower via a monthly disbursement, lump sum payment upfront, a line of credit, or a combination of these payouts. You can decide how to spend the funds from a reverse mortgage, but if you cannot keep up with property taxes, homeowners insurance, and home maintenance costs, the lender will require you to set aside funds from the loan to cover those expenses.

Seattle, WA Reverse Mortgage Eligibility Requirements

A reverse mortgage is a good financial tool for Seattle retirees 62 and over who:

• Have paid off their homes
• Have significant equity but haven’t hit social security age yet
• Plan to stay in their homes

Almost 45% of Seattle residents own their homes, according to the U.S. Census. The cost of living in Seattle is high, but the high lending limit means many of seattle homes qualify. A reverse mortgage could be a sensible choice for borrowers over the age of 62 who own their homes but don’t have a lot of income to meet their needs in retirement. However, a reverse mortgage does not make sense for homeowners who plan to sell their homes or move to a retirement community. The loan becomes due when the home is no longer the borrower’s primary residence. Homeowners who qualify for another type of home equity loan or line of credit won’t need a reverse mortgage. Before you can apply for a reverse mortgage, you must meet with a reverse mortgage counselor to discuss how the loan works, your qualifications, and the responsibilities you incur when taking out a reverse mortgage.

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Seattle, WA Reverse Mortgage Company Reviews

РiеrPоint Mоrtgаgе Seattle, WA

PierPoint Mortgage Seattle is a nationwide mortgage broker offering a full line of home loan products, including reverse mortgages. The company values transparency, one-on-one service, and honesty. Reviewers rated this business five stars for quick turnaround, the lowest interest rate, and excellent service. Clients mentioned that loan officers were efficient and always available to answer questions, and customers liked that they were upfront and honest about loan terms and costs.

• Get pre-approved on the website
• Free consultation

РiеrPоint Mоrtgаgе Seattle, WA
Address	157 Yesler Way, Seattle, WA 98104
Phone Number	(206) 400-7330

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Anglin Zamir Team – Guild Mortgage

Anglin Zamir Team at Guild Mortgage offers hundreds of loan products, including reverse mortgages. The broker team partners with multiple lenders to bring the best options to clients. You can take out a HECM with Anglin Zamir on your condo, single-family, multi-family, or manufactured home. Clients praise Anglin Zamir for delivering great rates, efficient service, and an easy process. Reviewers experienced fast communication from informative and understanding loan officers who gave great advice.

• 100+ five-star reviews
• 70 branch offices in 11 western states

Anglin Zamir Team – Guild Mortgage
Address	155 NE 100th St #400c, Seattle, WA 98125
Phone Number	(206) 378-4491

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Alex Louie at CrossCountry Mortgage, LLC

Alex Louie at CrossCountry Mortgage is based in Seattle. CrossCountry mortgage is a nationwide full-service lender that offers a clear, fast, and transparent mortgage experience on a range of loan types and solutions, including HECMs. Apply online or contact Alex Louie to discuss loan options. Customers give this business five stars for timely responses, honesty and transparency, and for finding solutions to complex problems. Clients especially appreciated Mr. Louie’s updates throughout the process and the time he took to answer customer questions.

• Licensed senior loan officer
• Free rate quote

Alex Louie at CrossCountry Mortgage, LLC
Address	1000 Dexter Ave N Suite 310, Seattle, WA 98109
Phone Number	(206) 618-9288

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Nancy Spiro – Movement Mortgage

Nancy Spiro is a loan officer at Movement Mortgage. The company donates a portion of its profits to build and fund community schools. Along with a full range of mortgage loan products, Nancy offers HECMs and HECMs for purchase and focuses on quick applications and closing processes. Enter your zip code online to find loans are available in your area. Clients said Ms. Spiro answered questions promptly and professionally, making the process move along smoothly. Reviewers give Ms. Spiro high scores for low rates, expedited signing, and efficient service.

• Easy-to-use website
• Focused on helping local communities

Nancy Spiro – Movement Mortgage
Address	2200 6th Ave Suite 100, Seattle, WA 98121
Phone Number	1 (877) 314-1499

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15/30 Mortgage

15/30 Mortgage specializes in low rates and competitive loan options. Since they partner with many lenders, they have a variety of mortgage programs to choose from. HECM options include lump sum, lifetime income, line of credit “safety net,” and more. Apply online or contact a mortgage advisor to get started. Clients were impressed by the helpful loan officers who clearly cared about customer service and made the loan process simple.

• Chat feature available on the website
• Highly-skilled loan consultants

15/30 Mortgage
Address	135 Lake St #230, Kirkland, WA 98033
Phone Number	(206) 207-7777

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TILA Mortgage

TILA Mortgage is a broker that customizes solutions for borrowers based on their current situation and needs. Get a free home valuation to find out how much your home is worth. Reverse mortgage and refinance customers said this company was patient, efficient, and helped them get money out of their homes. Customers liked that they were communicating with real people and not an app and that the team went above and beyond to ensure the process went smoothly.

• Free home valuation
• Free consultations

TILA Mortgage
Address	19125 N Creek Pkwy Suite 210, Bothell, WA 98011
Phone Number	(206) 887-9753

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David Haley – Fairway Mortgage

David Haley Mortgage partners with Fairway Independent Mortgage Corporation to offer HECMs and HECMs for purchase. The loan process takes about three to four weeks. Mr. Haley has worked as a loan originator, loan manager, and real estate agent, so he has a strong understanding of home loans and the Seattle market. Customers said Mr. Haley is passionate about educating his clients and gives great advice to save them from making poor decisions. Reviewers also note that his team was excellent to work with.

• 100+ positive reviews
• More than 20 years of experience

David Haley – Fairway Mortgage
Address	6100 219th St SW #480, Mountlake Terrace, WA 98043
Phone Number	(425) 471-6039