Capital Home Mortgage Seattle

Seattle Reverse Mortgage Loans

Reverse Mortgage Lender Seattle Washington

Reverse Mortgage In Seattle Washington

Despite escalating health care and living costs, many retirees in the country lack adequate resources to handle these costs. Reverse mortgages provide a way for seniors who have paid off their mortgages or do not have one anymore to quickly and easily get the money they need quickly and easily.

What is a Reverse Mortgage?

A Seattle Reverse Mortgage is a home loan that allows homeowners 62 and older to turn a portion of their home equity into cash. This type of mortgage is distinct in that, unlike regular mortgages, borrowers are not required to make monthly payments to repay the debt. The loan is instead paid back when the borrower sells their home, moves out permanently, or dies.

A reverse mortgage can be used for various reasons, including generating an additional income stream, financial planning, downsizing or upsizing their homes, moving, purchasing a second home or rental property, or donating monies to family members.

Although a reverse mortgage can provide immediate funds and does not require monthly payments, the amount you owe will increase due to accruing interest. Additionally, the borrower retains property ownership and is responsible for property taxes, insurance, and maintenance. Before deciding on a reverse mortgage, it is essential to comprehend these aspects fully.

Pros and Cons of a Reverse Mortgage

For some, a reverse mortgage can be a valuable tool, providing supplementary income during retirement while allowing homeowners to remain in their houses. However, due to the high price and inherent hazards, it isn’t the best option for everyone. Before deciding on a reverse mortgage, it is critical to understand all of the implications and examine other options.

Here are some pros and cons of a Seattle Reverse Mortgage:


  • Supplemental Income

A reverse mortgage can provide much-needed income during retirement for householders who are “house-rich but cash-poor.”

  • No Monthly Payment

A reverse mortgage, unlike standard mortgages, does not require monthly payments. When the residence is sold, the homeowner moves out, or dies, the loan is repaid.

  • Stay in Your Home

This type of loan enables senior citizens to remain in their homes while receiving equity-based income.

  • Tax-Free Income

As a loan, the income received from a reverse mortgage is typically exempt from taxation, as it is not considered income.


  • High Costs

Due to financed origination fees and recurring mortgage insurance premiums, reverse mortgages can be costly. This may reduce the product’s appeal to homeowners sensitive to closing costs.

  • Risk of Losing Home

If a householder fails to pay other home-related expenses, such as property taxes, homeowners’ insurance, and maintenance, they risk defaulting on their mortgage and losing their home.

  • Reduced Home Equity

Using a reverse mortgage necessitates devoting a sizeable portion of home equity to loan fees and interest, which can reduce the amount of inheritance left for heirs. 

Eligibility Requirements of Reverse Mortgage

A reverse mortgage is a loan that enables homeowners 62 and older to borrow against the value of their homes and receive funds as a lump sum, a fixed monthly payment, or a line of credit. 

The primary eligibility requirements for a reverse mortgage are as follows:

  • Age

The homeowner, or the younger of the two couples, must be at least 62 years old.

  • Home Equity

The homeowner should have a large amount of equity in their home. While the exact percentage of equity required varies, it is usually about 50%.

  • Principal Residence

The house must be the homeowner’s primary residence, meaning they must live there for most of the year.

  • Financial Standing

Borrowers must be able to satisfy their financial commitments, which include paying real estate taxes, homeowners insurance, flood insurance, and any homeowners association dues.

  • Home Condition

The house must meet various requirements based on its condition and property type.

  • Mortgage Balance

The homeowner must either own the property free and clear, with no mortgage, or have a low mortgage balance that can be paid off at the time of reverse mortgage closing.

Types of Reverse Mortgages in Seattle

The three primary types of reverse mortgages are the following:

  • Home Equity Conversion Mortgage (HECM)

HECMs are reverse mortgages that are federally insured and backed by the U.S. Department of Housing and Urban Development (HUD). They are the most prevalent type of reverse mortgage, with a choice of payment options. Before applying for a HECM, the borrower must consult a HUD-approved counselor.

  • Proprietary Reverse Mortgage

These are sometimes known as private or jumbo reverse mortgages and are backed by the company that creates them. Because they can often give a more significant loan advance than HECMs, they are best suited for homeowners with higher-valued houses. They may, however, have higher fees and are not federally insured.

  • Single-Purpose Reverse Mortgage

These reverse mortgages, offered by some state and local government agencies and nonprofits, are the least expensive option. However, the loan must be used for a purpose specified by the lender, such as home maintenance or property taxes.

Apply for a Seattle Reverse Mortgage 

Seattle homeowners who use Capital Home Mortgage Seattle for a reverse mortgage enjoy several advantages. First, reverse mortgages allow homeowners aged 62 and older to convert their home equity into cash, which can be received in a lump sum, as a monthly income, or at the homeowner’s chosen times and amounts. With Capital Home Mortgage Seattle, homeowners can maximize their financial benefits by taking advantage of their commitment to offering the best rates and lowest prices feasible. The ability to apply online or consult directly adds to the process’s simplicity and usability by making it more convenient. By utilizing Capital Home Mortgage’s services, Seattle homeowners can navigate the complex reverse mortgage landscape more effectively, maximizing their home equity.

Call our Seattle Reverse Mortgage Specialists at (253) 528-4417 for questions about your reverse mortgage needs.

Why Seattle HomeBuyers are Choosing Capital Home Mortgage
Close On Time

Complete Control from Application to Funding

Low Rates & Low Fees

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7  Day a Week Support Application to Final Mortgage Payment

Seattle Washington Mortgage Rates

Have you ever wondered why interests rates are what they are and what determines the final rate?  Why borrowers receive different interest rates? Or why rates go up and down?  Interest Rates are calculated using several factors.

  • Demand for mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

Seattle REverse Home Loans

Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.

  • Purchase & Refinance
  • Primary Only
  • 62 Years or Older
  • Required Hud Counseling
  • Homeowners Insurance Required
  • Must Continue to Pay Taxes
  • Meet Required Equity Values
Seattle Mortgage Programs

Seattle Home Purchase loans

Looking to Purchase a Seattle Home?

Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.
  • Primary, 2nd Home, Investment
  • Low Rates & Fees, No fee Options
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo & Renovation
  • Manufactured, Construction, Reverse

Seattle Renovation Home Loans

Looking to Rehab a Seattle Home?

Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not a renovation loan? Purchase the Perfect Home and make it your own.
  • Remodel, Renovate or Repairs
  • FHA 203K Streamline 
  • FHA Full Documentation Rehab
  • Fannie Mae Homestyle Reno
  • Freddie Mac Home Choice Reno

Seattle FHA Home loans

Great 1st Time Seattle Homebuyers

FHA Home Loans are great for first time home buyers, buyers with less than perfect credit, or buyers needing less out of pocket.   Call today to get started.
  • Smaller Down Payments
  • Flexible Underwriting Guidelines
  • Higher Debt to Income Allowed
  • Lower Credit Scores – Down to 500
  • Down Payment Gifts Allowed

Seattle va Home Loans

100% Financing for Seattle Vets

Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.
  • No Mortgage Loan Limits
  • Simple Qualifying
  • Higher Debt to Income Allowed
  • Lower Credit Scores – Down to 500
  • Manual Underwriting Allowed

Seattle Conventional Home loans

Flexibility for Seattle Homebuyers

Conventional Home Loans are the best option for flexibility of property types and for mortgage loan terms. Call today to get speak to a loan officer.
  • Primary, 2nd Home, Investment Properties
  • Single and Multi-Family Properties
  • Variable Mortgage Insurance Options
  • Low Rates & a Variety of Mortgage Terms
  • Renovation Programs Available

Seattle Jumbo Home Loans

Seattle Non-Confirming Home Loans

Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits. Call today.
  • Primary & 2nd Homes
  • Variety of Mortgage Programs
  • Simple Qualifying for Veterans
  • Investor Specific Guidelines
  • Credit Score Minimums

Seattle USDA Home loans

100% Rural Seattle Home Loans

USDA Loans are a great option for families wanting to live outside of the city.  Call today to speak with a loan officer to discuss your personal loan options.
  • Primary Residences
  • No Down Payment Required
  • New Manufactured Homes Allowed
  • Closing Costs / Repairs Rolled In
  • Geographic and Income Limits Apply

Seattle Native american Home Loans

Seattle Hud 184 Home Loans

HUD 184 Home Loans are solely for Native American and offer a variety of benefits.  Call today to speak with a loan officer to find out more.
  • Primary Residence Only
  • Manual Underwriting for All Loans
  • No Credit Score Requirements
  • Tribal Grants Allowed
  • Purchase, Refinance, and Renovation

Seattle Manufactured Home loans

Great Alternative Seattle Housing

Manufactured Home Loans offer options to purchase an existing residence or build your dream home on your own land. Call today to speak to a Loan Officer.
  • Existing Purchase or Refinance
  • New Construction
  • One Time Close Land/Home Combo
  • Lock at Contract
  • FHA, VA, USDA, Native American

Seattle Reverse Mortgage Loans

Your Seattle Home at Work

Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.
  • Primary Residence Only
  • Simple Qualifying – Equity Based
  • No Credit Score Requirements
  • Minimum Age 62
  • Purchase, Refinance, and Cash-Out

Seattle Non QM Home loans

Making Seattle Mortgages Possible

Looking for Non Traditional Home Mortgage Loan?  Contact a Loan Officer Today to discuss the alternative mortgage options currently available.
  • Purchase, Refinance & Cash-out
  • Primary, Secondary, Investment Properties
  • Full Doc Programs
  • Alt Doc Programs
  • Corporations OK

Seattle One Time Close Home Loans

Build Your Seattle Dream Home

Want to Build? But unsure of what the future looks like? Remove the risk with a One Time Close Construction Loan.  Call today to see how a OTC loan works.
  • Primary Residences Only
  • One Time Close
  • Lock Rate at Closing
  • Traditional Final Mortgages
  • No Payments During Construction

Seattle Refinance Mortgage loans

Seattle Rate & Term Refinance

Refinancing can be a hard decision and the payback can sometimes be confusing.  Call today and let our Loan Officers walk you through the process.
  • Lower Monthly Payment
  • Shorten Mortgage Term
  • Streamline Options Available
  • Appraisal Waivers Allowed
  • VA IRRRL’s

Seattle Cashout Mortgage Loans

Seattle Equity Mortgage Loans

Cash-Out Mortgage Loans make use of the equity in your home by allowing you to refinance the current mortgage and access this equity to use as you see fit.
  • Debt Consolidation
  • Investment Opportunities
  • Home Improvement
  • Dream Vacation
  • Higher Education

Seattle Washington Mortgage Team

Dale Gremillion

Sr Loan Officer
NMLS #210325

Conor Hayhurst

Branch Manager
NMLS #743506

Sam Klaburner

Sr Loan Officer
NMLS #140132

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