Proprietary Reverse Mortgage in Washington
A Trusted Solution for Washington Seniors to Access Home Equity and Gain Financial Freedom in Retirement
Unlocking More Equity for High-Value Homes
Stay in Your Home While Accessing Equity
No Monthly Mortgage Payments Required
Flexible Payout Options to Fit Your Needs
Proprietary Reverse Mortgage Calculator – Unlock More Home Equity
If your home is valued above the federal HECM lending limit (currently $1,149,825 in 2024), a Proprietary Reverse Mortgage—also called a Jumbo Reverse Mortgage—may be the key to unlocking more of your home’s equity.
Use our Proprietary Reverse Mortgage Calculator to estimate how much you could qualify for based on your home’s market value, your age, and current lending conditions.
Proprietary Reverse Mortgage Calculator
Non-FHA Private Lender Options for Higher-Value Homes
Program Information: Jumbo Reverse
- Maximum Loan Amount: $4,000,000
- Minimum Home Value: $700,000
- No FHA Mortgage Insurance Premium (MIP)
- 2.0% Origination Fee (Max: $15,000)
Note: This is an estimate. Your actual eligibility and loan amount will depend on a full financial review and HUD counseling.
Understanding HECM Reverse Mortgages in Washington
If you’re a homeowner in Washington State and your home is worth more than the FHA lending limit (currently $1,149,825 in 2024), you may benefit from a Proprietary Reverse Mortgage—also known as a Jumbo Reverse Mortgage. Unlike standard government-backed HECM loans, proprietary reverse mortgages are privately funded and designed to help you access more equity from high-value homes.
Let’s explore how proprietary reverse mortgages work in Washington and whether they’re the right fit for you.
What Is a Proprietary Reverse Mortgage?
- Homes valued above the FHA HECM limit
- Borrowers who want to access larger loan amounts
- Seniors looking for flexibility and fewer restrictions
These loans offer similar benefits to HECM reverse mortgages—but with higher limits, more customization, and less red tape.
How Proprietary Reverse Mortgages Work in Washington
Washington-Specific Highlights:
- Available to homeowners 62 or older (some programs start at age 60)
- Ideal for high-value homes in areas like Seattle, Bellevue, Kirkland, Issaquah, Spokane, and other strong markets
- No federal lending cap (can access millions in home equity, depending on value)
- No mortgage insurance premiums (MIP)
- Faster and more flexible underwriting process
- Still includes protections like non-recourse terms (you never owe more than the home’s value)
HECM vs. Proprietary Reverse Mortgage in Washington
Feature | HECM (FHA Reverse Mortgage) | Proprietary Reverse Mortgage |
Backed By | FHA (federally insured) | Private lenders |
Maximum Home Value (2024) | $1,149,825 | No limit (can exceed $10M) |
Mortgage Insurance | Required | Not required |
Ideal For | Moderate home values | High-value homes |
Loan Limits |
Capped |
Much higher |
Age Requirement | 62+ | 60–62+ (depending on program) |
Benefits of a Proprietary Reverse Mortgage in Washington
- Access more cash from high-value homes
- No monthly mortgage payments
- Flexible payout options: lump sum, line of credit, or term payments
- No MIP or FHA fees
- Keep the title and ownership of your home
- Heirs can repay or sell the home when the loan becomes due
Who Should Consider a Proprietary Reverse Mortgage in Washington?
A proprietary reverse mortgage may be ideal for you if:
- Your home value exceeds $1.15M
- You want to access more equity than HECM allows
- You prefer to avoid FHA mortgage insurance
- You want greater flexibility with how funds are distributed
Work with a Trusted Washington Reverse Mortgage Specialist
At C2 Financial Corporation, we offer both HECM and proprietary reverse mortgage options tailored to Washington State homeowners. Whether you live in a luxury home in Seattle, a lakefront property in Kirkland, or a custom estate in Redmond, our team will help you find the best loan for your situation.
We also leverage AI-powered tools to streamline document processing, speed up approvals, and ensure a more seamless experience.
Get a Free Quote Today
Reverse Mortgage Frequently Asked Questions
2. Am I eligible for a reverse mortgage?
To qualify, you must be:
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62 years or older
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Own your home or have substantial equity
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Live in the home as your primary residence
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Able to maintain the home and keep up with property taxes and insurance
Eligibility may vary slightly between HECM reverse mortgages (FHA-backed) and proprietary reverse mortgages.
3. How does a reverse mortgage work?
Once approved, a reverse mortgage allows you to receive cash payments, a lump sum, or a line of credit using the equity in your home. You continue living in your property, and the loan is repaid when you move, sell the home, or pass away.
4. How much money can I get from a reverse mortgage?
The amount depends on your:
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Age
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Home’s value
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Current interest rates
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Type of reverse mortgage
Homeowners often qualify for higher payouts due to higher property values.
The main types include:
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HECM (Home Equity Conversion Mortgage) – backed by the FHA
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Proprietary Reverse Mortgages – private “jumbo” loans for high-value homes
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Single-Purpose Reverse Mortgages – offered by nonprofits or local programs for specific uses like home repairs or property taxes
In addition to age and residency, you’ll need to:
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Complete HUD-approved counseling
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Pass a financial assessment
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Live in an eligible property type (single-family, condo, or certain manufactured homes)
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Maintain the property and stay current on taxes and insurance
7. Do I still own my home with a reverse mortgage?
Yes! With a reverse mortgage, you retain ownership of your home. You’re simply using your equity to fund your retirement, while continuing to live there.
8. Is a reverse mortgage a good idea for seniors?
For many retirees, a reverse mortgage is a smart way to access tax-free funds, especially with high property values and rising living costs. It’s ideal for those who want to age in place while boosting retirement income.
When you pass away, your heirs can:
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Sell the home to repay the loan and keep the remaining equity
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Refinance the reverse mortgage
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Walk away if the home is worth less than the loan balance (thanks to non-recourse protection)
10. How do I apply for a reverse mortgage?
Start by contacting a licensed reverse mortgage specialist. They’ll walk you through a free consultation, eligibility review, and the application process, including home appraisal, counseling, and closing.
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CONTACT
NML#: 135622
Branch#: 135622
Office: 12230 El Camino Real, Suite 100
San Diego, CA 92130
Consumers in Texas: Consumers wishing to file a complaint against a company or a residential mortgage loan originator should complete and send a complaint form to the Texas Department of Savings and Mortgage Lending, 2601 North Lamar, Suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the department's website at www.sml.texas.gov. A toll-free consumer hotline is available at (877) 276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department's website at www.sml.texas.gov