Single-Purpose Reverse Mortgage in Washington
A Trusted Solution for Washington Seniors to Access Home Equity and Gain Financial Freedom in Retirement
Discover the Benefits of a Single-Purpose Reverse Mortgage in Washington
Stay in Your Home While Accessing Equity
No Monthly Mortgage Payments Required
Flexible Payout Options to Fit Your Needs
Single-Purpose Reverse Mortgage Calculator
Are you a senior homeowner exploring low-cost options to help with property taxes, home repairs, or necessary improvements? A Single-Purpose Reverse Mortgage Calculator can help you estimate how much financial assistance you may qualify for through local government or nonprofit housing programs.
While these loans differ from traditional reverse mortgages (like HECM), they’re often a smart, affordable solution for low- to moderate-income seniors—especially if you’re just trying to cover one critical expense.
Single Purpose Reverse Mortgage Calculator
Estimate loan amounts for property tax deferral, home repair, or accessibility improvement programs.
Note: This is an estimate. Your actual eligibility and loan amount will depend on a full financial review and HUD counseling.
What Is a Single-Purpose Reverse Mortgage?
A Single-Purpose Reverse Mortgage is a low-cost, government-backed loan available to low- to moderate-income seniors, designed to help them cover specific, essential expenses—such as property taxes, home repairs, or critical home improvements.
Unlike traditional reverse mortgages (like HECM or proprietary loans), this type of reverse mortgage is offered by local government agencies or non-profit organizations, not private lenders. It’s often the most affordable reverse mortgage option, but it’s also the most limited in terms of flexibility.
Key Features of a Single-Purpose Reverse Mortgage
- Designed for homeowners age 62+
- Must be used for a specific, approved purpose (e.g., roof repair, property taxes)
- Typically no monthly mortgage payments
- Repayment is deferred until the borrower sells the home, moves out, or passes away
- Offered by state/local governments or nonprofit housing agencies
- May include income or asset limits to qualify
Availability in Washington State
- Property tax deferral
- Health and safety home repairs
- Accessibility upgrades (e.g., wheelchair ramps, walk-in tubs)
To find out if you’re eligible for a single-purpose reverse mortgage in Washington, it’s best to:
- Contact your local housing authority
- Check with the Washington State Housing Finance Commission (WSHFC)
- Speak with a licensed reverse mortgage specialist
Tip: If your county does not offer a single-purpose reverse mortgage, you may still qualify for other low-interest senior housing assistance or a federally insured HECM reverse mortgage.
Who Should Consider a Single-Purpose Reverse Mortgage?
This option is ideal for:
- Seniors on a fixed income
- Homeowners needing help with a critical home repair or property tax payment
- Borrowers who do not qualify for a HECM due to income or property type
- Those who want a low-cost alternative with minimal fees
Need Help Finding Programs in Your Area?
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