Our Reverse Mortgage Blog

So you are ready to downsize or make a change in homes. You have equity that you plan to use on your new purchase. You have no existing mortgage. The home you are selling is going to provide you with enough money to make an "all cash" offer. You do not want a mortgage payment anymore. Sounds great, doesn't it!

Here is an idea. Save about have of your money, use a reverse mortgage to purchase the new property. Do monthly payments going forward (you wanted that) and now you still have the rest of the money invested and making you more money to use at a later time.

This new government insured reverse purchase mortgage allows this to happen! Now you have choices! Find out what your maximum benefit would be by getting a free reverse-for-purchase analysis. Call (800) 710-9502 or go to http://www.WashingtonReverse.com and click on "reverse calculator". 

On July 19th, the State of Washington corrected a problem causing many lenders to leave Washington back on June 12, 2008.  Previously exempt mortgage bankers then had to be licensed under the Consumer Loan Act. Provisions within that Act prohibited lenders licensed under the Act to originate any mortgage that had negative amortization. Reverse mortgages operate in this manner. The result was that only FDIC banks that do not have to adhere to State laws like this one, were the only places left to get a reverse mortgage.

This has no changed. Since July 19, lenders licensed under the Consumer Loan Act will once again be able to do reverse mortgage loans. This provides increased competition and has already proven to be a winner for senior consumers. All lenders offering reverse mortgages will still originate and process your loan in the same way, using guidelines set forth by HUD. An even playing field with more choices for you.

Thanks to the State for acknowledging their error and only taking a little over 1 year to fix the problem!