Reverse Mortgage Specialists
SENIORS: Cash in on your Equity! Get a loan where the Bank Pays YOU… and NEVER make a mortgage payment!
What is a Reverse Mortgage?
A Reverse Mortgage is an FHA government-insured loan for homeowners at least 62 years old who have lots of equity in their home (i.e., their mortgage balance equals less than 30-45% of their home value). It’s a great option for seniors who find themselves “house-rich but cash-poor.” And there are MANY other reasons to get a reverse mortgage, as well.
Since it’s a very complicated program, we strongly encourage you to call and schedule a FREE, no-pressure, no-obligation reverse mortgage consultation. A reverse mortgage is a GREAT program for some seniors—but it’s not right for everyone. We will tell you if a reverse mortgage is right for YOU… and more importantly, we will always tell you if a reverse mortgage is NOT right for you!
Best Mortgage® owner Steve Tytler will personally answer all your questions in person or on the phone. Call now to book a FREE reverse mortgage consultation appointment: (425) 649-6000 (toll-free: 1-877-875-4576).
Unfortunately, some seniors are scared away from a reverse mortgage by “horror stories” they’ve heard in the past or news headlines like these:
- You Can Lose Your Home!
- Wife Forced out of Home After Older Husband Dies!
- If You Owe More Than the Value of Your Home, You or Your Heirs Must Make up the Difference!
- Crazy High Loan Fees!
- Don’t Sign Your Home Over to the Bank!
The good news is that those headlines are due to misinformation about how the reverse mortgage program really works. In other words, most horror stories are simply not true!
Best Mortgage® Owner Steve Tytler has written a detailed FREE REPORT that addresses many common questions and concerns he has heard about reverse mortgages and those scary “news stories.”
Get INSTANT ACCESS to the FREE Report!
Get the Free "Reverse Mortgage Truth Report" NOW!
*We require you to include your phone number because email is very undependable these days due to all the “spam” and junk email. Don’t worry, we will not harass you with sales calls, we just want to make sure you receive this valuable free report.
Meet Steve Tytler, Best Mortgage® Owner
Steve Tytler is the founder of Best Mortgage®. In addition to his mortgage expertise, Steve is a renowned Seattle area real estate expert. For 23 years, Steve wrote an award-winning Q&A real estate column published weekly in the Everett Herald and several other Western Washington newspapers. Based on his experience answering reader complaints about mortgage companies, Steve founded Best Mortgage® with a strong pro-consumer, customer-service-oriented approach. As a licensed real estate broker with over 36 years of experience, Steve can answer all your mortgage and real estate questions.
What Is a Reverse Mortgage?
A reverse mortgage is a unique loan program designed to let seniors unlock the equity in their home—without having to sell or take on a big mortgage payment!
Definition and Eligibility
A reverse mortgage allows you to convert a portion of your home equity into tax-free funds. To be eligible, you must be at least 62 years old, own your home outright (“free and clear”) or have a relatively low mortgage balance, and reside in the property as your primary residence.
Types of Reverse Mortgages
There are different types of reverse mortgages, including proprietary “Jumbo” reverse mortgages and Home Equity Conversion Mortgages (HECMs). HECMs are the most common and are insured by the Federal Housing Administration (FHA).
How Reverse Mortgages Differ from Traditional Mortgages
With a reverse mortgage, you never make a mortgage payment and you never have to pay off the loan as long as you live in your home as your primary residence
There are other rules and requirements, so contact us at Best Mortgage® and we will explain the intricacies of the reverse mortgage programs and help you understand the “pros” and “cons” of each option. Explore this financial solution with clarity and confidence. Reach out today to learn more.
SEE IF YOU'RE A GOOD CANDIDATE FOR A REVERSE MORTGAGE
"FREE Reverse Mortgage Consultation"
FREE Reverse Mortgage Consultation
How Does a Reverse Mortgage Work?
Application Process: To apply for a reverse mortgage, at least one borrower must be at least 62 or older, have substantial home equity, and complete mandatory consumer counseling by an FHA-approved counseling agency. After you have completed the required counseling, we will order an FHA appraisal to determine your home’s value.
Loan Disbursement Options: Upon approval, you’ll have several disbursement options:
- Lump Sum: Receive a one-time, tax-free payment.
- Monthly Payments: Get regular payments to supplement your income.
- Line of Credit: Access funds as needed, like a savings account.
- Combination: Customize a mix of the above options to meet your specific personal financial needs and goals.
Repayment Terms: With a reverse mortgage, there are NO monthly payments! You never have to pay off the loan until you sell the home, move out (for more than 1 year), or pass away and the house goes to your estate. At that point, the loan balance, including accrued interest, becomes due. Your heirs can choose to refinance the reverse mortgage and pay off the loan to keep the home, but in most cases, the heirs simply sell the property, pay off the reverse mortgage balance, and split the cash left over.
Best Mortgage® is your trusted advisor to help you navigate the complicated reverse mortgage process anywhere in Washington State, especially the Greater Seattle area. We give you “Honest Advice You Can Trust®” to help you make informed decisions and secure your financial future.
Finding the Best Reverse Mortgage Company
When it comes to selecting a reverse mortgage lender, several key factors should guide your decision. These include:
Choosing the “best” reverse mortgage company means selecting one that gives you honest advice and does not try to “push” you into making a decision; covers the positives and negatives of the reverse mortgage program and offers alternative suggestions; and aligns with your unique personal financial goals and priorities. Best Mortgage® offers the expertise, transparency, and local understanding you need to make the right decision.
Understanding the Best Reverse Mortgage Features
The best reverse mortgage features vary depending on your personal financial needs and goals. Here’s a look at some of the best reverse mortgage features:
Comparison with Other Loan Types: Unlike traditional home equity loans or lines of credit, reverse mortgages have unique benefits. While home equity loans require monthly payments, a reverse mortgage line of credit has NO monthly payments and you never have to pay it off! Additionally, a traditional home equity line of credit (HELOC) has a fixed limit (maximum borrowing amount). Whereas a reverse mortgage line of credit has a limit that grows higher each month, so the longer you wait to take money out of your reverse mortgage line of credit, the more money you get!
Best Mortgage® is your gateway to unlocking the best features of reverse mortgages in Washington State. Our team is here to guide you through the process and help you discover the financial freedom you deserve in your golden years.
Understanding Reverse Mortgage Equity
Reverse mortgage equity is determined by the appraised value of your home and your age. The older you are and the higher your home’s value, the more money you can access from the equity in your home. If you have a mortgage on your home, the mortgage balance will be paid off with the reverse mortgage—provided you have enough equity to qualify for a reverse mortgage.
Increasing Home Equity for a Reverse Mortgage:
Understanding and managing reverse mortgage equity is crucial in making the most of your financial situation in your retirement years. Best Mortgage® is here to guide you through the process, ensuring you take full advantage of your home equity for a secure and comfortable retirement.
Debunking Scary Headlines
There are a lot of misconceptions about reverse mortgages that create unwarranted fear and keep seniors from using this program to gain financial security during their golden years. Let’s separate the myths from the realities:
The Truth Behind the Headlines:
- A reverse mortgage is designed to enhance your financial security and stability during retirement, providing tax-free funds with NO monthly payments.
- It is a safe and regulated financial tool with lots of built-in consumer protections, including government insurance, to protect you and your heirs and give you peace of mind.
- You can live in your home as long as it’s your primary residence. You never have to make a mortgage payment or pay off the reverse mortgage, and you can never be forced to sell your home.
At Best Mortgage®, we’re committed to debunking myths and providing you with clear, transparent information and “Honest Advice You Can Trust®” about reverse mortgages. We want you to make informed decisions that lead to a secure and comfortable retirement.
Reverse Mortgages in the Seattle Area: State-Specific Insights
When considering a reverse mortgage in the Seattle area, it’s crucial to understand state-specific regulations and why working with a local lender is the ideal choice:
What to Look For:
Enjoying your retirement in Washington is a top priority, and selecting a local lender like Best Mortgage® is a wise choice. Our expertise in state-specific regulations and our commitment to your financial well-being make us the ideal partner for your reverse mortgage journey.