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:
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Expertise and Experience:Look for a lender with a proven track record in the industry. Best Mortgage® owner and founder Steve Tytler has more than 31 years of mortgage experience and is a veteran Reverse Mortgage expert.
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Transparency and Customer Focus:A trustworthy reverse mortgage lender should provide clear, understandable information about your options. Unfortunately, many reverse mortgage companies are “high-pressure sales operations” whose primary goal is to “sell” you a reverse mortgage. At Best Mortgage®, we give you a CONSULTATION, not a “Sales Pitch.” We go over the pros and cons of a reverse mortgage to make sure it is right for you. We pride ourselves on our pro-consumer, customer-service-oriented approach. We want to ensure you fully grasp the terms and conditions of a reverse mortgage before proceeding.
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Local Knowledge:If you live in Washington State, particularly the Greater Seattle area, it’s best to work with a LOCAL reverse mortgage expert rather than talking to a salesperson in some out-of-state call center. At Best Mortgage®, you can meet with us in person at our Bellevue office or do your reverse mortgage consultation over the phone. Best Mortgage® is a local expert, tailoring solutions to the unique circumstances of our neighbors.
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Customer Testimonials:Consider what past clients have to say. Best Mortgage® has a very long history of happy, satisfied clients. Testimonials speak much louder about the quality of the customer service provided by Best Mortgage® than anything we could say about ourselves. We are committed to excellence.
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.
Testimonial
Client Feedback
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:
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No Monthly Mortgage Payments:This is a GREAT feature! With a reverse mortgage, you never make a mortgage payment for the rest of your life as long as you live in your home as your primary residence.
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Flexibility in Fund Usage:The great thing about a reverse mortgage is that you can use the funds for anything you want! Some common ways to use reverse mortgage funds include: pay off credit cards and other debts; pay for home repairs and remodeling; pay property taxes; pay healthcare costs; establish a “rainy day fund” or “emergency savings account;” purchase a car; supplemental income, etc. The choices are endless!
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Ownership and Control:It is very important to understand that YOU remain the legal owner of your home, retaining full control over it. Contrary to some common misinformation, you do not “sign your home over to the bank.” You and your heirs retain full legal ownership and benefit from your home’s appreciation over the reverse mortgage balance. You can continue to live in your home without concerns about being displaced.
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Tax-Free Funds:The funds you receive from a reverse mortgage are tax-free. They are not “income,” so you get financial relief without additional tax liabilities.
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:
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Home Appreciation:Your home’s value will generally increase over time. Regular maintenance and improvements can contribute to appreciation, ultimately boosting your available home equity.
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Loan Paydown:If you have an existing mortgage, continuing to make payments will reduce your mortgage balance, increasing your home equity.
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Home Improvements:Home renovations and upgrades can enhance your home’s value, subsequently increasing your equity.
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:
Common Misconceptions:
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Loss of Home Ownership:The misconception that you lose ownership of your home with a reverse mortgage is far from the truth. You remain the legal owner of your home and retain complete control over your property during the entire time that you have a reverse mortgage on your home.
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Burdening Heirs:Some believe that their heirs will be saddled with debt. In reality, your heirs can simply sell the home to pay off the reverse mortgage balance owed and keep the cash that is left over. In the unlikely event that your reverse mortgage balance is higher than the home’s value, the FHA mortgage insurance pays off the investor, and your heirs are not liable for any shortfall.
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High Costs:While there are costs associated with a reverse mortgage that are higher than a conventional loan, they are added to the reverse mortgage loan amount and you pay nothing out of your own pocket! At Best Mortgage®, we will explain how this works.
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:
State-Specific Regulations:
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Compliance:Washington State has its own set of regulations governing reverse mortgages. Working with a local lender like Best Mortgage® ensures you’re in good hands with professionals who understand and comply with these regulations.
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Local Knowledge:A local lender is attuned to the unique characteristics of the Seattle area, addressing the specific needs of the region’s senior homeowners.
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Licensing:Best Mortgage® is licensed in Washington State, providing assurance that we adhere to the state’s requirements and regulations.
What to Look For:
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Standards & EthicsBest Mortgage® maintains high standards of professionalism and is committed to ethical practices in the reverse mortgage industry.
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Ratings and Reputation:Research a lender’s reputation and ratings. Best Mortgage® has a long-standing history of satisfied customers, reflected in our excellent client ratings and reviews.
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Local Presence:A local lender like Best Mortgage® is readily accessible for in-person consultations and support, as well as telephone consultations and support, ensuring a more personalized experience.
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.
Get in touch
Contact Info
14100 SE 36th Street, Suite 200
Bellevue, WA 98006
(425) 649-6000
(877) 875-4576
(425) 649-6000
info@bestmortgage.com
