Reverse Mortgage
What is a Reverse Mortgage?
A reverse mortgage is a type of loan available to homeowners who are typically 62 years or older, allowing them to convert part of their home’s equity into cash without having to sell their home or make monthly mortgage payments.
Instead of the homeowner paying the lender, as with a traditional mortgage, the lender pays the homeowner — either through a lump sum, monthly payments, a line of credit, or a combination of these. The loan is repaid when the homeowner sells the house, moves out permanently, or passes away. At that point, the home is usually sold, and the proceeds go to repay the loan, with any remaining equity going to the homeowner or their heirs.
Reverse mortgages can be a helpful financial tool for retirees who want to supplement their income, cover healthcare expenses, or simply increase their cash flow — all while staying in their home. However, they do reduce the amount of home equity available to leave to heirs, so it's important to understand all the implications before moving forward.
Why Choose Pacific Northwest Home Loans?
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Our team of seasoned mortgage professionals has extensive knowledge of the home loan process. Whether you’re a first-time homebuyer, looking to refinance, or upgrading to your dream home, we’ll guide you every step of the way.
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We know that no two financial situations are the same. That’s why we take the time to understand your goals and craft loan options that match your budget and lifestyle.
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We believe home financing doesn’t have to be overwhelming. From application to closing, our streamlined process ensures a smooth and stress-free experience.
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At Pacific Northwest Homeloans, you’re more than a number. We’re committed to building lasting relationships based on trust and exceptional service.