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![]() The state will pay property taxes up to 80% of value. They may be allowed to live for a brief period of time in a medical facility. Most own their home and it must be a permanent residence.Washington seniors must be 60 years of age.In fact this program fits every characteristic of a single purpose. Washington State Department of Revenue provides a Property Tax Deferral for the Elderly, a type of single-purpose reverse mortgage. Single Purpose Reverse Mortgages Available to Low Income Seniors This list is searchable by state and includes those lenders that have experience with the HECM. Borrowers may locate lenders in Washington through HUD’s approved lender list available on the HUD website. The Home Equity Conversion Mortgage is the number one reverse mortgage in the country over 90% of all borrowers have this product. Their primary goal is to oversee the national housing industry and ensure that every American has the opportunity to own a home. HUD and the FHA work in tandem to administer a wide range of affordable programs that benefit homebuyers and homeowners. Highest limits – reflecting home values – are located in Jefferson, King, Kitsap, Pierce, San Juan, and Snohomish counties. For some with high-end homes this may prove too limiting.įHA limits across the state of Washington vary widely from the national average upwards as high as $300,000 above the average. A borrower’s home may be valued well above the local limits, but the HECM will only be approved in accordance with the FHA limits. Reverse mortgage lenders use the county FHA limit as a key factor when determining if the HUD Home Equity Conversion Mortgage (HECM) is a suitable product for a borrower. These limits reflect local property and home values, type of residence and other variables. The Federal Housing Administration (FHA) sets mortgage limits county-by-county across the nation. FHA Lender Limits: Key Factor in Reverse Mortgage Loans One of the first steps to a successful reverse mortgage is finding an experienced and knowledgeable mortgage professional that cares about your home’s investment as if it were his or her own. An Experienced Financial Professional is KeyĪs beneficial as reverse mortgages can be, the business can also be complex and confusing.
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