Reverse Mortgage

. . . is a special home loan that enables you to convert a portion of your equity in your home into cash.  Although there are different types of reverse mortgages, all of them are similar in certain ways:

• You remain the owner of your home.
   

• You are responsible for your property taxes and homeowners insurance.
   

• You are responsible for making repairs to your home.
   

• The loan is not due until you sell or leave your home.
   

Since your home is probably your largest single investment, it’s smart to know more about reverse mortgages and decide if one is right for you.

Preparing for Counseling

The first step in the process is to check to see if you have enough equity in your home to justify a reverse mortgage. The best way to know is to contact your lender. A reverse mortgage calculator will give you a quick estimate.

The next step is to call to set up a one-on-one counseling appointment with our reverse mortgage counselor, Kevin Gillette. You can reach at 360-690-4496 ext 101.

Kevin will send you a set of materials before you meet with him.  These materials will help you prepare for the session.

The face-to-face counseling session is the final step in the reverse mortgage counseling process.  The session will take approximately one hour.  At the end of the appointment, you will receive a certificate that indicates your completion of counseling.

Additional Reading