A reverse mortgage is a way to turn the equity in your home into cash which is usually tax free* without having to make monthly mortgage payments. Instead of monthly payments, the loan is taken against a senior’s home equity and repaid in one lump sum when the last borrower leaves the home. These loans can potentially help seniors gain financial independence from increasing living expenses.
*This information does not constitute tax advice. Please consult a tax advisor regarding your specific situation.
- One borrower must be 62 years or better
- Own your home and have equity
- Eliminate your monthly mortgage payment (taxes, insurance, HOA dues must be maintained)
- Home is required to be your primary residence (live in your home 6+ months per year)
- Property must be a single-family home, 2- to 4-unit dwelling or FHA-approved condo
- For a home purchase, you must have an adequate down payment for your new home based on your age*
- No credit score requirements, some income and credit qualifications apply to ensure you have the ability to pay taxes and insurance.
*Not available in all areas. Please contact your Fairway reverse mortgage planner for more details.
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1551 Eastlake Ave E Suite 325
Seattle, WA 98102