Reverse Mortgages available in Washington, Oregon, California, and Arizona

Reverse Mortgage Loans are designed for homeowners age 62 and older who want to access the equity in their home without taking on a traditional monthly mortgage payment. Instead of making payments to a lender, the lender pays you. Allowing you to convert a portion of your home’s value into usable funds while continuing to live in the property.

These funds can be received in multiple ways, including a lump sum, a line of credit, or monthly payments, depending on your financial goals. Many borrowers use reverse mortgages to supplement retirement income, cover living expenses, eliminate existing mortgage payments, or create additional financial flexibility.

 
Who This Loan Might Suit Best

Reverse mortgages are best suited for:

• Homeowners 62 years or older
• Borrowers with significant home equity
• Individuals looking to increase cash flow in retirement
• Homeowners who plan to stay in their home long-term
• This program is often used by retirees who want to access their equity without selling their home or taking on additional monthly financial obligations.

 
How It Works

A reverse mortgage allows you to borrow against your home’s equity, with repayment deferred until a future event such as:

• The home is sold
• The borrower moves out of the property
• The loan reaches maturity

Unlike traditional loans, there are no required monthly mortgage payments, but borrowers must continue to:

• Pay property taxes
• Maintain homeowners insurance
• Keep the property in good condition
• The loan balance increases over time as interest accrues, and repayment is typically made when the home is sold.

 
Typical Qualifications

To qualify for a reverse mortgage, borrowers generally need:

• Minimum age of 62 years old
• Sufficient equity in the home
• The property must be a primary residence
• Ability to maintain taxes, insurance, and upkeep
• A financial assessment is typically completed to ensure the borrower can meet ongoing property obligations.

 
Key Benefits

• No required monthly mortgage payments
• Access to tax-free proceeds (consult a tax professional)
• Ability to remain in your home
• Flexible payout options (lump sum, line of credit, or monthly income)
• Can be used to improve overall retirement cash flow
   

Important Considerations

Reverse mortgages are not the right fit for every situation. Because the loan balance increases over time, it will reduce the equity remaining in the home. This can impact estate planning and the amount of equity passed on to heirs.

At Key One Financial Inc, we take the time to walk through both the benefits and considerations to ensure this option truly aligns with your financial goals. We will not recommend or move forward with a loan unless it clearly benefits your situation.