Reverse Mortgage Myths Debunked: What WA Homeowners 62+ Need to Know

Reverse mortgages are one of the most misunderstood mortgage products. Let's clear up the most common myths for Washington homeowners 62 and older.

Myth: The bank takes your home. Fact: You retain title and ownership of your home with a reverse mortgage. The loan is repaid when you sell, move out permanently, or pass away — not before.

Myth: You'll owe more than the home is worth. Fact: A Home Equity Conversion Mortgage (HECM) is a non-recourse loan insured by the FHA, meaning you or your heirs will never owe more than the home is worth at the time of repayment.

Myth: You can be forced out. Fact: As long as you pay property taxes, insurance, and maintain the home, you can stay for life. Mandatory HUD-approved counseling ensures you understand the obligations before you proceed.

If you're 62+ and want to access your equity without a monthly mortgage payment, Peter can walk you through whether a reverse mortgage fits your goals.