How does a reverse mortgage work for Washington homeowners age 62 and older?+
A Home Equity Conversion Mortgage, or HECM, allows eligible homeowners age 62 or older to access part of their home equity without making required monthly principal-and-interest payments. Borrowers must continue meeting property tax, insurance, maintenance, and primary residence obligations. NEXA Lending is a private mortgage company not affiliated with FHA, HUD, or any government agency.
Can I stay in my Puyallup home after getting a reverse mortgage?+
Yes. With a HECM reverse mortgage, eligible borrowers generally retain ownership and may remain in the home while meeting loan requirements. Property taxes, homeowners insurance, maintenance, and primary residence occupancy obligations continue to apply. NEXA Lending is a private mortgage company not affiliated with HUD, FHA, or any government agency.
Do I have to make monthly mortgage payments with a reverse mortgage in Washington?+
HECM borrowers generally are not required to make monthly principal-and-interest payments while the loan remains in good standing. Interest and applicable fees accrue, increasing the outstanding loan balance over time. NEXA Lending is a private mortgage company not affiliated with FHA, HUD, or any government agency.
Does the bank own my house if I get a reverse mortgage?+
No. A HECM borrower generally retains title to the home while the mortgage creates a lien securing repayment. The borrower remains responsible for required property charges and maintaining the home. NEXA Lending is a private mortgage company not affiliated with HUD, FHA, or any government agency.
What happens to a reverse mortgage when the homeowner dies?+
When the last borrower dies, the reverse mortgage generally becomes due, subject to applicable protections for eligible non-borrowing spouses. Heirs may be able to repay the loan, refinance, or sell the home, depending on the circumstances. NEXA Lending is a private mortgage company not affiliated with FHA, HUD, or any government agency.
Can my family owe more than my home is worth with a reverse mortgage?+
FHA-insured HECMs include non-recourse protections that generally limit repayment exposure to the applicable property value under program rules. This protection is especially relevant when an outstanding mortgage balance exceeds the home's value. NEXA Lending is a private mortgage company not affiliated with FHA, HUD, or any government agency.
Is HUD counseling required before getting a reverse mortgage in Washington?+
Yes. Applicants for an FHA-insured HECM must complete counseling through a HUD-approved housing counseling agency before obtaining the loan. Counseling helps borrowers understand costs, obligations, alternatives, and the potential impact on their household finances. NEXA Lending is a private mortgage company not affiliated with HUD, FHA, or any government agency.
Can I use a reverse mortgage to purchase a smaller home in Pierce County?+
Eligible homeowners age 62 or older may use a HECM for Purchase to help finance a qualifying new primary residence. The buyer must contribute sufficient funds to cover the difference between available HECM proceeds and the purchase price, along with applicable costs. NEXA Lending is a private mortgage company not affiliated with HUD, FHA, or any government agency.
