I was in a neighborhood group on Facebook where someone was sharing that they were having to sell their home that had been in the family for generations. They can no longer afford living in the Seattle area and had made the difficult decision to move their family. If you’re 62 or better, you may not have to sell your home to create a more affordable lifestyle.
Before selling, I recommend considering a reverse mortgage. A reverse mortgage can help provide relief by eliminating the monthly mortgage payments and/or by providing cash that can be used for home improvements, debt consolidation, medical needs or anything the homeowner wants. Credit does not have to be perfect and they will still maintain ownership the home. It is, at the very least, worth having a conversation with a trained reverse mortgage specialist to see if it’s something that will work for your scenario. A reverse mortgage can be used on the existing home, add an accessory dwelling unit or even buy your next home (without having a mortgage payment due).
Another option for senior homeowners is to apply for the senior property tax exemption to reduce their property tax bill. As I write this post (June 2025), homeowners in King County who are 62 years or better with incomes under $84,000 can apply. Check with your county tax accessor to see what the requirements are and if you qualify – there is no reason to pay more than you have to!
If I can be of any assistance, please contact me. I work with a great team who are happy to have a conversation with you and answer any questions you may have about reverse mortgages. Let’s talk!
Grab a lunch and your computer to learn more during our one-hour workshop where we discuss reverse mortgages. Whether retirement is on the horizon for you or if you’re wanting to learn about possible options for your parents, this workshop will help answer questions and address common misconceptions about the modern reverse mortgage.
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