Help for Seniors Being Priced Out of their Homes

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!

 

Mortgage Rate Update for the Week of May 19, 2025

Mortgage rates seem to be steady (or stuck!) in the same range since early April. Check out my latest Mortgage Rate Update to get the details.

If you’re thinking about buying, selling, refinancing or remodeling your home, please contact me! And don’t forget, we have our Reverse Mortgage Workshop this week on Thursday, “Retire Like a Boss”. This is a virtual event from noon-1pm so you can grab a lunch, your laptop and learn more about this tool for a comfortable retirement!

Join Me! Retire Like a Boss: Reverse Mortgage Workshop

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.

I’m hosting the event along with Charles Butler, Retirement Mortgage Advisor – NMLS#2262315.

When: Thursday, May 22, 2025 from 12:00 – 1:00 pm PST.

Click here to RSVP or scan the QR code below. [Read more…]

Mortgage Rate Update for the Week of May 5, 2025

How are mortgage rates doing after the conflicting jobs data last week?

Will the Fed lower rates on Wednesday? (Spoiler alert – the Fed does not directly control mortgage interest rates).

What’s going on with federal student loans?

And an announcement on our upcoming webinar “Retire Like a Boss” on this week’s episode!

 

How King County Senior Citizens Can Reduce Their Property Taxes

As the October 31 property tax payment deadline nears, King County Assessor John Wilson has a clear message for seniors: Take advantage of the county’s property tax relief program, which is designed to help seniors reduce their tax burdens and stay in their homes longer.

Thanks to recent legislative changes, the property tax relief program is now accessible to even more seniors. The income threshold has increased to $84,000, making many more residents eligible for a tax exemption that could lower their property taxes by as much as 90%. [Read more…]

Searching for your Dream Home? Consider a Renovation Mortgage.

If you have been finding the current lack of inventory a challenge, you may want to consider a renovation mortgage. A renovation mortgage (or rehab loan) allows you to finance improvements to the property beyond the sales price of the home. The renovations begin after closing and there are no restrictions on the types of improvements. You can even use this on your existing home as a refinance if you love your location and neighbors and just want to make changes to your home. [Read more…]

Retirement, random thoughts and your mortgage

I read an interesting article about planning for retirement. This is a topic that I find very important. I’m not a financial planner, however as a Mortgage Professional I see a financial snapshot of what people have when applying for a mortgage. I concur with this article from CNBC, most people do not have enough money saved up for their golden years. [Read more…]

Upcoming changes to FHA Reverse Mortgages

A reverse mortgage is a program that is designed specifically for senior citizens (62 years and older). Unlike a traditional mortgage where monthly mortgage payments are required, reverse mortgages do not require a monthly mortgage payment (property taxes and home owners insurance is still due). 

Reverse mortgages are a great option for seniors to consider if they want to reduce their monthly cash flow or require a sum of cash. 

Recently HUD has announced they are changing some of their reverse mortgage (home equity conversion mortgage aka “HECM”) program guidelines which will go into effect with case numbers issued April 1, 2013 and after.

From HUD’s Press Release:

As discussed in its Annual Report to Congress, FHA will consolidate its Standard Fixed-Rate Home Equity Conversion Mortgage (HECM) and Saver Fixed Rate HECM pricing options. This change will be effective for FHA case numbers assigned on or after April 1, 2013. The Fixed Rate Standard HECM pricing option currently represents a large majority of the loans insured through FHA’s HECM program and is responsible for placing significant stress on the MMI Fund. To help sustain the program as a viable financial resource for aging homeowners, the HECM Fixed Rate Saver will be the only pricing option available to borrowers who seek a fixed interest rate mortgage. Using the HECM Fixed Rate Saver for fixed rate mortgages will significantly lower the borrower’s upfront closing costs while permitting a smaller pay out than the HECM Fixed Rate Standard product, thereby reducing risks to the Mutual Mortgage Insurance Fund. Read FHA’s new HECM Mortgagee Letter.

If you would like more information about a reverse mortgage for you or your parents on a home located anywhere in Washington state, please contact me.