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. [Read more…]
Help for Seniors Being Priced Out of their Homes
June 5, 2025 by Leave a Comment
How King County Senior Citizens Can Reduce Their Property Taxes
October 25, 2024 by Leave a Comment
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…]
The Family Opportunity Mortgage Refinance: Helping Elderly Parents and Disabled Adult Children in Washington State
August 14, 2012 by 17 Comments
Editor’s Note: This post has been updated to reflect current guidelines. While Fannie Mae and Freddie Mac no longer use the specific “Family Opportunity Mortgage” name, the expanded occupancy guidelines that allow this type of financing are still fully available and actively used today.
Most people know you can use conventional financing to buy a home for an elderly parent or disabled adult child — but fewer realize you can also refinance an existing home under the same expanded guidelines. If you currently own a home where a family member is living, or you’re planning to purchase and eventually refinance, this option is worth understanding.
This post focuses specifically on the refinance scenario. For a full overview of the program including purchase guidelines, visit the Family Opportunity Mortgage program page. [Read more…]
Senior Property Tax Exemption or Deferral? One places a lien on property!
April 16, 2010 by Leave a Comment
I read this post this morning from The Talon Group (link no longer available) and even though my background includes 14 years in the title and escrow industry, I had no idea about the different options for Seniors with property taxes…this is a must read!
Washington State provides two very different programs for our “well-aged” homeowners to help pay property taxes. The most popular program, Senior Property Tax Exemption allows seniors making less than $35,001 to “freeze” the tax value of their home (in the eyes of the assessor) at the current rate. As the assessed value rises or falls, the taxable value will be billed upon the lesser of the frozen or market value. Other than the Emergency Medical Services Levy, this program exempts all excess or special levies that are in addition to the regular levies. Seniors can even exempt themselves from paying for regular levies if their income is $30,000 or below. To qualify, you must be at least 61 years of age by December 31st of the application date. Renewals are sent out at least every four years.
Washington State Property Tax Exemptions and Deferrals
If you’re a 62 or better and are looking for more wiggle room with your retirement funds, you may want to consider a reverse mortgage. Questions? I’m here to help!
