Reverse Mortgage (HECM) Guide for Washington Homeowners 62+
Washington State has approximately 480,000 homeowner households led by someone 62 or older. With a median home value of $511,000 — driven by the Seattle metro, Eastside communities, and Bellingham — Washington seniors have often built significant equity. For retirees managing high living costs in one of the Pacific Northwest's most expensive states, a HECM can provide tax-free income without requiring a move.
Source: U.S. Census Bureau ACS 2022 1-Year Estimates (Table B25077); U.S. Census Bureau ACS 2022 1-Year Estimates (Table B25007)
Check My Eligibility — Free & No Obligation2026 FHA HECM National Lending Limit
Washington's median home values are well below the 2026 FHA HECM limit of $1,249,125, though premium Seattle and Eastside properties can approach or exceed the cap. For homes above $1,249,125, HECM proceeds are capped at that ceiling — proprietary reverse mortgages may offer higher limits.
Source: HUD Mortgagee Letter 2025-21
Washington Reverse Mortgage Protections
Washington State has notable reverse mortgage protections. Under RCW § 61.34, lenders must provide specific written disclosures about costs and alternatives. Washington requires independent HUD counseling before accepting any application, and mandates a 7-day cooling-off period between counseling completion and loan application. Lenders must also provide information about alternatives, including Washington's Senior Property Tax Exemption program.
Source: RCW § 61.34 (Washington Reverse Mortgage Act); Washington Department of Financial Institutions
How Much Could You Get? — Washington
Adjust your age and home value to see a quick estimate. Full calculator →
Estimate based on HUD PLF tables at 6.5% assumed expected rate. Actual amounts depend on formal appraisal and lender terms.
See if you qualify →Source: HUD Principal Limit Factor tables · HUD HECM page
Find a HUD-Approved HECM Counselor in Washington
Before you can apply for any HECM, federal law requires a one-on-one counseling session with an independent HUD-approved counselor. This is not optional — no FHA-approved lender may accept your application without a valid counseling certificate. The session covers how HECMs work, costs, alternatives, and your rights as a borrower. It typically takes 60–90 minutes and can be done by phone.
Find a HUD Counselor in Washington →This link opens the HUD HECM Counselor search tool. Filter by state (WA) to find agencies near you.
The 6 Basic HECM Eligibility Requirements
These are the same federal requirements that apply to every HECM in every state, including Washington.
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Age 62 or older The youngest borrower on the title must be at least 62.
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Your primary home You live in this home as your main residence — not a vacation or rental property.
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Significant home equity You own the home free and clear, or have paid down most of the mortgage — generally 50% or more equity.
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Located in an eligible state FHA HECM is available in all 50 states, Washington D.C., and U.S. territories — including Washington.
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No existing reverse mortgage Standard HECMs are for first-time reverse mortgage borrowers. Other options exist if you've had one before.
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Plan to stay in your home A HECM is designed for homeowners who intend to remain in their home long-term.
See if a HECM may fit your situation — Washington homeowners.
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HECM Questions for Washington Homeowners
Are HECMs available in Washington State?
Yes. HECMs are available throughout Washington, including Seattle, Spokane, Tacoma, and rural communities. FHA-approved lenders licensed in Washington can originate HECM loans on eligible primary residences.
Does Washington State require additional reverse mortgage counseling?
Yes. Washington's Reverse Mortgage Act (RCW § 61.34) requires lenders to provide written disclosures about costs and alternatives, and mandates a 7-day waiting period between counseling completion and loan application. The required HUD counseling session must occur before any application, and lenders must disclose the state's Senior Property Tax Exemption as an alternative.
How do Washington property taxes interact with a HECM?
HECM borrowers must keep property taxes current. Washington offers a Senior Citizen and Disabled Persons Exemption program for qualifying homeowners 61 and older with income below $58,423 — reducing assessed value by $50,000 or 30% (whichever is greater) for property tax purposes. This can meaningfully reduce annual tax obligations for HECM holders.
What if I have a HELOC on my Washington home?
An existing HELOC must be paid off and closed at HECM closing. The payoff typically comes from HECM proceeds. Washington lenders will verify clear title before disbursement.
Where can I find a HUD-approved HECM counselor in Washington State?
Use the HUD HECM Counselor Search (link above) filtered to Washington. Agencies are available in Seattle and Spokane. Phone counseling is available statewide, including Eastern Washington and rural communities.
Back to Main Guide
Return to the HomeBridge home page for our full HECM education hub.
HomeBridge Home →Eligibility Checklist
Review all six HECM eligibility requirements in detail.
View Eligibility Checklist →Other State Guides
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Oregon HECM Guide → California HECM Guide →HECM Education Hub
Deepen your understanding before talking to a lender. Our plain-language guides cover how HECMs work, who qualifies, and what protections you have.
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