Who Qualifies for a Reverse Mortgage in Washington?

To qualify for a reverse mortgage (HECM) in Washington, at least one borrower must be 62 years of age or older, the home must be your primary residence, and you must have substantial equity — typically 50 percent or more. Eligible properties include single-family homes, HUD-approved condominiums, FHA-approved manufactured homes, and two-to-four-unit properties where you occupy one unit. Lenders also conduct a financial assessment to confirm you can continue paying property taxes, homeowner's insurance, and maintenance. Before closing, HUD requires every applicant to complete an independent counseling session with a HUD-approved counselor. As a Washington-licensed loan officer, Joshua Donion can walk Seattle-area homeowners through eligibility and estimate how much equity they can access.