Reverse Home Mortgage Loans In Seattle & Surrounding Areas

What is a Reverse Mortgage?

A Reverse Mortgage, or Home Equity Conversion Mortgage (HECM), is a loan that allows borrowers age 62 and older to purchase a new home, or access their equity in their existing home, while having the option of not making monthly mortgage payments.

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Reverse Mortgage: Freedom & Peace of Mind

Why Choose TILA?

Welcome to TILA Mortgage, where our licensed loan officers are committed to you and the highest standards of ethical lending. TILA Mortgage Loan Advisors will guide you through the entire process of refinancing, buying or a reverse home mortgage on your home. We will listen to your current situation to understand your specific needs and goals and will customize a solution just for you.

HUNDREDS OF 5-STAR REVIEWS

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Celine LaPierre
5 days ago
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The Most Efficient Mortgage Experience I've Ever Had: Closed in Just 3 Weeks! I recently completed the refinance of my home, and I couldn't be more pleased with the experience. Ryan made the entire process incredibly easy and stress-free. What impressed me most was the speed and efficiency from start to finish. This was my third home financing experience, and I have never worked with a lender or loan officer as efficient and responsive as Ryan and the team at Tila. We closed in just about three weeks, which exceeded all of my expectations. When Ryan initially told me he was aiming to close by the end of September, I honestly thought that timeline was a bit ambitious. However, he delivered exactly as promised. We began the process during the second week of September and successfully closed on September 30th. Throughout the process, Ryan was knowledgeable, communicative, and an absolute pleasure to work with. Everything was handled seamlessly, and I always felt informed and supported. I would use Tila again without hesitation and highly recommend them to anyone looking for a smooth, efficient mortgage or refinancing experience. Thank you, Ryan and the entire Tila team, for everything you have done for me!
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Don Smith
54 days ago
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Just finished up a HECM reverse mortgage loan with TILA Mortgage. We dealt with Bill Duffy, the owner from the start. First off, what owner of a successful company, actually deals personally with their customer. Bill does. He walked us through the process from start to finish. He helped us select the best program for us, and was involved from beginning to end. Things moved along swiftly and no surprises. There's a reason TILA is so highly rated. It's Bill Duffy. Just a regular guy who enjoys helping people, and does what he says he will. If there was a higher rating, I'd give it to him. Thanks Bill.
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Tim
167 days ago
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As first time reverse mortgage clients we had our reservations about applying for the loan when we decided we wanted to use the equity in our home for our retirement, as we had planned...after speaking with Dave Wilson our trust in the process increased dramatically...he constantly assured us we were making the right decision as he professionally walked by our side.. we highly recommend Tila Mortgage to anyone in our situation to proceed without reservations, because they will be in good hands. Tim and Marie Rogers
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Carol Bert
201 days ago
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I worked with Dave Wilson on my reverse mortgage. He is efficient, friendly, and extremely helpful and knowledgeable. And also was always readily available. I highly recommend Dave.
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Dolores Johnson
203 days ago
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My experience with Tila Mortgage could not have been better. The entire process took much less time than I had anticipated, and Dave Wilson was a delight to work with. He was extremely patient, clear, thoughtful and professional. My reverse mortgage has given me the relief and security I needed. I highly recommend Tila Mortgage and Dave Wilson!
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Wayne Johnson
279 days ago
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Excellent local mortgage company to work with for our mortgage needs. Bill Duffy was easy to work with, very personable, presented us with several usable solutions for our needs. Worked patiently with us over a period of time and stayed in touch with no pressure, just support for the right decision for us. Quick & nimble process to finish.
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Wayne Yerkes
297 days ago
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I worked with them on my Reverse Mortgage. Bill Duffy and the team were great, very informative and responsive to my questions and the process. Bill worked with me to tailor my Mortgage to my needs.
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Cameron Jackson
314 days ago
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Ryan Richen is the man! Jumped through hoops I didn't even know existed. Got the numbers where they needed to be and much more. Cannot say enough. Amazing.
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George Bold
401 days ago
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Working with Dave Wilson and Tiffany Noel was a real pleasure. It was a painless experience for my refinance. I would recommend them to anyone.
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Tom Jensen
718 days ago
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Bill Duffy and Tiffany Noel did an excellent job of guiding us from our initial inquiry about a Reverse Mortgage right through Closing. We were provided with relevant options, our questions were answered clearly, and our ongoing communication with them was equally clear and always prompt. I will not hesitate to recommend them to friends and family.

Why would I get a Reverse Mortgage?

The major benefit of a reverse home mortgage is the ability to buy a home or access cash without having to make a monthly payment, alleviating borrowers’ financial burden. They are used for many purposes, including:

  • Creating additional income or a financial safety net of available funds
  • Financial planning to delay drawing Social Security
  • Downsizing or Upsizing
  • Relocations to be closer to family members or medical facilities
  • Purchasing a second home or rental property
  • Gifting funds to family members
  • Rescuing family members in financial distress
Senior couple

Frequently Asked Reverse Mortgage Questions:

When you have a reverse mortgage, do you have to make a monthly mortgage payment to the bank?

No. However, depending on your individual circumstances, you may choose to do so. Remember that you are required to pay expenses related to the home including property taxes and insurance.

When you have a reverse mortgage, who has ownership of your home?

You remain the homeowner. There is no transfer of title or change to the deed when you take out a reverse mortgage.

When does the reverse mortgage loan have to be repaid?

There are three circumstances in which the loan must be repaid:
1. You sell your home.
2. You move out of your home.
3. The parties on the title pass away.

What if the value of my home decreases significantly?

You (or your heirs) will never be responsible to repay more than the home is worth. A HECM reverse mortgage includes insurance that ensures you will not be responsible for any shortfalls.

Can the bank force me to move out of my home?

As long as you live in the home and you pay all applicable expenses (like your taxes and insurance) and maintain the home in good working order, the bank can never ask you to move.

If you’re 62 or older, learn about the benefits of a reverse mortgage

What are the pros and cons of reverse mortgages?

How is a Reverse Mortgage Repaid?

Instead of making monthly payments as you would in a traditional mortgage, a reverse mortgage is paid in one lump sum at the end of the loan. This typically occurs:

  • When the loan term ends
  • When the borrow is deceased
  • If the borrower no longer lives in the property as their primary residence
  • If the borrower does not uphold the terms of the loan (adequately maintaining the property and paying taxes and insurance)

Most often, the reverse mortgage is repaid by selling the property and using the proceeds to pay off the loan.

Why choose TILA Mortgage?

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What are the Requirements?

To be eligible for a Reverse Mortgage, you must:

  • Be age 62 or older
  • Have no liens or judgments against your property
  • Live in the property as your primary residence
  • Meet income and credit requirements (though no credit score is required)
  • If purchasing a home, you must have an adequate down payment

Our reverse mortgage experts at TILA would be happy to help you understand your Reverse Mortgage options. Contact us for a free, no-pressure consultation to see how we can help alleviate some of the financial stress in your life, or in the life of your loved one. Call (206) 766- 8888 or email us today.

REVERSE MORTGAGE CALCULATOR

*Reverse mortgages are loans offered to homeowners who are 62 or older who have equity in their homes. The loan programs allow borrowers to defer payment on the loans until they pass away, sell the home, or move out. Homeowners, however, remain responsible for the payment of taxes, insurance, maintenance, and other items. Nonpayment of these items can lead to a default under the loan terms and ultimate loss of the home. FHA insured reverse mortgages have an upfront and ongoing cost; ask your loan officer for details. These materials are not from, nor approved by HUD, FHA, or any governing agency.

National Reverse Mortgage Lenders Association Member

Get Your Free Consultation Today!

6 Easy Steps:

Initial conversation with a TILA Reverse Mortgage Specialist

Discuss which loan options are best for you

Complete a reverse mortgage counseling session via telephone

Loan application signature

Appraisal, title, credit check, and processing

Final signing and loan funding