What is a Reverse Mortgage?
A reverse mortgage is a powerful financial tool for Tacoma seniors 62 and older unlock their home’s equity, providing added flexibility and control over retirement income. With a Reverse Mortgage in Tacoma, WA, allows you to access a portion of your home’s equity while continuing to live in the home with no monthly mortgage payments. The funds are tax-free, and you retain full ownership and title as long as you:
• Live in the home as their primary residence.
• Continue to pay required property taxes and homeowners insurance.
• Maintain the home according to Federal Housing Administration requirements.
We understand that navigating reverse mortgages and finding the right reverse mortgage company in Tacoma WA or Pierce County area can be overwhelming. That's why we created this guide to simplify the process with a clear reverse mortgage explanation, providing essential reverse mortgage information, including the pros and cons of a reverse mortage.
Our commitment is to provide you with the knowledge you need to make informed decisions for your financial security in retirement .

Let the power of your home bring you closer to the retirement you deserve.
While most people approaching retirement think of their personal net worth in terms of savings, stocks, bonds, or retirement accounts, the reality is quite different. Studies show that half of homeowners age 62 or older have at least 55% of their net worth tied up in home equity.*
Check your reverse mortgage eligibility.
A Reverse Mortgage could make a difference in your financial life
Explore the benefits of a reverse mortgage and enjoy financial peace of mind
When planning for retirement, homeowners often explore the potential of using their home equity to fund their retirement dreams and gain greater financial flexibility. Our Reverse mortgage option in Tacoma WA and all Pierce County offer a solution that allows retirees to access this equity while maintaining homeownership.
In this video, we will provide a reverse mortgage explanation, covering the pros and cons of a reverse mortgage, and explain the differences between reverse mortgages and traditional mortgages. You'll learn why retirees and those aspiring to retire are choosing this option to enhance their quality of life.
What are the Reverse Mortgage Benefits?
• No monthly mortgage payments.
• Tax-free loan proceeds.
• Reverse mortgage eligibility for homeowners 62 or older.
• Non-recourse loan protection – you’ll never owe more than the home's value.
• HECM program features designed to provide flexible financial options.
• Financial security in retirement by unlocking home equity.
• Avoiding foreclosure with reverse mortgages by tapping into home equity for necessary expenses.

How Does the Reverse Mortgage Process Work?
At Penny Lane Financial LLC, we make the reverse mortgage process simple and stress-free for homeowners in Tacoma and the surrounding areas. Our local expertise ensures you get the guidance and support you need at every step. Here’s how it works:
1
Personalized Consultation
We’ll start with a conversation about your financial goals and retirement plans. Our Tacoma-based specialists will explain how a reverse mortgage works, answer your questions, and provide a customized assessment.
3
Application and Approval
Once you decide to move forward, we’ll guide you through the application process, working with trusted lenders to secure the best terms. Our team will handle the paperwork and keep you informed every step of the way.
2
HUD- Approved Counseling
A counseling session with a HUD-approved agency is required to ensure you fully understand the process. We’ll provide a list of approved agencies and assist you in scheduling your session.
4
Closing and Accesing Funds
After approval, we’ll walk you through the closing process. You’ll then receive your funds as a lump sum, line of credit, or monthly payments—whichever best fits your financial needs.
At Penny Lane Financial LLC, we’re committed to making the reverse mortgage process as straightforward as possible, helping Tacoma homeowners turn home equity into financial freedom for retirement. Let’s explore your options together!
A Reverse Mortgage can help provide financial flexibility and relieve many of the financial pressures you face in retirement
Here are the Reverse Mortgage features :
• Pay off an existing mortgage, monthly bills, or healthcare expenses to increase cash flow.
• Make needed home repairs or modifications to live more comfortably.
• Replace taxable withdrawals from 401(k) or other retirement plans with tax-free reverse mortgage proceeds.
• Establish a line of credit for emergencies or occasional expenses.
• Help a child or grandchild with major expenses, like a down payment on a home or college tuition.
More Reverse Mortgage Information

Reverse to Purchase
A reverse mortgage for home purchase enables individuals aged 55 and older to acquire a new primary residence without the burden of monthly mortgage payments, utilizing the loan proceeds from the reverse mortgage.

How do I qualify for a reverse mortgage?
Deciding whether a reverse mortgage aligns with your needs is a personal choice, and ultimately, the decision rests with you. However, we are here to offer the information and knowledge necessary to empower you to make the necessary decision for your future, including understanding reverse mortgage eligibility.

HECM
A Home Equity Conversion Mortgage (HECM) is an FHA-insured loan designed for individuals aged 62 and above. It provides the opportunity to transform the equity in their home into cash, all without the need for monthly mortgage payments.
Common Questions About Reverse Mortgages in Tacoma WA
At Penny Lane Financial LLC, we know that navigating reverse mortgages can bring up many questions. How does the process work? Will you still own your home? What are the benefits for retirees in Tacoma? With our expertise in the local market, we’re here to provide clear answers and guide you every step of the way. Here’s what you need to know:
Our consultations are completely FREE with NO OBLIGATIONS.
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Related Blogs
*CFPB Report to Congress on Reverse Mortgages, June 2012. Note: A credit line is available only on adjustable-rate HECM products.
**2 Consult a financial advisor and appropriate government agencies for any effect on taxes or government benefits.
***This material is not from HUD or FHA and has not been approved by HUD or a government agency.
The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.
Penny Lane Financial, LLC, dba Penny Lane Reverse, is a licensed mortgage company, NMLS # is 1905686. Please note that the information provided on our website, in our communications, and during consultations is for general informational purposes only and should not be construed as legal, financial, or professional advice. While we strive to provide accurate and up-to-date information, the mortgage industry is subject to frequent changes and variations based on individual circumstances. Therefore, we recommend consulting with qualified professionals or advisors for personalized advice regarding your specific situation. *HECM (Home Equity Conversion Mortgage is an FHA insured mortgage program.
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1804 W Union Ave, Suite 202, Tacoma, WA 98405
Monday to Friday
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253-327-1177