top of page

Reverse Mortgage

Reverse Mortgage Guide

We understand that navigating reverse mortgages and finding the Best Reverse Mortgage Company in Tacoma can be overwhelming. That's why we created this guide to simplify the process with a clear reverse mortgage explanation. 

Our commitment is to provide you with the knowledge you need to make informed decisions about your financial future.

Mature Woman

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.*

What exactly is a "Reverse Mortgage"?

With a reverse mortgage, more accurately now called a Home Equity Conversion Mortgage (HECM), homeowners age 62 or older receive a portion of their home’s equity while living in the home and with no monthly mortgage payments. The funds are tax free**, and borrowers retain ownership and title to their home as long as they:

• 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.

When planning for retirement, homeowners often explore the potential of using their home equity to fund their retirement dreams and gain greater financial flexibility.

In this video, we will explain the differences between reverse mortgages and traditional mortgages and why retirees, as well as those aspiring to retire, are choosing this option to enhance their quality of life.

What are the benefits and uses of a Reverse Mortgage?

From eliminating your monthly mortgage payment to paying for unexpected expenses, a reverse mortgage can help provide financial flexibility and relieve many of the financial pressures you face in retirement. A HECM can allow you to:

• 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.

living room
Luxurious Home

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. 

Happy Senior Couple

How do I qualify?

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.

Home interior design


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.

Quick Quote
swimming pool

You will most likely have more questions. Below are some links to more information, but please click the button and send us a message so we can tell you more and discuss your options. There is no obligation to find out more.

Get a Quick Quote

Quickly See an Estimate of How Much

Money You Might Get from Your Equity 

Thanks for submitting!
We’ll contact you as soon as possible.

In response to your request, you will receive an email with your estimate from one of our Reverse Mortgage Specialists to discuss your options.

*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.

bottom of page