How much money can I get from a reverse mortgage in Washington?

Your principal limit (the maximum amount you can borrow) is calculated from three things: the age of the youngest borrower (older = more), the appraised value of the home (capped at the HECM lending limit of $1,209,750 for 2024), and the current expected interest rate (lower rates = more proceeds). As a rough rule of thumb, a 65-year-old can typically access 40-50% of the home value, a 75-year-old can access 50-60%, and an 85-year-old can access 60-70%. Higher-value Washington homes — particularly on the Eastside, in Mercer Island, and in Seattle's premium neighborhoods — that exceed the HECM cap may qualify for a proprietary jumbo reverse mortgage going up to $4 million in home value with no upper lending limit on proceeds. You can take the money as a lump sum, a monthly tenure payment for life, a line of credit that grows over time at the same rate as the loan, or any combination of those three. I'll run multiple scenarios so you see exactly what each option pays you over time.