What are the downsides of a reverse mortgage in Washington?

The main downsides of a reverse mortgage in Washington are: the loan balance grows over time (compound interest plus insurance premiums), reducing the equity available to your heirs; you must remain in the home as your primary residence or the loan becomes due; and if you need to move into assisted living, the reverse mortgage triggers repayment, which could force a sale. Upfront costs (origination, appraisal, counseling, and MIP) are higher than traditional financing. It's not the right tool for everyone — but for the right homeowner, it eliminates a mortgage payment and provides real cash flow flexibility in retirement.