Reverse Mortgages.
Washington & Oregon.

Start with Steve Knox, Branch Manager (NMLS #107021), at 425-931-9579. Steve is licensed in Washington. Our team can discuss available programs and connect you with a state-licensed originator; availability and eligibility must be confirmed for your home and circumstances.

Kimberly Campista (NMLS #957611) is licensed in Oregon and can be reached at 503-407-3764 or kcampista@canopymortgage.com. Her Hillsboro office is at 9620 NE Tanasbourne Drive, Suite 300, Hillsboro, OR 97124; office phone 503-994-8435. Aubrea McNamara (NMLS #1842646) is also licensed in Oregon.

HECM is a federal FHA-insured program: borrowers generally must be at least 62 and complete HUD-approved counseling in either state. State-specific disclosures and other requirements may also apply. Ask your originator and counselor to review the requirements for your state; proprietary reverse mortgage rules may differ.

Bring questions about your home's estimated value, current mortgage balance, property taxes, insurance, occupancy and future housing plans. Discuss any spouse or co-owner, existing liens, association charges and estate goals. For an initial inquiry, do not send Social Security numbers, account numbers or financial documents through the contact form.

A reverse mortgage is a loan that lets eligible homeowners borrow against home equity. Unlike a typical mortgage, borrowers generally do not make required monthly principal-and-interest payments while meeting the loan's conditions. Interest and fees are added to the balance over time, so the debt grows and remaining equity can decrease. The loan must eventually be repaid.

An existing mortgage generally must be paid off at closing, often using reverse mortgage proceeds. Whether the available proceeds are enough depends on the program, home value, existing balance and other factors. Ask our team to explain any funds you would need to bring to closing.

You retain title, but the home secures the loan. You must meet occupancy and other loan requirements, including paying property taxes and insurance and maintaining the property. Failure to meet obligations can lead to default and foreclosure.

A HECM generally becomes due when the last borrower dies, sells the home or no longer uses it as a principal residence, or when loan obligations are not met. Certain eligible nonborrowing spouses may receive protections that delay repayment. Extended absence for medical care can also affect occupancy; confirm the applicable rules.

Heirs may generally keep the home by repaying the debt or sell it to repay the loan. HECM nonrecourse protections limit what can be collected; special appraised-value rules and deadlines can apply. Heirs should contact the servicer promptly about their options. Eligible spouse protections and proprietary loan terms may differ.

Home equity loans and lines of credit generally require monthly payments and have different qualification, cost and repayment structures. Other alternatives may include refinancing, downsizing or using other resources. Compare total costs, future equity, household needs and estate plans with qualified advisers—not just the monthly payment.