D.C. Senior Homeowners Leverage Equity

For homeowners over the age of 62 a reverse mortgage offers convenient access to cash income from your home equity.

District of Columbia Low-Cost Single Purpose Reverse Mortgage Loans

Alternatives to conventional reverse mortgages are those provided by public entities for single-purposes, often for payment of property tax or for home improvements and repairs. These types of loan may be called Property Tax Deferral loans, or PTDs, and Deferred Payment Loans, or DPLs.

  • The District of Columbia Department of Housing and Community Development provides a type of DPL to local borrowers in need. The Senior Citizen’s Home Repair and Improvement Fund requires borrowers to be: low-income seniors, principal homeowner, permanent resident of the home, have improvement and repair purposes, and be the property title holder.
  • DC also provides a Tax Deferral Program for Low-Income Senior Property Owners. Eligible applicants must have a household income less than $50,000, be 65 or older, be the permanent resident and title holder. The property may be either a single family home or a condominium. Seniors may apply through the D.C. Office of Tax and Revenue Real Property Tax Administration.

FHA Limits in D.C. and HUD Reverse Mortgages

FHA mortgage limits directly affect which senior borrowers may qualify for the federally insured Home Equity Conversion Mortgage. Because D.C. is so contained the FHA only decides one limit on the entire area and its’ well above the national average. This reflects the area’s relative high property values.

Seniors considering a HUD HECM should first contact a HUD-approved lender.

Reverse Mortgage Providers in D.C.

Here is a list of a few of the primary reverse mortgage lenders in the Washington, D.C. area.

Advent Financial

Despite the fact that Advent Financial is one of the smaller reverse mortgage companies, it offers the same types of products as the big corporate lenders and brokers. Over 90% of senior homeowners borrow with a federally insured Home Equity Conversion Mortgage (HECM), but with Advent’s free online reverse mortgage assessment you will get experienced advice on the type of product best suited to meet your financial goals.

Cornerstone First Financial

This Maryland, Virginia based company offers a wide range of mortgage products as well as other types of loans. Cornerstone offers the HUD Home Equity Conversion Mortgage (HECM). For borrowers confused by the complexities of a reverse mortgage this company invites clients to free how-to seminars that are designed to take the witchcraft out of the reverse mortgage process.

HCI Mortgage

HCI offers customers three common reverse mortgage products. The company is an FHA-approved lender for the Home Equity Conversion Mortgage (HECM) the number one reverse mortgage in the country. Borrowers with slightly different needs might be better suited to the Fannie Mae Home Keeper loan or the Financial Freedom Cash Account reverse mortgage. This is a type of jumbo reverse that gives borrowers with high-dollar homes a higher lending limit than that available in a HECM.

M&T Bank

This regional bank boasts a big reputation for serving customers over the long term. M&T Bank has been helping seniors for well over the last decade. A reverse mortgage is just one of the products it offers.

Seniors First Mortgage Company

As the name suggests this company specializes in providing senior homeowners with traditional as well as reverse mortgage products. Offices are located throughout the mid-Atlantic including Washington, D.C. Borrowers may take advantage of the federally-insured Home Equity Conversion Mortgage (HECM).