More to know about reverse mortgages | Let’s Get Real Estate | June

Dear Jan:

You talked last month about Reverse Mortgages.  This approach is very appealing to me.  What kind of a down payment do you have to have on a reverse mortgage purchase?


Dear AHN:

Of all the articles I’ve written for the Kingston Community News and the North Kitsap Herald, the one in the May issue has made my phone ring the most with follow up questions.

In regard to your question, there is no pat answer.  That is because the reverse mortgage loan down payment size varies. One of the factors is your age. There are reverse mortgage calculators online where you put in the price of the home, your age, etc., and it calculates the down payment for you.

But the best person to ask is an experienced Reverse mortgage loan officer. They know the rules inside and out.  The one I have referred my clients to seems to really have a grip on this great programs. She was telling me about a client with this type of loan who supplemented her income with monthly payments from a reverse mortgage and got to stay her home for the rest of her life. That could help many senior citizens.

Let me know if you end up getting a reverse mortgage and how it works for you.


Jan Zufelt is a broker with John L Scott Real Estate in Kingston. She can be reached


More in Business

Port Orchard restaurant at in-dining standoff with state over COVID restrictions

State attorney general seeking temporary restraining order against That One Place

Sound offers grants to help local businesses with advertising

EVERETT — Sound Publishing has launched a local stimulus program to help… Continue reading

That One Place penalized by state board for COVID-19 infractions

Port Orchard restaurant has its liquor license suspended for 180 days

Fred Meyer store reports having nine employees with COVID-19

Business says it is taking ‘extensive measures’ to keep store safe for employees, shoppers

Sweet memories greet visitors to Port Orchard’s The Candy Shoppe

Nostalgic candies and seasonal fudge smells are part of store’s alluring treats

Gingerbread House contest, Senior Giving Tree at Port Orchard Market

… and Santa will visit downtown Port Orchard location later in December

Rainy Daze is hosting a Pints for Purpose Event Nov. 28 raising money for Fishline's Christmas Child program.
Fundraiser Saturday for Christmas Child Program

Grab a pint and do some good at Rainy Daze Brewing in… Continue reading

Downtown businesses are bracing for a harrowing holiday season

COVID-19 fear, state-mandated restrictions will likely gouge holiday profits

Sylling’s Elderberry wins edg3 FUND’s Innovation Award

Campfire Coffee of Tacoma wins grand prize of $25,000

Scarecrows will be out on Bay Street this Halloween

Visitors can vote for their favorite at a downtown business

Two Port Orchard businesses named edg3 FUND finalists

Winning small business will be awarded $25,000

City extends CARES business rental relief funding
City extends CARES business rental relief funding

Almost $100,000 delivered already to more than 20 local businesses