Reverse Mortgage in Edmonds, WA

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Can you get a reverse mortgage on an Edmonds condo? Often yes, but the building has to qualify as well as you do. For a HECM the project generally needs FHA approval, or the individual unit has to clear FHA’s single-unit approval. Consequently that question comes up here more than anywhere else I work: 1,506 of Edmonds’ owner-occupied homes sit in buildings of ten units or more.

Edmonds has an unusually old population and an unusual amount of paid-for equity behind it. 23.6% of residents are 65 or older, against 14.8% across Snohomish County, and 36.8% of owner-occupied homes are owned free and clear. Meanwhile the typical home is worth $890,100. So a reverse mortgage in Edmonds is rarely about rescue and usually about choice: a standby line of credit, or the money to stay in a house that has quietly become the largest asset anyone in the family owns. For some people here it is exactly right and for others it is not, and you will get a straight answer either way. See how Edmonds compares on my Washington aging-in-place overview.

Updated September 10, 2026

Reverse Mortgage Specialist in Edmonds, WA

Who is a local reverse mortgage broker in Edmonds, WA? Christopher Gibson (NMLS #1910430) is an independent broker with C2 Financial Corporation (NMLS #135622). He helps Edmonds homeowners age 60 and older (age 62+ for the government-insured HECM) turn home equity into funds for retirement. Because the funds are loan proceeds rather than income, they are generally not subject to federal income tax.* Call or text 720-449-6622.

Why a reverse mortgage appeals to Edmonds homeowners 60+ attempting to age in place

Edmonds sits on Puget Sound about fifteen miles north of Seattle, built around a downtown valley everyone calls the Bowl and a ferry dock that has run to Kingston since 1923. Incorporated in 1890, it grew mostly in the postwar decades, which is why the median home dates to 1974 and 60.7% of the housing stock predates 1980. Consequently the shape of the town is a walkable waterfront core with condominiums and older ramblers, wrapped in car-dependent hillside neighborhoods.

Together, three numbers make Edmonds unusual. 23.6% of residents are 65 or older, well ahead of Snohomish County’s 14.8% and the national 17.2%. Meanwhile 36.8% of owner-occupied homes carry no mortgage at all, against 28.1% countywide. Finally the typical home is worth $890,100. In other words, an older population sitting on a great deal of paid-for equity, which is a different starting point from most of the towns I cover.

Edmonds reverse mortgage facts and figures

Edmonds combines high values with a comparatively gentle tax rate and an unusually large share of condominium owners. So here are the numbers that shape every conversation here:

Home values, property tax, income and housing age: U.S. Census ACS 2024 5-Year. HECM limit: HUD/FHA 2026. Exemption limit: Snohomish County 2026 property tax information. Walkability: Walk Score. Figures change, so ask me for today’s numbers on your home.

What is your Edmonds home worth today?

Curious what your home could be worth, and how much equity you have to work with? Use my free home-value tool below. Enter your address for an instant Edmonds estimate you can track over time, at no cost and no obligation.

Aging in place in Edmonds with a reverse mortgage: what it really costs

Price and rate are the easy part. These are the numbers that actually decide whether a reverse mortgage in Edmonds makes sense, and I would rather you see them before we talk about a loan.

An older population than the county or the country, sitting on paid-for equity

23.6% of Edmonds residents are 65 or older. Snohomish County as a whole runs 14.8%, Washington 16.6%, the country 17.2%. Meanwhile 36.8% of owner-occupied homes here are owned outright, against 28.1% countywide, and the median home is worth $890,100. So the equity question is generally settled before anyone opens a calculator.

Consequently the conversations I have in Edmonds are rarely about making ends meet. Instead they are about sequencing: opening a line of credit early and letting the unused portion grow, funding a modification so the house works at 85, or bridging the years before someone wants to draw on investments. Notably that is a planning use rather than a rescue use, and it is the version of this loan that tends to age well. How the line of credit grows.

A lower tax rate than the county, on a house worth a great deal more

Here is a pleasant surprise. Edmonds’ effective property tax rate runs about 0.70%, which is lower than Snohomish County’s 0.77% and lower than Washington’s 0.81%. However, the rate applies to a much larger number, so the median bill still lands at $6,190 a year, above the county’s $5,364.

Washington’s senior exemption could take a bite out of that, although Edmonds sits awkwardly close to the line. The county allows up to $75,000 of disposable income for 2026, while the typical 65+ household here takes in $78,757. So roughly half this town is on one side and half on the other, and disposable income is not the same as gross income: medical costs and certain deductions come out first. Rather than assume you do not qualify, run the actual worksheet.
Snohomish County senior information →

The Bowl is a walker’s paradise. The rest of Edmonds is a driving town.

This matters more for aging in place than almost anything else on the page. Downtown Edmonds and the ferry area score in the low 90s on Walk Score, which is the top band: groceries, the library, restaurants, the waterfront and the ferry are all on foot. However, the citywide average is about 48, because the hillside neighborhoods above the Bowl are steep, sidewalk-poor and genuinely car-dependent.

So the honest question is not whether Edmonds is walkable, it is whether your Edmonds is. Consequently a plan that works beautifully for someone in a downtown condominium can fail for someone on a hillside half a mile up, on the day driving stops being an option. My free Aging-in-Place Home Scorecard covers the house; this one is about the address.

A full-service hospital inside the city limits

Swedish Edmonds on 76th Avenue West is a full-service hospital with a 24-hour emergency department, and it is in town rather than a drive away, which is unusual for a city this size. Comparatively, Providence Regional Medical Center Everett is the nearest Level II trauma center, roughly thirteen miles north. Ratings move year to year, so look up whichever one you would actually use on Medicare’s Care Compare rather than taking my word for it.

What care costs against an Edmonds income

Namely, those are Genworth’s 2024 Washington figures, and Washington ran above the national medians in every category that year. Even on an Edmonds income of $78,757, assisted living at $83,700 costs slightly more than the whole of it. Consequently the equity is not a nice-to-have at that point, it is the funding. However, in-home care bought by the hour rather than around the clock is usually the cheaper path and the one people actually want. Figures are educational, not a quote.

Where to start locally

The Edmonds Waterfront Center, which opened in 2021 on the waterfront, is the local senior center and runs programs, dining and peer support, and Homage operates the Aging and Disability Resource Network for the county. Neither charges for a conversation, and neither has anything to sell you.

Sources: U.S. Census ACS 2024 5-Year; Genworth 2024 Cost of Care (Washington); HUD/FHA 2026 HECM limit; Snohomish County 2026 property tax information; Walk Score; Washington State Trauma System. Assessed values, levy rates and exemption limits are set annually and change. Figures are educational, verify your own before relying on them. This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau.

Quick guide: is a reverse mortgage right for me?

First, answer four short questions, and the guide will point you toward the resource that fits your situation. Of course, it is general guidance for learning, not an approval or a quote, and nothing you tap is stored.

Learn how reverse mortgages work

Reverse mortgage options in Edmonds: HECM vs. jumbo

With a median value near $890,100, most Edmonds homes sit inside the 2026 FHA HECM limit of $1,249,125, so the government-insured loan is usually the tool. However, the waterfront and view properties above the Bowl regularly clear that line, and a Washington proprietary jumbo opens at age 60 rather than 62. Consequently on the west side of town I quote both as a matter of course. For a plain-English walk through the products, see the types of reverse mortgages, then the side-by-side table.

Buying a home? Consider a HECM for Purchase (H4P)

A HECM for Purchase lets you buy your next home with a reverse mortgage: you put down a portion and finance the rest with no required monthly principal-and-interest payment. In Edmonds the classic version is selling a hillside house with a flight of stairs to the front door and buying a single-level condominium in the Bowl, close enough to walk to everything, without taking on a new payment. Importantly the building still needs to be approvable, so check that before you make an offer rather than after.

How much you can access depends on age, rates, and value. Start your own estimate with the reverse mortgage calculator above.

How the process works, step by step

Consultation, HUD counseling, application, appraisal, closing, with a three-day right to cancel. Typically a reverse mortgage in Edmonds funds in 30 to 45 days. However, a condominium adds a project review, and if the building is not already FHA-approved that can add weeks rather than days. So if you are in a Bowl or waterfront building, the first thing to do is get me the HOA name. Here is how a reverse mortgage works, step by step.

How much a reverse mortgage in Edmonds costs

The biggest cost is FHA mortgage insurance: 2% of the home's value upfront plus about 0.5% a year on the balance, and that upfront premium funds the FHA guarantee behind the non-recourse protection. On a typical Edmonds home at $890,100 that runs roughly $17,802 at closing, and in practice most of it rolls into the loan rather than coming out of pocket. Every fee, itemized.

The honest trade-offs (the balance grows, you still cover taxes and insurance, and it rewards a longer stay) are the same anywhere. I lay them all out in the pros and cons of a reverse mortgage.

Why work with a mortgage broker, not a bank

A reverse mortgage in Edmonds is priced, not fixed. Naturally, a bank has one set of numbers and no reason to show you anyone else's. Instead I shop the same loan across more than 30 wholesale lenders, and on condominium files that matters twice over: lenders differ on pricing, and they differ on which projects they will accept and how quickly they will review one. Consequently the fastest lender and the cheapest lender are not always the same, and on a condo I will tell you which trade you are making. C2 Financial Corporation, NMLS #135622.

What happens to your home and your heirs

The deed stays in your name throughout. Because the loan is non-recourse, the payoff can never exceed the value of the property, so your family is never handed a shortfall. They decide later whether to keep it, refinance it or sell it. Washington does levy an estate tax, although the exclusion is $3,076,000 for deaths through June 2026 and $3 million after that, so most Edmonds estates sit well clear even at local values. Timelines and the 95% rule.

Condos, HOAs and a reverse mortgage in Edmonds

First, the scale of it. Of Edmonds' 13,198 owner-occupied homes, 1,506 are in buildings of ten units or more and another 772 sit in small multi-unit buildings. That is roughly one owner in six in some form of attached housing, and it is concentrated in the Bowl and along the waterfront.

For a HECM the project generally has to be FHA-approved, or the individual unit has to qualify under FHA's single-unit approval. Consequently the underwriter will want the HOA budget, the reserve study, the owner-occupancy ratio, the master insurance certificate and the litigation disclosure. Notably, reserves and master insurance premiums are where Washington projects most often stumble right now, because coastal and older buildings have seen hard premium increases. You can check a building's current status yourself on HUD's condominium lookup.

None of that means no. It means the building is underwritten alongside you, so pull the documents early. My HOA and condominium checklist covers exactly what an underwriter will ask for, and the property and eligibility rules cover the rest.

The HUD counseling requirement, explained

Federal HUD rules require an independent HUD-approved session before closing, usually low-cost or free, and it has to be finished before I can pull an FHA case number. HUD publishes the approved counselors serving Snohomish County, so scheduling never has to stall your file. Find counselors through HUD’s HECM program. Washington Department of Financial Institutions publishes consumer guidance. What the session actually covers. Consequently, no reverse mortgage in Edmonds closes without it.

Reverse mortgage FAQs for Edmonds homeowners

Can I get a reverse mortgage on an Edmonds condo?

Often yes, and it comes up here more than anywhere else I work: 1,506 of Edmonds' owner-occupied homes are in buildings of ten units or more. However, for a HECM the project generally needs FHA approval, or the unit needs to qualify under single-unit approval. Namely the underwriter reviews the HOA budget, reserves, owner-occupancy ratio, master insurance and any litigation. So send me the HOA name first and I will check the building's status before you spend a dollar.

How much can I borrow with a reverse mortgage in Edmonds?

Three things set the number: the age of the youngest borrower, where rates sit that week, and what the appraisal says. With a median near $890,100, most Edmonds homes sit inside the 2026 FHA HECM limit of $1,249,125. However, waterfront and view properties above the Bowl regularly clear that line, and there a Washington proprietary jumbo, which opens at age 60 rather than 62, usually recovers the value a HECM stops counting. Ultimately I quote both and we choose on net proceeds.

Do I still pay property tax with a reverse mortgage in Edmonds?

Yes. You keep title, so the bill stays yours and must stay current for the life of the loan. Notably the effective rate here is about 0.70%, lower than the county's 0.77%, though on a median value of $890,100 the bill still runs about $6,190. Washington's senior exemption is income-tested and Snohomish County's 2026 limit is $75,000 of disposable income, which sits just under the typical Edmonds 65+ income of $78,757. Consequently plenty of people here assume they are over the line when the worksheet says otherwise.

When do I pay back a reverse mortgage in Edmonds?

The loan comes due when the last borrower sells, moves out for more than twelve consecutive months, or passes away. Notably that twelve-month clock is what catches families out, usually after a move into care rather than after a death. Because a condominium can take longer to sell than a house, especially if the building has an assessment or an insurance issue outstanding, this is worth planning for rather than assuming.

Is HUD counseling required in Edmonds?

Yes, and there is no way around it. An independent HUD-approved counselor has to walk you through the loan before I can even pull an FHA case number, and the session is usually free or close to it. Notably, on a condominium file it is worth booking the session early and starting the project review at the same time, since the two run in parallel and the building review is usually the slower of the two.

Have a question about a reverse mortgage in Edmonds? Call or text me at 720-449-6622. No pressure, just straight answers.

Edmonds neighborhoods and nearby areas I serve

I work with homeowners across the city and greater Snohomish County. That includes the downtown Bowl, Perrinville, Westgate, Seaview, Firdale, Meadowdale, Esperance, Talbot Park, and Five Corners. Core ZIP codes include 98020, 98026.

In addition, I also help owners in nearby communities such as Lynnwood, Mountlake Terrace, Woodway, Shoreline, Everett, and Seattle, and across Snohomish and King counties. See every area I cover on my reverse mortgages across Washington page. Do not see your area? Reach out and ask.

If aging in place is your goal, local resources like the Edmonds Waterfront Center, and Homage's Aging and Disability Resource Network can help you plan, and my free Aging-in-Place Home Scorecard lets you score any Edmonds home in about 15 minutes to see how ready it is to grow old in.

About Christopher Gibson

Christopher Gibson (NMLS #1910430) is an independent mortgage and reverse mortgage broker with C2 Financial Corporation (NMLS #135622), serving homeowners across the states he is licensed in. Serving Edmonds and nearby communities. Call or text 720-449-6622. More about Christopher.

Read reviews of Reverse Mortgages & Home Loans with Christopher Gibson at C2 Financial

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*This is general information, not tax advice. Reverse mortgage proceeds are loan advances rather than income and are generally not subject to federal income tax. Consult a CPA or tax advisor about your specific situation. Receiving loan proceeds may also affect eligibility for need-based government benefits such as Medicaid or Supplemental Security Income (SSI).