Reverse mortgages in Everett
Everett homeowners look at reverse mortgages for different reasons: paying off a mortgage, covering care, or building a cash cushion. Here is how the local numbers shape that decision.
| Measure | Everett | Washington | U.S. |
|---|---|---|---|
| Residents 65 and older | 14.6% | 18.3% | 18.9% |
| Owner-occupied homes | 49% | 63.8% | 65.2% |
| Median home value | $565,300 | $564,600 | $332,700 |
| Monthly owner costs, no mortgage | $773 | $773 | $638 |
| Monthly owner costs, with mortgage | $2,343 | $2,445 | $1,963 |
| Median household income | $83,512 | $98,141 | $80,734 |
| Veterans | 6,749 | 473,124 | 16,185,883 |
Monthly owner costs are medians and include taxes, insurance, utilities and any mortgage. The Census reports these up to $4,000.
Is $1,570 a month the number that matters?
That is about how much less a Everett owner without a mortgage spends each month than one with a mortgage, going by Census medians of $773 and $2,343.
It is a broad measure, since homes and loans differ, but it shows why removing a required payment can matter more than a lump of cash. Interest still builds on the balance, so the saving is paid for out of your equity.
Home prices around Everett
FHFA's House Price Index shows values in the Everett metro area about flat, at -0.5% over the past year and +31.6% over five years. That compares with +20.0% statewide over five years, so this area has moved faster than Washington as a whole.
Applied to the $565,300 Census median, that five-year change works out to roughly $140,000 of value, on a home that would have been about $430,000 back then. Your own home may have done better or worse.
With prices moving slowly, do not plan around future gains. Build the plan on what the home is worth today and on how quickly the balance would grow.
The bills that do not go away
Even with no mortgage, Everett owners report a median of $773 a month in housing costs. On a HECM you keep paying property taxes, insurance and upkeep. Fall behind and the loan can come due.
Lenders check your payment history and income for this reason. If the numbers are tight, some of your proceeds can be set aside to pay taxes and insurance for you, which reduces your available cash.
Fewer seniors than the state average
The 14.6% share of residents 65 or older in Everett sits well under the 18.3% statewide figure. Still, that is about 17,000 residents, and many have a decade or more of equity behind them.
Because many in this group are at the younger end of eligibility, timing matters. Waiting generally raises the share of value you can access, while a credit line opened early can have time to grow.
Property tax help in Snohomish County
Before you borrow against a Everett home, see whether a tax program covers the gap. Washington offers a senior property tax exemption and freeze from age 61 and a deferral from age 60, with income limits set county by county, plus a limited-income deferral up to $57,000 of disposable income. The Department of Revenue thresholds change for 2027, and more households may qualify. Ask the Snohomish County assessor before you borrow against the home. See the full Washington reverse mortgage guide.
The rules in brief
Before any Snohomish County application moves forward, you meet with a HUD-approved counselor (1-800-569-4287). Every borrower must be at least 62, and the home has to stay your principal residence, because moving out, selling or the last borrower's death ends the loan. The reverse mortgage guide has the details, and our Everett mortgage page and HELOC page cover the alternatives.
More in Washington: Spokane Valley, Kent, Renton, Bellevue, Seattle, Federal Way.
Sources: U.S. Census Bureau QuickFacts (American Community Survey 2020-2024, population estimates July 2025). FHFA House Price Index, 2026 Q2. HUD 2026 HECM limit.
Common questions
Can I get a reverse mortgage on my Everett home?
Many Everett owners can. The tests are your age (62 or older), your equity, your ability to keep up with taxes and insurance, and whether the property meets FHA standards.
Does the HECM limit matter for a Everett home?
Most are comfortably under it. The 2026 limit is $1,249,125, and the Everett median is $565,300, so proceeds are driven by your age, the appraisal and rates rather than the cap.
How much have home values risen near Everett?
FHFA shows Everett metro at -0.5% over one year and +31.6% over five years as of the second quarter of 2026.
Who still pays the Snohomish County property tax bill?
The homeowner. A reverse loan does not replace your Snohomish County tax bill, and unpaid taxes can trigger repayment.
Bayview Residential is a mortgage broker and is not affiliated with HUD or FHA. A reverse mortgage is a loan that must be repaid, and the balance grows over time. You must keep paying property taxes, insurance and home maintenance, and live in the home as your principal residence. All loans are subject to eligibility and approval. This page is general information and not legal, tax or benefits advice.