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Seniors in Washington DC have few financial options mainly because they lack a steady income. Most of them resort to selling the main asset they have; their home. However, one could use the equity in their home to secure credit from lenders who are approved by the HDU. This type of financing is referred to as reverse mortgage.

The most common Washington reverse mortgage loan is the Home Equity Conversion Mortgage (HECM). This financing  is approved in accordance to limits set by the Federal Housing Administration (FHA). The limits in Washington state vary widely from the national average and go as high as $300,000 above the average. Homes located in Snohomish, San Juan, Pierce, Kitsap, King, and Jefferson counties are  given the highest limits. The HUD and FHA work together to ensure consumers have correct information regarding the home finance options they can pursue.

Seniors in Washington can apply for Property Tax Deferral for the Elderly. To qualify for this single purpose mortgage, the borrower must be over 60 years, must have proof of a limited income, and should have the title of a home. The annual interest charged on the loan is 5 percent. The loan only becomes due when the borrower dies or if he decides to sell off the house.