Reverse Mortgages for Virginia Homeowners
How a Reverse Mortgage Works A Virginia Reverse Mortgage / Loan is a home loan which provides the homeowner with cash payments based on home equity. Throughout the course of the loan, the borrower retains the Virginia property title/ownership. Typically, repayment of the loan is made when the property is sold or upon the homeowner’s death.
Virginia Reverse Mortgage Requirements
- Age requirement: Virginia borrower must be 62 or older
- HUD-approved counseling
- Income: No requirements
- Assets: No requirements
- Virginia employment: No requirements
- Credit score: No requirements
- Health: No requirements
VA Reverse Mortgage FAQs
Can I lose my home with a Virginia Reverse Mortgage?
The Bank can only foreclose on your Virginia home if you do not 1) pay your homeowners insurance, VA real estate taxes, any HOA fees, 2) keep the home in good repair 3) keep the Virginia home as your primary residence. You never have to make a mortgage payment.
What if I already have a Virginia mortgage?
First, your current mortgage and any other liens against the property in Virginia will be paid off. As long as you have enough equity to do this, a Reverse Mortgage would work for you.
Will a Virginia Reverse Mortgage cause me to pass debt on to my heirs?
A Reverse Mortgage in Virginia is a non-recourse loan. There is mortgage insurance, which is a Federal requirement, which will pay off the difference from the value of your home to what you owe. No one comes out of a Reverse Mortgage owing more than the value of their home. If the value of the Virginia home is greater than what is owed, the heirs inherit the additional money after the loan is paid.
Are Virginia (VA) Reverse Loans high-risk?
A number of safeguards have been built into the program, including mandatory HUD-approved counseling in Virginia, payment guarantees, capped interest rates, advanced disclosures, a three-day rescission period and a non-resource limit.
Virginia Reverse Mortgage Lenders
Apply now or contact the Virginia Reverse Mortgage experts at Home Point Financial to learn more about reverse mortgages in Virginia Beach, Norfolk, Chesapeake, Richmond and throughout Virginia.
