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