Virginia Reverse Mortgage

If you’re a senior in the state of Virginia and you want to develop a stream of income to live on during the best years of your life, retirement, the Virginia reverse mortgage loan option can allow you to alter your own home equity into a form that is secure and spendable while keeping you financially independent.

Reverse Mortgage Virginia Information

If you’re over the age of 62 an you own a home and have equity stored up in it, you are likely qualified to take out one of these loans.  You don’t have to prove a credit score or any specified amount of income.  You simply have to prove ownership and prove that you have equity in your home.  Reverse mortgages in Virginia have helped many seniors fund their retirement years.

This can take many forms.  Do you simply need money to live on from day to day?  Are you facing rising medical costs?   Or do you simply want to take a nice vacation or finance the purchase of a vacation home?  Any of these aspirations can be accomplished securely and efficiently with money from your own home equity.  For more reverse mortgage information, browse the articles on this site and others or get in touch with one of you lenders.

In a reverse mortgage, your lender purchases your home equity from you and pays you for it in cash.  You can arrange to receive this money in a number of ways.

• You can get it as a lump sum.
• You can get it in monthly installments, like income.
• You can get it in whatever amount you need, when you need it, through a credit line.

If none of these options fits your financial needs just right, you can customize your own unique payout plan with your lender by combining any of the above choices.

Your lender takes over more and more of the equity of your home as the funds are paid out to you.  But you don’t need to worry about losing your home.  This is a concern that many seniors have about reverse mortgages.  Reverse mortgages are different than other mortgages.  Your lender cannot demand repayment from you.  Repayment isn’t part of the process at all.

You don’t have to pay back your mortgage unless you move into a new home or sell your current home.  When you pass away, the heir who inherits your home is responsible for paying off the reverse mortgage debt.  Most heirs choose to sell the homes they inherit in order to accomplish this.  The lender cannot collect more debt than what the home sells for at this time, which ensures that your heirs won’t have to pay for any debt that isn’t theirs beyond the value of the home.

The HUD maintains a list of Frequently Asked Questions that seniors often have regarding these loans.  Read through this page to learn more or contact one of our lenders and get your questions answered directly.

Virginia Reverse Mortgage Lenders

No two lenders provide the same reverse mortgage loan package.  Each lender will charge you different fees and offer different mortgage rates.  It’s up to you to find the best deal available in your part of Virginia.

Contact as many lenders as you can and ask for price quotes.  Lenders will be glad to provide this information to you, because they know it could lead to a loan.  Once you’ve received these quotes, decide which lender to work with and go from there.  If you want to get started on this process today, fill out the form at the top of this page and we’ll match you with up to four qualified lenders in your area who can service your reverse mortgage.

You can also read through our reverse mortgage checklist to learn more about the process of finding a lender and applying for a mortgage.

About Virginia

Virginia has an economy with several important industries, including the federal government and the computer chip industry.  The growth of the technology sector is the catalyst for computer chips as the leading export of the state.  This view toward the future is inherent throughout many of the state’s programs.

Virginia Beach, Norfolk, Chesapeake, Arlington, Richmond, Alexandria, and Roanoke are major cities in the state of Virginiaand are home to many retirees.  About 16% of the total population is over the age of 62.  Any of these individuals who own homes are likely qualified to take out reverse mortgages.

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