West Virginia Reverse Mortgage

One of the most useful financial instruments available to seniors in the state of West Virginia is the West Virginia reverse mortgage.  A reverse mortgage is a loan taken out by a retiree or elderly homeowner against equity that has been built up in the individual’s home.  This loan converts equity into income, something few financial products do.

Reverse Mortgage West Virginia Information

West Virginia is home to many retirees who own homes and property.  As a result, reverse mortgages in West Virginia are often used to secure necessary retirements income.  With a high amount of property owned by individuals, these mortgages are common and readily available in the state.

As a reverse mortgage runs its course, your lender takes over more and more of the equity in your home and pays you cash for it.  This cash can be spent on anything you need to spend it on, including medical bills, vacations, the down payment on a new home, other debt expenses, and daily living costs.  The money is all your money from the very beginning.  If you want to learn more about how this mortgage loan can help you financially, read our reverse mortgage information fact sheet.

You can choose from one of the following methods of income delivery.  Your lender will provide your money to you in one of these ways, according to your choice.

• All at once as soon as the loan goes through.  This lump sum option is best for those who don’t have much equity and simply want to take over managing their investments themselves.
• In a credit line, bit by bit, as you need it.  You don’t have to pay back the money you’re borrowing through this credit line, just like you don’t have to pay back the money you borrow through any other method.
• In monthly installments of a predetermined amount.  These payments function like tax free income.

You can also combine any of the above options to create your own unique payout model.

Your home remains titled or deeded to you during and after the reverse mortgage.  You never have to give up your home to your lender under any circumstances.  This is one of the primary benefits of the reverse mortgage structure.  Your lender owns only the equity in your home and not the home itself.  This allows you to continue living in the home as long as you want to without paying anything back to your lender until you move.

When you reach the end of your life, your heirs will inherit your home.  At this time, the reverse mortgage debt must be repaid.  This is typically done by selling off the home.  The government has established regulations that ensure that your heirs won’t have to pay back more than what the home sells for.

To learn more about what happens with a reverse mortgage, read some of the Frequently Asked Questions that the HUD provides answers to or contact a lender in our network to get your questions answered directly.

West Virginia Reverse Mortgage Lenders

West Virginia is home to many retirees and many mortgage lenders.  If you want to take out a reverse mortgage, you should get in touch with a lender near you who can service your loan.  But don’t simply work with the first lender you contact.  Compare different lenders.  Find out what fees they charge.  The rates and fees can add up to a hefty expenses on a reverse mortgage if you’re not careful.

To learn more about how to take out a reverse mortgage, check out our reverse mortgage checklist.

About West Virginia

West Virginia is known for its natural beauty and for its long history of logging and coal mining.  It is also a well known destination for those interested in outdoor sports such as whitewater rafting, skiing, and rock climbing.  This makes the sate a popular place for active seniors to retire.

Charleston, Huntington, Parkersburg, Wheeling, and Morgantown are among the most influential and highly populated cities in West Virginia.  Over 21% of the total population is 62 years of age or older, which means there are many individuals who qualify for a reverse mortgage in the state.  Find out if you’re one of them and secure your retirement income.

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