Forgotten Your Password?

Need to Register?

Question Icon

how do you purchase a home using a reverse mortgage in Virginia

by kennyjeannie194 from , California. Mar 22nd 2017 Reply

Larry Gray (lgray_312_247)
#595 ranked lender in California - 1,139 contributions

It would be no different than doing so in California. You want to seek out a reverse mortgage specialist/broker license in Virginia of course, which I believe we have though I cannot honestly say for certain though we have branches in Virginia. You are welcome to contact me via my profile and I will gladly provide you with a reverse mortgage specialist covering Virginia, if you like. I would gladly have them give you a call as well.

Mar 22nd 2017
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

The process is the same, except the down payment requirements are different depending on the age of the youngest of all borrowers associated with the purchase.. Try contacting a local mortgage professional in Virginia, and let them look at your complete loan scenario.. once they see the whole picture, they can advise you properly. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Mar 23rd 2017
Sara Deere (Mortgagequeen2)
#16 ranked lender in Missouri - 594 contributions

The two replies are correct. The down payment amount is based on the youngest eligible borrower and usually between 40-45% of the purchase price. If there are two borrower's, only one borrower's has to be of eligible age.

Mar 24th 2017
Subscribe to our news feed.