It's helpful to work with reverse mortgage licensed specialists in the area because they understand the real estate environment in your state. Please fill out the form on this page to have a reverse mortgage specialist contact you. And of course, if you have any questions about applying for a reverse mortgage in Virginia, don't hesitate to contact one of our specialists at any time.If you are living in Virginia and over the age of 62, you may want to think about a reverse mortgage. Many Virginia residents are using reverse mortgages to eliminate medical bills, implement home repairs, and live life without the financial liability of a monthly mortgage payment.*
Why Apply for a Reverse Mortgage?Virginia residents have many reasons to be interested in a reverse mortgage, or HECM. But ultimately, it comes down to two main factors: financial safety and quality of life. A life lived on a limited budget can be stressful. Many seniors live with this kind of pressure not even realizing that the equity in their homes is sitting untouched.
Types of Reverse MortgagesVirginia residents may choose from three separate HECM loan options, which are all insured by the federal government. A fixed term reverse mortgage makes a lump sum disbursement of money once the loan closes, and locks loan interest rates at the time of closing. HECM line of credit loans provides a number of cash disbursement possibilities. You can get a draw on the line of credit at closing, receive monthly payments, or keep a line of credit to dip into as needed. One Reverse Mortgage also offers a reverse mortgage for purchase. This loan program makes it possible for seniors to purchase a home with no monthly payments. No matter what type of reverse mortgage you choose, you will be required to pay property taxes, insurance, and home maintenance costs.
Finding Reverse Mortgage Specialists in VirginiaIt's usually best to work with local reverse mortgage licensed specialists because they are experienced in the real estate environment in your area. If you have any questions about applying for a reverse mortgage in Virginia, please fill out the form on this page to have a reverse mortgage specialist contact you.
*Homeowner must still maintain the property, pay homeowners insurance, and property taxes to avoid foreclosure.