Paying Back a Reverse MortgageWest Virginia residents are not required to pay back their loans until they sell the home, relocate, or pass away. When any of these situations occur, the loan amount and acquired interest becomes due. However, being that a reverse mortgage is a nonrecourse loan, you never owe more than the appraised value of the home. If the loan comes due because the last homeowner passed away, the borrowers' heirs have the option to either sell the home to pay off the mortgage, or refinance for the amount owed, which includes any accrued interest. It is important to keep in mind that, while you are not required to make loan payments through the life of the loan, you are required to pay all property taxes, insurance, and home maintenance costs.*
West Virginia Reverse Mortgage SpecialistsWest Virginia residents just like you are enjoying the feeling of financial security and capitalizing on the value of their largest and most intelligent investment - their home. One Reverse Mortgage works with various reverse mortgage licensed specialists in West 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.