Any money left after paying off your existing mortgage is available to use as you see fit. Full or Partial Lump Sum Line of Credit Monthly Payments Combination of Any of These You have the option to change your disbursement method at any time. Get Your Reverse Mortgage Quote Now!
Keep in mind that you can use the funds from a reverse mortgage for any thing and is not limited to the list below. The list below is just what are the most common reasons based on consumers looking for information on our site. Daily Living Expenses Pay Off Medical or Credit Card Debt Pay Off Mortgage Help Family Member(s) Home Improvements Senior Homes Reverse Mortgage Fidelis Mortgage, LLC 410-668-6501 Atlantic Bay Mortgage Group, LLC 757-373-8460 All Reverse Mortgage Company 714-663-9605 Great Oak Lending Partners 703-425-1204 205-382-1109 Live Well Financial, Inc. 813-749-2730 NFM, Inc. 410-347-9988 American Advisors Group 501-690-7283 Professional Mortgage Corporation 804-358-7929 TowneBank Mortgage 561-317-0129
The Lowdown on Reverse Mortgage Loans... Our Reverse Mortgage Rates Are Low & Our Process is Quick & Painless A reverse mortgage is a loan for seniors age 62 and older. HECM reverse mortgage loans are insured by the Federal Housing Administration (FHA) and allow homeowners to convert their home equity into cash with no monthly mortgage payments. We're here to make the reverse mortgage process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our Reverse Mortgage Qualifier. We'll help you clearly see differences between reverse mortgage options, allowing you to choose the right one for you. The Reverse Mortgage Process Here's how our reverse mortgage process works: Complete our simple Reverse Mortgage Qualifier Receive options based on your unique criteria and scenario Compare mortgage interest rates and terms Choose the offer that best fits your needs Why a Reverse Mortgage? A reverse mortgage pays off your existing mortgage, should you have one, by allowing you access to the home equity you've worked so hard to build.
A reverse mortgage is a type of home equity loan that allows you to convert some of the existing equity in your home into cash while you retain ownership of the property. Equity is the current cash value of a home minus the current loan balance. A reverse mortgage works much like a traditional mortgage, except in reverse. Instead of the homeowner paying the lender each month, the lender pays the homeowner. As long as the homeowner continues to live in the home, no repayment of principal, interest, or servicing fees are required. The funds received from a reverse mortgage may be used for anything, including housing expenses, taxes, insurance, fuel or maintenance costs. To qualify for a reverse mortgage, you must own your home. You may choose to receive the reverse mortgage funds in a lump sum, monthly advances, as a line-of-credit, or a combination of the three, depending on the reverse mortgage type and the lender. The amount of money you are eligible to borrow depends on your age, the amount of equity in your home, and the interest rate set by the lender.
Then the remaining funds from the sale will be released to you or to your heirs. So even if you choose to get a reverse mortgage you can rest assured knowing that your heirs will still receive a good portion of their inheritance in many cases. Reverse Mortgages Offer Solutions To People That Are In A Financial Bind If you are 62 or older these should be your golden years. These should be the years where you travel, spend time with grandchildren, and enjoy life. What these shouldn't be are years where you struggle with a mortgage payment. With a reverse mortgage, you can eliminate that struggle, while also giving yourself the money you need to truly embrace and enjoy your golden years. Is a Virginia reverse mortgage right for you? Click here to find out, absolutely free!
Is a Reverse Mortgage in Virginia the Right Decision? If you are a senior exploring your options for a reverse mortgage in Virginia, it is important to find the Virginia reverse mortgage lender that matches your needs. Reverse mortgages in Virginia allow senior homeowners to forgo burdensome monthly mortgage payments and instead receive money based on their home's equity. Unless it is a single-purpose reverse mortgage, you can use funds derived from your home's equity to use as you see fit—to cover expenses, make repairs, pay bills, et cetera. HECM loans are the most popular reverse mortgage option because they are federally insured by the Federal Housing Administration (FHA). This means that lenders must be pre-approved and must follow strict regulations. Our Licensed Professionals Are Here For You Premier Reverse Mortgage is here to offer guidance for your financial future. The 2018 FHA national loan limit is set at $679, 650—this is the Maximum Claim Amount (MCA). This amount can change annually and is the highest possible loan amount that can be insured by the FHA on a single HECM loan.
This is absolutely not true. When you get a reverse mortgage it is simply a type of loan, but just a loan that you don't make payments on until you decide to leave your home. Nobody will ever try to get you to move out because your home will remain legally your home for as long as you live there. Can I Really Have Payments Made To Me From A Virginia Reverse Mortgage Company? In addition to alleviating your need to make those burdensome monthly mortgage payments, a reverse mortgage will actually pay you money. You can pull money out of the equity you have built in your home to cover expenses, make repairs, pay bills, or just enjoy it. It's your money, there's no reason at all that you shouldn't be able to use it when you need it. What Happens When I Leave My Home? When the day comes for you to leave your Virginia home you or your heirs will have the option of either paying back the money owed on the reverse mortgage or selling the home to pay off the reverse mortgage. If the decision is made to sell your home, then the proceeds from the sale will first be applied to the money owed on the reverse mortgage.
For high value homeowners the HECM is often just too limiting. Virginia has 135 counties and the FHA limits are quite variable. Limits lie between the national average and up to $450, 000 above. High value areas such as the metro Arlington-Alexandria area, Richmond, Charlottesville and Winchester all feature remarkably higher limits. HUD Lenders Since the large majority of reverse mortgages are the HECM it stands to reason that there is a high demand for knowledgeable HECM providers. Tips for finding a HUD Lender: First HUD and the FHA are not reverse mortgage lenders. Search for approved HECM lenders via a list located on the HUD website or request one from a mortgage counselor. Never pay money in return for a HUD lender list; this freely available information. Single Purpose Reverse Mortgages Available to Low-Income Virginia Seniors Various counties and municipalities in Virginia offer a type of single purpose reverse mortgage in the form of a property tax deferral. By definition a single purpose reverse home mortgage is administered by a government agency to seniors and lets them access the equity in their homes for a solitary reason: to pay off high bills, property taxes or make critical home repairs.