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Are you considering a reverse mortgage?
If so, you probably have many questions or concerns, such as:
- Is a reverse mortgage right for me?
- What are the benefits of a reverse mortgage?
- What are the types of reverse mortgage payouts?
That’s where we come in! Let our experts help answer your questions about the reverse mortgage process.
Why Virginia Reverse Mortgage?
Ready to Enjoy Living Your Life? Stay in your own home and keep ownership without ever having to make another monthly mortgage payment. Let our qualified professionals help you decide if a reverse mortgage is right for you.
Is a Reverse Mortgage Right For You?
Benefits of a Reverse Mortgage
- A reverse mortgage can give you more financial freedom and help you utilize that to improve your quality of life.
- You won’t have to make any payments until the loan ends.
- You are allowed to stay in your own home and keep your title.
- Proceeds from reverse mortgages are tax-free and not considered income.
Do You Qualify For A Reverse Mortgage?
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- Are you at least 62 years of age?
- Do you own your property outright, or is the mortgage small enough to be paid off in the reverse mortgage process?
- Do you occupy the property as your primary residence?
- Are you delinquent on any Federal debt?
- Is your home considered a single family home that meets FHA requirements?
If you answered “Yes” to all these questions, then you may be able to qualify for a HECM Reverse Mortgage.
What Is A Reverse Mortgage?
A Home Equity Conversion Mortgage (HECM), the most common type of reverse mortgage, is a special type of home loan for homeowners who are 62 and older. HECM is Federal Housing Administration’s (FHA) reverse mortgage program which enables you to withdraw some of the equity in your home. You choose how you want to withdraw your funds, whether in a fixed monthly amount or a line of credit or a combination of both.