1-866-840-0279Virginia Reverse Mortgages
A Virginia reverse mortgage can help you achieve the financial freedom you deserve while living in the state you love.
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VirginiaUse the interactive map or the state selector to find more reverse mortgage information about your state.
How a Reverse Mortgage Works in Virginia
VA reverse mortgage proceeds can be used for a variety of items, like the following:
Curious to find out more? GoodLife’s reverse mortgage guide explains everything you need to know about the HECM program. And if you still have questions, you can always reach out to one of our Reverse Mortgage Specialists.
Reverse Mortgage Qualifications & Requirements
Reverse mortgages in the United States are federally overseen and regulated. The Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) administer the regulations that govern the way that HECM loans are issued, including in the Old Dominion. Requirements for borrowers include:
You can always review the reverse mortgage eligibility page to more thoroughly understand the requirements and how they may apply to your case. And if you still have questions, a GoodLife Reverse Mortgage Specialist will always be happy to help.
Virginia Reverse Mortgage Calculator
Check out our reverse mortgage calculator for a free estimate of how much home equity you may be able to access to increase your cash flow.
Virginia Reverse Mortgage Process
At GoodLife, our reverse mortgage application process is fast — it requires just a few steps to complete. We help you get the funding you need quickly and efficiently, so you can focus on making the most of your retirement. Here’s what it takes to get your funding:
Consultation
During this stage, one of our Specialists will review the Virginia reverse mortgage qualifications with you. We can also help you work through your retirement plans to see if this form of financing is right for you.
Counseling
All HECM applicants are mandated by the HUD to meet with an approved third-party counselor. Counselors help borrowers gain a better understanding of how a reverse mortgage might fit into their retirement finances.
Application
Your home’s value — and the value available for your loan — will be appraised by an FHA-approved appraiser. They will also ensure that the property satisfies FHA standards.
Funding
Once approved, applicants may choose to receive loan proceeds as a lump sum, a line of credit, or as a series of monthly payments. Disbursement will start soon after your loan has been approved, thanks to our quick and painless process.
Reverse Mortgages in Virginia: FAQs
What if I still have an existing mortgage?
Borrowers who still owe on a mortgage are eligible to apply for a HECM loan. However, you must still own significant equity in your home (typically at least 50%). The proceeds from your HECM will first be put toward paying down the existing mortgage before you begin receiving payments.
Are there monthly payments required on a VA reverse mortgage?
No, a VA reverse mortgage does not require monthly payments until the loan has reached Due and Payable status. This occurs under certain maturation events, such as the death of the borrower or the borrower moving out of the home. Borrowers are also free to begin paying off the loan prior to a maturation event.
Which properties in Virginia qualify for a reverse mortgage?
Whether you live in urban Roanoke or deep in the Shenandoah Valley, Virginia reverse mortgage applicants may secure financing through any of the following types of home:
- Single-family homesÂ
- Townhomes
- FHA-approved condominiums
- Two- to four-unit properties
Note that properties with more than four units are considered commercial and are ineligible for a Virginia reverse mortgage. Vacation homes are also ineligible, as these violate the requirement that the property you use for your HECM must serve as your primary residence.Â
Download the Reverse Mortgage Guide
Fill out the form to download our comprehensive GoodLife Guide to Reverse Mortgages or call to speak with a GoodLife Specialist!
