Virginia Reverse Mortgages

A Virginia reverse mortgage can help you achieve the financial freedom you deserve while living in the state you love.

Select State:

Girl in a jacketVirginia

Use the interactive map or the state selector to find more reverse mortgage information about your state.

State Selector

Please select your state below to see more information.

Select your state:

How a Reverse Mortgage Works in Virginia

For many Virginia retirees, home equity conversion mortgages (HECMs) — commonly called reverse mortgages — can be a great way to access more money in retirement. They allow eligible Virginia homeowners to tap into a portion of their home equity to increase their monthly cash flow, helping to cover expenses and improve quality of life.

VA reverse mortgage proceeds can be used for a variety of items, like the following:

Girl in a jacket
Supplement fixed sources of income such as pension and Social Security
Girl in a jacket
Cover medical costs and expenses
Girl in a jacket
Aid in daily costs like groceries, utilities, and more
Girl in a jacket
Help to fund home repairs and renovations
Girl in a jacket
Finance retirement fun, like hobbies, leisure, and travel

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.

To learn more about the structure of a reverse mortgage in Virginia, download GoodLife’s reverse mortgage guide.


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:

Girl in a jacket
Borrowers must be at least 62 years of age
Girl in a jacket
Borrowers must have substantial equity in their home
Girl in a jacket
Borrowers must meet with a HUD-approved third-party counselor
Girl in a jacket
Borrowers must occupy the property as their primary residence
Girl in a jacket
Borrowers must be current on debts and other financial obligations
Girl in a jacket
Borrowers are required to maintain their home to all FHA standards

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.

Do you qualify for a Virginia reverse mortgage?


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:


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.


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.


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.


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 homes 
  • 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. 

For more information on Virginia reverse mortgages, refer to GoodLife’s informative reverse mortgage FAQ. You can also contact one of our Reverse Mortgage Specialists to find out more.

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!

Download Your Free Guide Today

Check out our blog to learn more about how you can live The GoodLife in Retirement.


23032 Mill Creek Drive Ste. 62 Laguna Hills, CA 92653


Toll Free 1-844-960-2856

About Us



Terms and Conditions

Privacy Policy

Disclosures and Licensing