How does a reverse mortgage work in the state of Virginia? That’s an excellent question and one that you definitely want a good answer to before you decide if a reverse mortgage is a right move for you. The main goal of a reverse mortgage is to allow people who are 62 years of age or older to get from under the burden of their monthly mortgage payments. Whether you are currently retired, disabled, or plan to retire soon, making your monthly mortgage payment in this type of situation is often difficult for many people. That’s what makes a reverse mortgage such a wonderful option for so many people. Instead of having to find a way to make a monthly mortgage payment each month your payments are eliminated forever. On top of that, you can also access the equity that you have built up over the years so that you can live life on your terms.
Want to learn more? Click here to get free information about a reverse mortgage!
If I Get A VA Reverse Mortgage Does That Mean I No Longer Own My Home?
One of the biggest concerns that people have about reverse mortgages is the mistaken belief that if you take this path that you will no longer own your home. 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. 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!
Biggest Virginia Reverse Mortgage Lenders
| Lender | Loans | Total Principal Limit |
|---|---|---|
| WELLS FARGO | 4,795 | 1,112,145,908 |
| AMERICAN ADVISORS GROUP | 2,799 | 737,773,799 |
| SENIORS FIRST MORTGAGE COMPANY LLC | 2,482 | 377,276,987 |
| MORTGAGE.SHOP LLC | 2,076 | 453,304,115 |
| FINANCIAL FREEDOM SENIOR FUNDING CORP | 1,251 | 258,536,559 |
| TOWNEBANK | 1,122 | 308,239,537 |
| ONE REVERSE MORTGAGE LLC | 1,104 | 253,592,525 |
| BANK OF AMERICA | 883 | 216,680,073 |
| ATLANTIC BAY MORTGAGE GROUP LLC | 834 | 181,457,409 |
| METLIFE BANK NATIONAL ASSOCIATION | 525 | 144,142,750 |
| LIVE WELL FINANCIAL INC | 490 | 102,219,052 |
| SOUTHERN TRUST MORTGAGE LLC | 478 | 158,973,634 |
| FINANCE OF AMERICA REVERSE LLC | 448 | 151,805,643 |
| METAMERICA MORTGAGE BANKERS INC | 428 | 78,298,760 |
| SUNTRUST MORTGAGE INC | 422 | 95,960,662 |
| PROVIDENCE ONE INC | 379 | 62,093,725 |
| OLD VIRGINIA MORTGAGE INC | 363 | 76,765,900 |
| MUTUAL OF OMAHA MORTGAGE INC. | 341 | 130,516,138 |
| WORLD ALLIANCE FINANCIAL CORP. | 320 | 67,152,578 |
| UNITY MORTGAGE CORP | 308 | 34,183,866 |
Since 2012
| Lender | Loans | Total Principal Limit |
|---|---|---|
| AMERICAN ADVISORS GROUP | 2,564 | 684,174,921 |
| MORTGAGE.SHOP LLC | 832 | 184,950,800 |
| TOWNEBANK | 814 | 230,930,276 |
| ONE REVERSE MORTGAGE LLC | 575 | 134,896,890 |
| FINANCE OF AMERICA REVERSE LLC | 413 | 145,506,743 |
| SOUTHERN TRUST MORTGAGE LLC | 354 | 120,280,892 |
| MUTUAL OF OMAHA MORTGAGE INC. | 341 | 130,516,138 |
| REVERSE MORTGAGE FUNDING LLC | 291 | 109,147,076 |
| ATLANTIC BAY MORTGAGE GROUP LLC | 275 | 61,863,140 |
| ATLANTIC COAST MORTGAGE LLC | 243 | 115,796,730 |
Current Interest Rates
Current Rates
| Date | Fixed Rate | Adjustable Rate |
|---|---|---|
| 2019-01-01 | 5.24% | 5.16% |
| 2019-02-01 | 4.71% | 5.07% |
| 2019-03-01 | 4.80% | 5.10% |
| 2019-04-01 | 4.79% | 4.94% |
| 2019-05-01 | 4.56% | 4.97% |
| 2019-06-01 | 4.73% | 4.79% |
| 2019-07-01 | 4.93% | 4.45% |
| 2019-08-01 | 5.31% | 4.28% |
| 2019-09-01 | 4.93% | 4.28% |
| 2019-10-01 | 4.38% | 4.40% |
| 2019-11-01 | 5.81% | 4.37% |
| 2019-12-01 | 4.56% | 4.09% |
| 2020-01-01 | NA | 4.15% |
| 2020-02-01 | 4.56% | 3.91% |
| 2020-03-01 | 4.18% | 3.96% |
| 2020-04-01 | NA | 3.73% |
| 2020-05-01 | NA | 3.45% |
| 2020-06-01 | NA | 3.35% |
| 2020-07-01 | NA | 3.23% |
| 2020-08-01 | 3.81% | 3.15% |
| 2020-09-01 | 3.06% | 3.18% |
| 2020-10-01 | 3.06% | 3.06% |
| 2020-11-01 | 3.18% | 2.97% |
| 2020-12-01 | 3.46% | 2.92% |
| 2021-01-01 | 3.15% | 2.83% |
| 2021-02-01 | 3.34% | 2.76% |
| 2021-03-01 | 3.47% | 2.72% |
| 2021-04-01 | 3.36% | 2.53% |
| 2021-05-01 | 3.40% | 2.37% |
| 2021-06-01 | 3.58% | 2.26% |
| 2021-07-01 | 3.36% | 2.22% |
| 2021-08-01 | 3.47% | 2.39% |
| 2021-09-01 | 3.63% | 2.40% |
| 2021-10-01 | 3.56% | 2.29% |
| 2021-11-01 | 3.43% | 2.30% |
| 2021-12-01 | 3.40% | 2.34% |
| 2022-01-01 | 3.68% | 2.49% |
| 2022-02-01 | 3.53% | 2.56% |
| 2022-03-01 | 3.55% | 2.97% |
| 2022-05-01 | 4.00% | 3.87% |
| 2022-04-01 | 3.50% | 3.28% |
| 2022-06-01 | NA | 4.12% |
| 2022-07-01 | 3.87% | 4.64% |
| 2022-08-01 | NA | 5.20% |
| 2022-09-01 | 3.31% | 5.55% |
| 2022-10-01 | 5.56% | 6.15% |
| 2022-11-01 | NA | 6.67% |
| 2022-12-01 | 6.68% | 7.26% |
| 2023-01-01 | 6.56% | 7.22% |
| 2023-02-01 | NA | 7.18% |
| 2023-03-01 | NA | 7.38% |
| 2023-04-01 | 6.81% | 7.22% |
| 2023-05-01 | NA | 7.02% |
| 2023-06-01 | NA | 7.17% |
| 2023-08-01 | NA | 7.72% |
| 2023-09-01 | NA | 7.69% |
| 2023-10-01 | NA | 7.70% |
| 2023-11-01 | NA | 7.76% |
| 2023-12-01 | NA | 7.73% |
| 2024-01-01 | NA | 7.58% |
| 2024-02-01 | NA | 7.39% |
Historic Rates
| Date | Fixed Rate | Adjustable Rate |
|---|---|---|
| 2016-01-01 | 5.03% | 3.60% |
| 2016-02-01 | 5.05% | 3.66% |
| 2016-03-01 | 4.96% | 3.85% |
| 2016-04-01 | 4.91% | 3.92% |
| 2016-05-01 | 4.90% | 4.08% |
| 2016-06-01 | 4.95% | 4.19% |
| 2016-07-01 | 5.01% | 4.14% |
| 2016-08-01 | 4.86% | 4.33% |
| 2016-09-01 | 4.94% | 4.51% |
| 2016-10-01 | 4.95% | 4.61% |
| 2016-11-01 | 5.00% | 4.63% |
| 2016-12-01 | 4.91% | 4.72% |
| 2017-01-01 | 4.97% | 4.75% |
| 2017-02-01 | 5.05% | 4.79% |
| 2017-03-01 | 4.98% | 4.61% |
| 2017-04-01 | 4.92% | 4.50% |
| 2017-05-01 | 4.90% | 4.44% |
| 2017-06-01 | 4.88% | 4.36% |
| 2017-07-01 | 4.91% | 4.44% |
| 2017-08-01 | 4.98% | 4.53% |
| 2017-09-01 | 5.04% | 4.49% |
| 2017-10-01 | 5.01% | 4.51% |
| 2017-11-01 | 5.02% | 4.62% |
| 2017-12-01 | 4.73% | 4.65% |
| 2018-01-01 | 4.94% | 4.68% |
| 2018-02-01 | 4.83% | 4.64% |
| 2018-03-01 | 4.77% | 4.70% |
| 2018-04-01 | 4.38% | 4.78% |
| 2018-05-01 | 4.54% | 4.87% |
| 2018-06-01 | 4.54% | 4.85% |
| 2018-07-01 | 4.61% | 4.91% |
| 2018-08-01 | 4.60% | 4.83% |
| 2018-09-01 | 4.72% | 4.96% |
| 2018-10-01 | 4.42% | 4.90% |
| 2018-11-01 | 4.76% | 4.93% |
| 2018-12-01 | 4.45% | 5.06% |
Top Cities in Virginia by Total HECM Loans Originated
| Rank | City | Zip | Total |
|---|---|---|---|
| 1 | VIRGINIA BEACH | 23464 | 584 |
| 2 | PORTSMOUTH | 23701 | 579 |
| 3 | VIRGINIA BEACH | 23452 | 566 |
| 4 | VIRGINIA BEACH | 23462 | 506 |
| 5 | CHESAPEAKE | 23322 | 497 |
| 6 | CHESAPEAKE | 23320 | 494 |
| 7 | SUFFOLK | 23434 | 474 |
| 8 | VIRGINIA BEACH | 23455 | 447 |
| 9 | HAMPTON | 23666 | 403 |
| 10 | VIRGINIA BEACH | 23454 | 399 |
| 11 | RICHMOND | 23222 | 385 |
| 12 | NORFOLK | 23513 | 366 |
| 13 | HAMPTON | 23669 | 360 |
| 14 | RICHMOND | 23223 | 353 |
| 15 | VIRGINIA BEACH | 23456 | 343 |
| 16 | CHESAPEAKE | 23321 | 338 |
| 17 | CHESAPEAKE | 23324 | 329 |
| 18 | VIRGINIA BEACH | 23451 | 317 |
| 19 | NORFOLK | 23518 | 310 |
| 20 | NEWPORT NEWS | 23607 | 308 |
| 21 | CHESAPEAKE | 23323 | 307 |
| 22 | PORTSMOUTH | 23704 | 293 |
| 23 | PORTSMOUTH | 23703 | 273 |
| 24 | HAMPTON | 23661 | 270 |
| 25 | WILLIAMSBURG | 23188 | 270 |
| 26 | NORFOLK | 23502 | 261 |
| 27 | WILLIAMSBURG | 23185 | 261 |
| 28 | MECHANICSVILLE | 23111 | 247 |
| 29 | NEWPORT NEWS | 23602 | 246 |
| 30 | NORFOLK | 23503 | 232 |
Is a Virginia reverse mortgage right for you? Click here to find out, absolutely free!
HUD Housing Counselors in VA
ASIAN AMERICAN HOMEOWNERSHIP COUNSELING
8280 WILLOW OAK CORPORATE DRIVE SUITE 600
FAIRFAX, VA 22031-4518
(703) 291-6324
http://www.aa-hc.org
CHILD & FAMILY SERVICES OF EASTERN VIRGINIA, INC. D/B/A THE UP CENTER
222 W 19TH ST
NORFOLK, VA 23517-2218
(757) 965-8636
http://www.theupcenter.org
HOUSING OPPORTUNITIES MADE EQUAL OF VIRGINIA, INCORPORATED
626 E BROAD ST STE 400
RICHMOND, VA 23219-1890
(804) 354-0641
http://HomeofVa.org
MONEY MANAGEMENT INTERNATIONAL – ALEXANDRIA VA
5680 KING CENTRE DR STE 600
ALEXANDRIA, VA 22315-5755
(866) 232-9080
http://www.moneymanagement.org
NATIONAL COUNCIL ON AGING (NCOA)
251 18TH ST S SUITE 500
ARLINGTON, VA 22202-3531
(855) 899-3778
www.NCOA.org
PEOPLE INCORPORATED OF VIRGINIA 80729
1173 W. MAIN STREET
ABINGDON, VA 24210-4703
(276) 623-9000 ext 2201
http://www.peopleinc.net
PIEDMONT HOUSING ALLIANCE
682 BERKMAR CIRCLE
CHARLOTTESVILLE, VA 22901-1464
(434) 817-0665
http://www.piedmonthousingalliance.org
PRINCE WILLIAM COUNTY VIRGINIA COOPERATIVE EXTENSION
8033 ASHTON AVENUE, SUITE 105
MANASSAS, VA 20109-2895
(703) 792-4713
http://www.pwcgov.org/money
PRINCE WILLIAM COUNTY VIRGINIA COOPERATIVE EXTENSION
15941 DONALD CURTIS DR SUITE 164
WOODBRIDGE, VA 22191-4256
QUIN RIVERS, INC.
10718 BALLANTRAYE DR. SUITE 402
FREDERICKSBURG, VA 22407-4703
(540) 368-2700
www.quinrivers.org
QUIN RIVERS, INC
7911 COURTHOUSE WAY
NEW KENT, VA 23124-2244
(804) 966-8720
www.quinrivers.org
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