Virginia HECM Introduction and Senior Housing Guide

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 2,089 456,599,115
FINANCIAL FREEDOM SENIOR FUNDING CORP 1,251 258,536,559
TOWNEBANK 1,123 308,589,537
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
FINANCE OF AMERICA REVERSE LLC 506 175,145,143
LIVE WELL FINANCIAL INC 490 102,219,052
SOUTHERN TRUST MORTGAGE LLC 478 158,973,634
METAMERICA MORTGAGE BANKERS INC 428 78,298,760
SUNTRUST MORTGAGE INC 422 95,960,662
MUTUAL OF OMAHA MORTGAGE INC. 418 162,889,478
PROVIDENCE ONE INC 379 62,093,725
OLD VIRGINIA MORTGAGE INC 363 76,765,900
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 845 188,245,800
TOWNEBANK 815 231,280,276
ONE REVERSE MORTGAGE LLC 575 134,896,890
FINANCE OF AMERICA REVERSE LLC 471 168,846,243
MUTUAL OF OMAHA MORTGAGE INC. 418 162,889,478
SOUTHERN TRUST MORTGAGE LLC 354 120,280,892
REVERSE MORTGAGE FUNDING LLC 291 109,147,076
ATLANTIC BAY MORTGAGE GROUP LLC 275 61,863,140
ATLANTIC COAST MORTGAGE LLC 251 120,077,690

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%
2024-03-01 NA 7.25%
2024-04-01 NA 7.33%
2024-05-01 NA 7.47%
2024-06-01 NA 7.49%
2024-07-01 NA 7.38%

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 587
2 PORTSMOUTH 23701 579
3 VIRGINIA BEACH 23452 566
4 VIRGINIA BEACH 23462 510
5 CHESAPEAKE 23322 497
6 CHESAPEAKE 23320 496
7 SUFFOLK 23434 477
8 VIRGINIA BEACH 23455 449
9 HAMPTON 23666 404
10 VIRGINIA BEACH 23454 401
11 RICHMOND 23222 386
12 NORFOLK 23513 367
13 HAMPTON 23669 362
14 RICHMOND 23223 358
15 VIRGINIA BEACH 23456 344
16 CHESAPEAKE 23321 338
17 CHESAPEAKE 23324 331
18 VIRGINIA BEACH 23451 317
19 NORFOLK 23518 310
20 NEWPORT NEWS 23607 308
21 CHESAPEAKE 23323 307
22 PORTSMOUTH 23704 294
23 WILLIAMSBURG 23188 274
24 PORTSMOUTH 23703 273
25 HAMPTON 23661 272
26 WILLIAMSBURG 23185 263
27 NORFOLK 23502 261
28 MECHANICSVILLE 23111 250
29 NEWPORT NEWS 23602 246
30 NORFOLK 23503 236

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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