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 2,699 704,147,614
SENIORS FIRST MORTGAGE COMPANY LLC 2,482 377,276,987
MORTGAGE.SHOP LLC 2,040 442,221,115
FINANCIAL FREEDOM SENIOR FUNDING CORP 1,251 258,536,559
ONE REVERSE MORTGAGE LLC 1,104 253,592,525
TOWNEBANK 1,097 296,083,609
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
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
FINANCE OF AMERICA REVERSE LLC 338 107,166,153
WORLD ALLIANCE FINANCIAL CORP. 320 67,152,578
UNITY MORTGAGE CORP 308 34,183,866
REVERSE MORTGAGE FUNDING LLC 289 108,397,076

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 2,464 650,548,736
MORTGAGE.SHOP LLC 796 173,867,800
TOWNEBANK 789 218,774,348
ONE REVERSE MORTGAGE LLC 575 134,896,890
SOUTHERN TRUST MORTGAGE LLC 354 120,280,892
FINANCE OF AMERICA REVERSE LLC 303 100,867,253
REVERSE MORTGAGE FUNDING LLC 289 108,397,076
ATLANTIC BAY MORTGAGE GROUP LLC 275 61,863,140
LIBERTY HOME EQUITY SOLUTIONS INC 232 58,653,525
REVERSE MORTGAGE SOLUTIONS INC 229 61,989,625

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%

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 23452 3,337
2 RICHMOND 23233 2,610
3 CHESAPEAKE 23323 2,161
4 NORFOLK 23508 2,089
5 PORTSMOUTH 23701 1,412
6 HAMPTON 23605 1,245
7 NEWPORT NEWS 23607 1,136
8 ALEXANDRIA 22302 895
9 SUFFOLK 23434 741
10 ROANOKE 24015 723
11 FREDERICKSBURG 22407 556
12 WILLIAMSBURG 23185 517
13 ARLINGTON 22204 498
14 CHARLOTTESVILLE 22901 349
15 FALLS CHURCH 22043 336
16 HENRICO 23226 323
17 MECHANICSVILLE 23111 319
18 LYNCHBURG 24501 300
19 WINCHESTER 22601 282
20 FAIRFAX 22031 281
21 PETERSBURG 23803 273
22 MIDLOTHIAN 23113 256
23 YORKTOWN 23692 255
24 WOODBRIDGE 22191 255
25 MANASSAS 22110 225
26 SPRINGFIELD 22150 209
27 GLEN ALLEN 23060 191
28 DANVILLE 24541 186
29 VIENNA 22180 183
30 CHESTERFIELD 23832 179

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

Home

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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