Virginia Reverse Mortgages
From the shores of Hampton to the DC suburbs to the Blue Ridge mountains and everywhere in between, Alpha Mortgage’s Reverse Division is pleased to offer personalized service to senior homeowners looking for a Home Equity Conversion Mortgage (HECM).
If you’ve been considering a HECM and are wondering if you qualify, take a look at the following guidelines.
What is an HECM?
HECM stands for Home Equity Conversion Mortgage – another name for a Reverse Mortgage. As the name implies, it is a mortgage in which the equity in your home is converted into liquid funds that can be distributed to you, the homeowner, in a number of ways. You can receive the funds either in monthly payments, a lump sum or a combination of both.
Learn more about Reverse Mortgage payouts here.
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Do You Qualify for a Reverse Mortgage?
- Are you 62 or older?
- Do you own your home outright or have substantial equity built up in your home?
- Is the home you want to use for the reverse mortgage your primary residence?
- Are you willing to participate in required housing counseling session(s) with a HUD-approved HECM counselor?
If you answered ‘yes’ to all the questions above, you may be eligible for a HUD-backed reverse mortgage.
When is the Loan Paid Back?
A reverse mortgage does not have to be paid back until the last surviving homeowner on the mortgage no longer lives in the home. Whether the homeowner passes away or simply moves out, once the final homeowner on the mortgage is no longer using the home as his/her primary residence, the reverse mortgage becomes due and payable.
In many cases, the homeowner or his/her heirs use the money from the sale of the home to pay off the reverse mortgage.
What About Insurance and Taxes?
Even though the homeowner does not have to make mortgage payments with an HECM, he or she is still responsible for paying property taxes and homeowners insurance premiums. If the homeowner fails to keep up with these financial obligations, the reverse mortgage can become due and payable.
What Are the Reverse Mortgage Proceeds Used For?
Homeowners with reverse mortgages are free to use their reverse mortgage proceeds however they want. Whether you need to pay off other debts, or just want a little extra money coming in to supplement your retirement income, a reverse mortgage can offer you more financial security and financial freedom.
Learn More Today
To learn more about taking out a Virginia reverse mortgage loan, talk to one of our experienced loan officers today. Simply give us a call at (855) 367-4326 or fill out the form on this page to receive a Free Information Packet.
Please note that the information on this page may vary from when it was originally published. Please consult with a licensed reverse mortgage professional for the most up-to-date information.