Virginia Reverse Mortgage Lenders

Virginia is home to a lot of seniors. Their Office for Aging Services is one of the best in the country in supporting seniors who need assistance with their daily lives. Some seniors turn to a reverse mortgage, if they are fortunate enough to have that as an option to them. A reverse mortgage should only be used as a last resort if all other options have been tried. Reverse mortgage loans provide seniors monthly cash, assuming they keep their homeowners insurance up to date and maintain their home in good condition.

Most Loans By City in Virginia

Below are the most popular cities in Virginia with the number of HECM loans originated since 2017. As you can see, it is no surprise that Virginia Beach tops the list. Not too far behind are Chesapeake, Norfolk , Richmond and Portsmouth. The average initial principal limit varies from city to city. This amount depends on the age of the borrower, property value and equity in the property. For instance, in Chesapeake, the average initial principal limit was $165,625 and in Roanoke, the average was $122,310 but over in Alexandria, the average initial principal amount was $284,460.

Rank	City	# Loans
1	Virginia Beach	96
2	Chesapeake	67
3	Norfolk	53
4	Richmond	49
5	Portsmouth	30
6	Hampton	28
7	Roanoke	25
8	Henrico	25
9	Arlington	24
10	Alexandria	24
11	Newport News	23
12	Fredericksburg	23
13	Williamsburg	19
14	North Chesterfield	17
15	Suffolk	16