Virginia Reverse Mortgage LendersVirginia 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.
Featured Virginia Reverse Mortgage Lender
Homeowners Reverse Mortgage Center a subsidiary of CoastalStates Bank
Live Well Financial, Inc.
Gateway Bank Mortgage, Inc.
Homestead Funding Corp.
Fulton Mortgage Company
Fidelis Mortgage, LLC
Most Loans By City in VirginiaBelow 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.
Source: U.S. Department of Housing and Urban Development