Is a Reverse Mortgage in Virginia the Right Decision?
If you are a senior exploring your options for a reverse mortgage in Virginia, it is important to find the Virginia reverse mortgage lender that matches your needs. Reverse mortgages in Virginia allow senior homeowners to forgo burdensome monthly mortgage payments and instead receive money based on their home’s equity. Unless it is a single-purpose reverse mortgage, you can use funds derived from your home’s equity to use as you see fit—to cover expenses, make repairs, pay bills, et cetera. HECM loans are the most popular reverse mortgage option because they are federally insured by the Federal Housing Administration (FHA). This means that lenders must be pre-approved and must follow strict regulations.
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Premier Reverse Mortgage is here to offer guidance for your financial future. The 2018 FHA national loan limit is set at $679,650—this is the Maximum Claim Amount (MCA). This amount can change annually and is the highest possible loan amount that can be insured by the FHA on a single HECM loan. For the majority of homeowners, the total value of their reverse mortgage falls well under this limit. But, for high value homeowners, the HECM limit is too low and will effectively cap the loan amount that you could potentially get if no such limit were imposed. If your home equity and value is far above the local FHA limit, it might be worth considering offers from private loaners who set much higher limits, or none at all.
It can be tough to find a reverse mortgage lender in Virginia. Premier Reverse Mortgage can help you sift through the droves of information necessary to make an informed decision about your finances. Reach out to us today to discover the potential your financial future holds.