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About Reverse Mortgages
A tradition home equity loan provides people a line of credit at a variable interest rate. As money is taken, principal and interest is owed. The amount of the credit line depends on the amount of equity in the Virginia home at the time the loan is closed. When we reverse this, then we have a lender that holds a credit line and pays you a tax-free monthly income. Even if the lender eventually pays you more than the amount of equity you have left in the home, your payments continue. When it is time for the loan to be repaid, the lender is owned the payments plus interest up to and never to exceed the amount of equity in the home at the time of closing.
Consumer Safeguards
Virginia seniors are protected from the very beginning starting with the loan process. Federal laws are in place to safeguard seniors from losing their most important possession, their home. The homeowner in Virginia never puts their title at risk and never risks losing their home. Education and counseling is provided to make sure that a reverse mortgage loan provides the greatest safeguards and protections for any given situation.
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