Reverse Mortgage Specialists in Richmond, VA
Directory of reverse mortgage specialists in Richmond, Virginia. Verify credentials with the state state mortgage licensing authority before hiring.
Important: Listings are compiled from publicly available sources and have not been independently verified by BeforeMortgageUSA.com. We do not endorse any broker or guarantee outcomes. Verify licensing and disciplinary status with the
State Mortgage Licensing Authority of Virginia before hiring.
Showing 20 reverse mortgage specialists in Richmond, VA
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
What Does a Reverse Mortgage Specialist in Richmond Cost?
Typical costs for a reverse mortgage in Virginia include an origination fee of up to 2 percent of the home value, a mortgage insurance premium of 2 percent of the appraised value, and third-party fees such as appraisal and title search. For a home valued at 300,000 dollars, total upfront costs can range from 8,000 to 15,000 dollars. Closing costs vary by lender and loan type. This is general information and not mortgage or financial advice.
* Cost estimates are general ranges based on publicly available data and compiled using automated research tools. Actual fees vary by agent and case complexity. This is not mortgage or financial advice — consult directly with an agent for fee specifics.
Frequently Asked Questions
What are the Virginia requirements for a reverse mortgage?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. Virginia law mandates a counseling session with a HUD-approved agency before the loan can proceed. The home must be the borrower's primary residence.
How does a reverse mortgage affect Virginia estate planning?
In Virginia, the loan becomes due when the last borrower dies, sells the home, or moves out permanently. Heirs can repay the loan by selling the home or using other funds. If the home is sold, any remaining equity goes to the heirs.
Are reverse mortgage proceeds taxable in Virginia?
Loan proceeds from a reverse mortgage are not considered income by Virginia or federal tax authorities. They do not affect Social Security or Medicare benefits. However, interest on the loan is not tax deductible until the loan is paid off.