Finance of America Reverse
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Liberty Reverse Mortgage
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American Advisors Group
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Reverse Mortgage Pro
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1st Nations Mortgage
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Professional Mortgage Corp.
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TowneBank Mortgage
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Richmond residents often take out reverse mortgages to supplement their income, make home improvements or take care of medical bills. According to Zillow, the average home in Richmond is worth around $250,000, giving residents access to significant home equity.
If you're considering a reverse mortgage:
There are a number of different reverse mortgages available in Richmond, including:
According to HUD, Richmond residents who want a reverse mortgage must:
Upon receiving your application, the lender should also do a credit check and verify that you make timely payments for flood insurance premiums and real estate taxes.
Properties must be one of the following:
After your application is approved and you can start receiving funds, you may be able to choose how often you receive the funds. Your options include:
Do you need good credit to get a reverse mortgage in Richmond?
There is no minimum credit score requirement to obtain a reverse mortgage in Richmond. However, lenders may look at your credit history to determine your ability to pay your taxes, property insurance, and any fees or interest.
How does a reverse mortgage work in Richmond?
Homeowners in Richmond can use a reverse mortgage to convert a portion of their home equity into cash. Borrowers receive funds from lenders, and, if they have a mortgage balance, use a portion of these funds to pay off their existing mortgage. The final loan balance is due after the borrower passes away, moves out or fails to meet the requirements to keep their reverse mortgage.
What is the downside to a reverse mortgage in Richmond?
The more home equity you use in your reverse mortgage, the less there is to leave to your heirs or take with you should you sell the house. Also, like any loan, interest increases the total cost of the loan over time, and reverse mortgage fees can be higher than those accompanying traditional loans.
How does a reverse mortgage get paid back?
Reverse mortgages are usually repaid in a lump sum at loan maturity, which can be when the borrower sells the house, passes away or permanently leaves the home. It can also become due if the borrower neglects the house or fails to pay real estate taxes. If the borrower cannot pay, the lender has the right to seize their property.
Finance of America Reverse |
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Finance of America Reverse lets you choose between a HECM and a HomeSafe Loan, which comes with higher limits than government-insured HECMs. Finance of America Reverse is a member of the National Reverse Mortgage Lenders Association. |
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Liberty Reverse Mortgage |
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Besides specializing in HECMs, Liberty Reverse Mortgage also offers HECMs for purchase and jumbo reverse mortgage loans. After the initial application, clients go through the appraisal and closing stages. Liberty Reverse Mortgage offers an Iron Clad Guarantee that includes price matching and closings in under 60 days. |
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American Advisors Group |
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At American Advisors Group, Richmond residents can select between HECMs, HECMs for purchase and jumbo reverse mortgages. The company dispenses funds as a lump sum, a line of credit, or term or tenure monthly payments. |
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Reverse Mortgage Pro |
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Reverse Mortgage Pro specializes in HECMs. The company provides a free assessment that yields results quickly so you know if you qualify. Reverse Mortgage Pro has a branch in Richmond, but its consultants communicate with clients via phone and email. |
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1st Nations Mortgage |
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1st Nations Mortgage offers HECMs through an online application process. The company doesn’t make any restrictions on how borrowers can use their funds, and it conducts consultations over the phone and email. Its mailing address is 720 Moorefield Park Drive, Ste. 101, Richmond, VA 23236. |
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Professional Mortgage Corp. |
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Professional Mortgage Corp. lets you fill out a brief form on its website to start the application process for a HECM. You can obtain a quote via an online form, but the company also has consultants available in person and via phone and email. Professional Mortgage Corp. is located at 1311 High Point Ave., Richmond, VA 23230. |
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TowneBank Mortgage |
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TowneBank Mortgage offers jumbo reverse mortgage loans and HECMs. You can apply and upload all relevant documents via its mobile app and have consultants contact you. The company has two branches near Richmond. One is at 4501 Cox Road, Glen Allen, VA 23060, and the other is at 800 E. Canal St., Richmond, VA 23219. |
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