Reverse Mortgages in Virginia Beach are designed to allow the elderly the opportunity to receive money for their home, while they continue to live in that home. A reverse mortgage company pays the homeowner money each month, based on the value of the home. When the homeowner decides to move out or passes away, the homeowner or the state will then either pay the money back, plus interest, for the amount of money that was paid through the reverse mortgage payments, or the home will be sold and the homeowner or the heirs, as well as the reverse mortgage company, will each take their share of the sales. Unfortunately, not everyone is eligible for a reverse mortgage. Here are some of the qualifications that must be met in order to qualify.
You Must Be 62 Years Old:
In order to be eligible for a reverse mortgage, you must be 62 years of age or older. If you are not that old, you cannot apply.
You Most Own the Home:
In order to be eligible for Reverse Mortgages in Virginia Beach, you must own the home. If you have a first loan, second loan or have a lien holder on the title, you will not be eligible to file for this type of loan. It is important to note that once you begin to receive reverse mortgage payments, the reverse mortgage company will be listed on the title of the home as a lien holder to protect their interest in the home.
You Must Live in the Home:
The last qualification that must be met in order to qualify for this type of loan is that you must reside in the home for at least six months out of every year. If the home you are trying to take a loan out on is a rental home or vacation home, you will not qualify for the loan. The main reason is because damage can occur to the home, which can greatly affect the value, if you rent out the home or are away for extended periods of time. As such, the lender wants to ensure you live in the home and care for it.
