Reverse Mortgage | Annandale
Who We Are
Reverse Mortgages are designed to enable elderly homeowners to access their equity without having to sell their home or move. The borrower can receive a lump sum, a fixed monthly payment or a line of credit to draw from. There is no repayment until the borrower sells the property or passes away. While the vast majority of Reverse Mortgage loans are refinances, this loan program can also be used to buy a home.
The primary requirements are that the borrower(s) be at least 62 years of age, have a low or zero balance owed against their home and occupy the property as their primary residence. A Reverse Mortgage requires counseling by an independent HUD approved HECM counselor so the borrower is rest assured they understand how the program will benefit them.