Norfolk Reverse Mortgage Loans
In Scottsdale, a reverse mortgage is a financial product designed for homeowners aged 62 and older, enabling them to convert part of their home equity into loan proceeds. The repayment of this loan is typically deferred until the last surviving homeowner either permanently vacates the property or passes away. Upon this event, the estate can decide to repay the loan balance or sell the home to cover the debt. Any surplus from the sale of the home is passed on to the estate. Should the reverse mortgage balance exceed the home's sale value, the estate is not responsible for covering the shortfall.
Types of Norfolk Reverse Mortgage
Commonly referred to as a Home Equity Conversion Mortgage (HECM), a reverse mortgage is a special type of loan available to senior homeowners (usually 62 years and above) in Norfolk. This loan allows them to convert part of their home equity into cash. Repayment is often deferred until they pass away, sell, or move out of the home. However, borrowers in Norfolk must continue paying homeowner’s insurance and property taxes.
Norfolk Reverse Mortgage Requirements
With a reverse mortgage in Norfolk, homeowners do not make monthly payments. Instead, they receive cash as a lump sum, a credit line, or monthly payments. They retain ownership of their home, but as they receive payments, their loan amount increases while their home equity decreases. The loan cannot exceed the home's equity, and other assets, including heirs' assets, are protected by a non-recourse limit.

About HECM Reverse Mortgage Loans

What is Reverse Mortgage?

“Reverse Mortgage United helped us secure a reverse mortgage for my elderly mother with excellent service and smooth processing, which I highly recommend.”

– Diane R, Business Owner

In Norfolk, there are several types of reverse mortgages. Single-purpose reverse mortgages, offered by state and local governments, are the most affordable but may restrict how the cash can be used. Federally Insured HECM is typically less expensive than private sector reverse mortgages but more costly than state and local options. Proprietary reverse mortgages, offered by private sectors, are often suitable for high-value homes.
Apply for Reverse Mortgage in Norfolk
PROs and CONs of Reverse Mortgages in Norfolk
To qualify for a reverse mortgage in Norfolk, applicants must own the home in question and be at least 62 years old. Additionally, the reverse mortgage is usually a first mortgage, meaning there cannot be any other loan or mortgage against the property in Norfolk.

HECM Reverse Mortgage

Calculate How Much Your Equity Cash-Out Loan Benefits Will Be.

What is a Reverse Mortgage?

A reverse mortgage lets homeowners convert home equity into cash without monthly repayments, only due when the home is no longer the primary residence. It can also help purchase a new primary home.

 

Why The Reverse Mortgage?

Reverse mortgages allow seniors to access home equity for financial needs, offering options like monthly payments, lump sums, or credit lines. These loans are federally insured, non-recourse, and do not require credit score-based qualification.

 

HUD Counseling

Before getting a reverse mortgage, you must attend a HUD-approved counseling session. This can be done over the phone or in person to ensure you understand the loan details and can make an informed decision.

 

Tips on Finding a Reverse Mortgage Lender

Choose a lender with experienced loan originators who can explain all options and benefits. Compare fees and interest rates among lenders to find the best deal for your financial needs.