Reverse mortgage education · Virginia

Understand how home equity may support the next chapter.

A reverse mortgage may allow eligible older homeowners to access a portion of home equity without a required monthly principal-and-interest payment. The loan has costs and ongoing homeowner obligations and should be compared carefully with alternatives.

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How it works

Start with the features that shape the decision.

Stay in the home

The borrower retains title and must meet occupancy and program requirements.

Flexible proceeds

Depending on the program and eligibility, proceeds may be structured in different ways.

Repayment later

The balance generally becomes due after a maturity event such as the last borrower leaving the home, selling it or passing away.

Plan before you apply

Details to review with Joe.

Property taxes, homeowners insurance and home maintenance remain the homeowner’s responsibility.
Available proceeds depend on factors such as age, home value, existing liens and current rates.
Required counseling applies to federally insured HECM loans.
Discuss estate goals, future housing plans and alternatives with appropriate advisors.

Common questions

Understand how home equity may support the next chapter FAQ

Does the lender own the home?

No. The homeowner keeps title, subject to the mortgage lien and compliance with loan obligations.

Can heirs keep the home?

Heirs may generally repay the loan under applicable program rules or arrange other financing; otherwise the home may be sold to satisfy the balance.

Are reverse mortgage proceeds taxable?

Loan advances are generally not treated as income, but borrowers should consult a qualified tax professional about their circumstances.

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A clear comparison

See how this option fits your goals.

Joe can review your scenario, explain the tradeoffs and compare available alternatives without the jargon.

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Joe Rogers, EVP of Sales – Cornerstone Division and Mortgage Loan Originator, NMLS #188286. For informational purposes only. Loan programs, rates, terms and eligibility are subject to change without notice. All loans are subject to credit approval, property approval and underwriting requirements. Not all applicants will qualify. Equal Housing Opportunity.