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Michael G. Branson, CEO of All Reverse Mortgage, Inc., and moderator of ARLOâ„¢, has 45 years of experience in the mortgage banking industry. He has devoted the past 20 years to reverse mortgages exclusively. (License: NMLS# 14040) |
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All Reverse Mortgage's editing process includes rigorous fact-checking led by industry experts to ensure all content is accurate and current. This article has been reviewed, edited, and fact-checked by Cliff Auerswald, President and co-creator of ARLOâ„¢. (License: NMLS# 14041) |
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Michael G. Branson, CEO of All Reverse Mortgage, Inc., and moderator of ARLOâ„¢, has 45 years of experience in the mortgage banking industry. He has devoted the past 20 years to reverse mortgages exclusively. (License: NMLS# 14040) |
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All Reverse Mortgage's editing process includes rigorous fact-checking led by industry experts to ensure all content is accurate and current. This article has been reviewed, edited, and fact-checked by Cliff Auerswald, President and co-creator of ARLOâ„¢. (License: NMLS# 14041) |
Michael G. Branson
Cliff AuerswaldReverse Mortgages in Virginia: A Comprehensive Guide
If you’re a Virginia homeowner aged 62 or older, a reverse mortgage could be a valuable tool to help you unlock the equity in your home and improve your financial security during retirement. In this guide, we’ll cover everything you need to know about reverse mortgages in Virginia, including key facts, the latest statistics, top lenders, and essential protections.
About All Reverse Mortgage, Inc. of Virginia
At All Reverse Mortgage, Inc. (ARLO™), we’ve spent two decades serving homeowners across the nation, earning our reputation as one of the most trusted reverse mortgage providers. With an A+ rating from the Better Business Bureau and countless 5-star reviews, we’re known for offering exceptional service, competitive rates, and lower costs.
Since 2004, our mission has been to help Virginia homeowners make the most of their home equity. Whether it’s paying off an existing loan, creating a safety net with a growing line of credit, or simply enjoying financial peace of mind, we provide personalized guidance every step of the way. Our team even pioneered the first fixed-rate jumbo reverse mortgage in 2008, giving us unmatched expertise in these innovative loan programs.
As a HUD-approved reverse mortgage lender, we offer both HECM & Jumbo Reverse Mortgages tailored to your unique situation. While jumbo loans can be an excellent choice for higher-value homes, they often come with lower Principal Limits. Our experts are here to help you evaluate the benefits and make the decision that’s right for your financial goals.
Across Virginia, homeowners aged 62 and older are embracing reverse mortgages not as a last resort but as a sound retirement strategy. From eliminating monthly mortgage payments to accessing growing credit lines, our clients enjoy the financial freedom to remain in their homes while planning for a secure future.
At All Reverse Mortgage, Inc. (ARLO™), we look forward to serving you with the professionalism, transparency, and care that have defined our company from the start.
Reverse Mortgage Eligibility & Key Facts in Virginia
Eligibility:
For HECM (Home Equity Conversion Mortgage) loans, you must be 62 or older and own a home in Virginia. However, if you’re 55 or older, you may qualify for our jumbo and proprietary reverse mortgage products, which are designed for higher-value homes and offer more flexibility.
Loan Types:
Choose from HECM (federally insured) or jumbo reverse mortgages tailored to meet your specific financial needs.
No Monthly Payments:
With a reverse mortgage, you won’t need to make monthly mortgage payments as long as you live in the home and meet the loan’s requirements.
Flexible Payout Options:
Access your home equity in the way that works best for you—whether it’s through a lump sum, monthly payments, or a growing line of credit.
Protections:
Virginia provides consumer protections that align with federal regulations to ensure transparency and fairness, including mandatory counseling and clear disclosure of loan terms.
| Top 10 Reverse Mortgage Cities in Virginia |
|---|
| 1 Virginia Beach |
| 2 Alexandria |
| 3 Leesburg |
| 4 Fredericksburg |
| 5 Norfolk |
| 6 Reston |
| 7 Sterling |
| 8 Mechanicsville |
| 9 Suffolk |
| 10 Chesapeake |
| Data by MCA (January 2025) |
| State | Homeowners Age 62+ | Reverse Mortgages Closed Last 12 Months | Lenders in Virginia | Avg. Home Value |
|---|---|---|---|---|
| Virginia | 1 million | 562 | 37 | $392,993 |
Top Reverse Mortgage Lenders in Virginia
| Lender | Rating | Years in Business | Stars (0-5) | Good Review % | Complaints | Source |
|---|---|---|---|---|---|---|
| All Reverse Mortgage, Inc. (ARLO) | A+ | 20 | 4.99/5 | 99.8% | 0 | Source |
| Advisors Mortgage Group | A+ | 25 | 1.00/5 | 20.0% | 6 | Source |
| Atlantic Avenue Mortgage LLC | B+ | 2 | 4.94/5 | 98.8% | 2 | Source |
| American Pacific Mortgage | F | 28 | 2.00/5 | 40.0% | 13 | Source |
| Ennkar Inc. | A+ | 14 | 4.00/5 | 80.0% | 2 | Source |
| Fairway Independent Mortgage | A+ | 28 | 4.39/5 | 87.8% | 33 | Source |
| Finance of America Reverse LLC (FAR) | A+ | 21 | 1.00/5 | 20.0% | 34 | Source |
| GoodLife Home Loans | A+ | 12 | 5.0/5 | 88.6% | 0 | Source |
| Guild Mortgage Company (Formerly Cherry Creek LLC) | A+ | 64 | 1.36/5 | 27.2% | 33 | Source |
| HighTechLending Inc | A+ | 18 | 4.93/5 | 98.6% | 1 | Source |
| Liberty Home Equity Solutions Inc. | A+ | 21 | 1.00/5 | 20.0% | 2 | Source |
| Longbridge Financial LLC | A+ | 12 | 3.69/5 | 73.8% | 21 | Source |
| Mid America Mortgage Inc. | A+ | 66 | NA | NA | NA | Source |
| Moneyhouse | NR | 27 | NA | NA | 0 | Source |
| Movement Mortgage, LLC | A+ | 17 | 4.81/5 | 96.2% | 107 | Source |
| Mutual of Omaha Mortgage | A+ | 11 | 1.48/5 | 29.6% | 46 | Source |
| Open Mortgage LLC | A+ | 22 | 3.0/5 | 60.0% | 1 | Source |
| Plaza Home Mortgage Inc | A+ | 24 | 2.69/5 | 53.8% | 13 | Source |
| Smartfi Home Loans | A+ | 5 | NA | NA | 0 | Source |
| South River Mortgage, LLC | A+ | 5 | 3.49/5 | 69.8% | 13 | Source |
Virginia Reverse Mortgage Lending Limits
Virginia, known as “The Old Dominion State,” has a rich history and a population of over 8.5 million people. More than 1 million of these residents are homeowners aged 62 and older, making them eligible for a reverse mortgage.
As of 2024, the average home value in Virginia is $392,993, well within the HECM reverse mortgage lending limit of $1,209,750. This makes reverse mortgages a viable option for many Virginians looking to access their home’s equity.
Virginia’s history is deeply intertwined with the founding of the United States. It was the birthplace of eight U.S. presidents, earning the nickname “Mother of Presidents.” Virginia has long been a key player in the nation’s history from its early colonial days to its pivotal role in the American Revolution.
Today, Virginia is a state of contrasts, blending historic landmarks with modern industries. The state is home to a significant number of veterans, a thriving technology sector, and popular tourist destinations like Colonial Williamsburg, Arlington, and Virginia Beach.
If you’re a homeowner aged 62 or older in Virginia, a reverse mortgage could be a valuable financial tool for your retirement. Whether you’re looking to eliminate monthly mortgage payments or access additional funds from your home’s equity, All Reverse Mortgage, Inc. (ARLO™) is here to help. We’re ready to answer your questions and guide you through the process.
State-Specific Reverse Mortgage Laws in Virginia
Virginia adheres to federal reverse mortgage regulations set by the U.S. Department of Housing and Urban Development (HUD), ensuring that borrowers are protected under national standards for Home Equity Conversion Mortgages (HECMs). However, the state also enforces additional consumer protections and lending laws to safeguard borrowers. Here’s what you need to know about Virginia’s reverse mortgage regulations:
Mandatory Counseling:
Before applying for a reverse mortgage in Virginia, borrowers must complete a HUD-approved counseling session. This ensures that you understand the loan terms, costs, and potential alternatives. Counseling can be completed over the phone or in person, and a certificate of completion is required to proceed with the loan.
Prohibition on Tied Financial Products:
Virginia law prohibits reverse mortgage lenders from requiring you to purchase additional financial products, such as annuities or insurance, as a condition for obtaining a reverse mortgage. This ensures the process remains transparent and free from unnecessary pressure.
Clear Disclosure Requirements:
Lenders in Virginia are required to provide borrowers with detailed loan disclosures. These include interest rates, fees, repayment terms, and ongoing obligations such as paying property taxes, homeowners insurance, and maintaining the home.
Cooling-Off Period:
Virginia enforces a mandatory waiting period between the counseling session and closing the loan. This ensures borrowers have ample time to review the loan terms and make an informed decision.
Licensed Lenders:
All reverse mortgage lenders operating in Virginia must be licensed by the Virginia Bureau of Financial Institutions. This ensures that lenders meet the state’s standards for ethical practices, transparency, and professionalism.
Non-Recourse Loans:
Reverse mortgages in Virginia are non-recourse loans, meaning that neither the borrower nor their heirs will owe more than the value of the home when the loan is repaid. This protection ensures that you won’t be burdened with additional debt if the loan balance exceeds the home’s value.
Spousal Protections:
Virginia follows federal HUD guidelines to protect non-borrowing spouses. If certain conditions are met, a non-borrowing spouse may remain in the home after the borrowing spouse passes away or moves out.
Virginia Approved Reverse Mortgage Counseling Agencies
| Name | Agency ID | Address | Phone | Web Site |
|---|---|---|---|---|
| CHILD & FAMILY SERVICES OF EASTERN VIRGINIA, INC. D/B/A THE UP CENTER | 81146 | 222 W 19TH ST NORFOLK, VA 23517-2218 | (757) 622-7017 | https://theupcenter.org/ |
| FIRST HOME ALLIANCE | 84016 | 3138 GOLANSKY BLVD STE 202 WOODBRIDGE, VA 22192-4260 | (703) 580-8838 | http://www.FirstHomeAlliance.org |
| HOUSING OPPORTUNITIES MADE EQUAL OF VIRGINIA, INCORPORATED | 80354 | 626 E BROAD ST STE 400 RICHMOND, VA 23219-1890 | (804) 354-0641 | http://HomeofVa.org |
| MONEY MANAGEMENT INTERNATIONAL - ALEXANDRIA VA | 80536 | SUITE 600 5680 KING CENTRE DR ALEXANDRIA, VA 22315-5757 | (866) 232-9080 | http://www.moneymanagement.org |
Did you know? Virginia does not mandate in-person counseling. Visit our counseling page for a list of phone-based counseling agencies and conduct your required counseling from the comfort of your home.
Other Areas of Interest in Virginia
Ashburn Chesapeake Hampton Suffolk Virginia Beach Woodbridge
Ready to Unlock Your Home’s Equity?
As Virginia’s #1 Rated Reverse Mortgage Lender, All Reverse Mortgage, Inc. (ARLO™) is here to provide trusted guidance, real-time rates, and expert support to help you make informed decisions.
✔ No obligations. Just real-time rates and expert advice.
✔ Instant quote. No personal info required.
✔ Licensed experts. Get clear, honest answers.
As a fully licensed lender by the Virginia State Corporation Commission (License #MC-5906), we’re committed to helping you secure the retirement you deserve.
Get Your Free Quote from Virginia’s #1 Rated Reverse Mortgage Lender! Use our reverse mortgage calculator, or call (800) 565-1722 to speak with a friendly expert today.
Additional Resources:
Reversemortgage.org NRMLA Members in VA
HUD.GOV Approved Lenders Search
