VA Reverse Mortgage

What are the residency requirements for the VA reverse mortgage program?

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Bill's Answer: Answered by Mark Cappel

A VA mortgage loan is a mortgage loan that is guaranteed by the U.S. Department of Veterans Affairs. The VA loan is not offered directly by the VA. a VA loan is issued by VA-approved lenders.

The VA loan program was created to help American veterans or their surviving spouses to obtain mortgage financing. VA loan terms can be more liberal than standard financing. For instance, on purchase loans, VA loans can be obtained that require no down payment, whereas no down payment loans have all but disappeared for standard purchase loans.

Unfortunately, I am unable to find any information about a VA reverse mortgage program. That is not to suggest that one does not exist -- I simply cannot determine if one exists and if so its requirements, guidelines, and other details. If a reader knows where to find authoritative information about a U.S. Department of Veterans Affairs reverse mortgage please respond in the comments below.

VA Mortgage Loan Information

See the Bills.com resources VA Mortgage Loan Advice, and GI Loan Default, and Refinance VA Loan to learn more about U.S. Department of Veterans Affairs (VA) loans.

Reverse Mortgage Information

A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM) is a relatively new product. A reverse mortgage provides unique benefits for its target market: someone over 62 who lives in his/her primary residence, who has substantial equity in his/her home, and who has little or no income. A reverse mortgage is a loan against the equity in your home that you do not need to pay back for as long as you live in the home. Eligibility for a reverse mortgage is set by the Federal Government. The Federal Housing Authority (FHA) tells HECM lenders how much they can lend you, based on the homeowner’s age and the home’s value.

More on Reverse Mortgages

Bills.com has written extensively about reverse mortgages. See the following Bills.com resources to learn more: Reverse Mortgage & Inheritance, Reverse Mortgage and Medicaid, Is a Reverse Mortgage a Good Choice?, Reverse Mortgage Living Trust, Reverse Mortgage Benefits, Reverse Mortgage Refinance,and the Bills.com reverse mortgage information page.

I hope this information helps you Find. Learn & Save.

Best,

Bill

Bills.com

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