Reverse Mortgage in Annandale, VA

A reverse mortgage lets homeowners aged 62 or older borrow against their home equity without making monthly principal and interest payments, but it is still a loan that grows over time and must be repaid. If you live in Annandale and are weighing a Home Equity Conversion Mortgage, this page covers how it works, the HUD-approved counseling you must complete first and the ongoing obligations that come with it in Virginia.

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Call to speak with a licensed loan officer about reverse mortgage in Annandale. Programs vary by borrower, property and investor.

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Older homeowners in Annandale

32%Owner households 65+

37%Homes with no mortgage

$681,300Median home value

35Reverse mortgages in Fairfax County (2024)

In Annandale, 32% of owner-occupied homes are headed by someone 65 or older, and 37% of owner-occupied homes have no mortgage. Lenders reported 35 reverse mortgages in Fairfax County in 2024.

How a HECM reverse mortgage works

With a traditional mortgage, you pay the lender each month and your balance falls. With a reverse mortgage, the lender advances money to you, and the balance rises as interest, mortgage insurance and any fees are added. You keep title to the home.

No monthly principal and interest payment is required while at least one borrower lives in the home as a primary residence and meets the loan terms. You may make voluntary payments if you choose. The loan generally becomes due when the last borrower sells, moves out for an extended period or passes away. How much you can access depends on the age of the youngest borrower, the home value and other factors set by HUD and the lender.

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Prefer to talk first? Call (888) 912-6746. Applying is not a loan approval or commitment to lend; programs vary by borrower, property and investor. ClearPoint Mortgage Advisors, NMLS #173855. Properties in FL, NY, NJ, PA, CT and VA only.

Counseling first, then payout choices

Before any lender can take a HECM application, you must meet with a counselor approved by HUD. The session is designed to make sure you understand the loan, its costs and the alternatives. It is your chance to ask hard questions without a sales pitch. Bringing family members can help everyone understand the plan.

Payout options give you flexibility. A line of credit lets you draw only what you need, and unused credit may grow over time under program rules. Monthly advances can supplement retirement income. A single lump sum is also possible but may limit future access. Talk through how each choice interacts with taxes and benefits, and for tax questions talk to a tax professional.

Who this tends to fit

You are a homeowner aged 62 or older buying a new primary residence through HECM for Purchase
You can comfortably keep paying property taxes, homeowners insurance and maintenance
The youngest borrower on title is 62 or older and plans to stay in the home long term
You would like a line of credit available for future expenses such as home modifications or care at home
You have significant equity and want to supplement retirement income

Local offices and Virginia rules to know

Property assessment: Fairfax County Department of Tax Administration - Real Estate Division.

Your ongoing duties and what happens to the home in Annandale

A reverse mortgage does not relieve you of homeownership costs. You must keep paying property taxes, homeowners insurance and any flood insurance or association dues, and you must maintain the home in reasonable repair. Falling behind on these obligations can put the loan into default and may lead to foreclosure. Lenders review your finances during the application to judge whether you can keep up, and some borrowers are required to set aside funds for taxes and insurance.

When the loan comes due, the home is usually sold to repay it, or heirs may pay it off and keep the property. HECMs are non-recourse loans, so the amount owed generally cannot exceed the home's value at the time it is sold.

Before you call

Dates of birth for every owner and for any spouse who will live in the home
Questions about heirs, estate plans and any public benefits you receive
Your HUD-approved counseling certificate, or a plan to schedule the session
Recent property tax bills and your homeowners and flood insurance declarations
The current balance and statement for any existing mortgage or lien on the home

Questions Annandale borrowers ask about reverse mortgage

Why is HUD-approved counseling required?

A reverse mortgage is a complex decision with long-term effects on your finances and estate. HUD requires a session with an independent, HUD-approved counselor before you apply so you understand how the loan works, what it costs, how the balance grows and what alternatives exist. The counselor does not work for the lender. You will receive a certificate showing you completed counseling, which the lender needs before moving forward.

What protections exist for a spouse who is not on the loan?

HUD rules provide protections for an eligible non-borrowing spouse, often a spouse who is younger than 62 when the loan closes. If certain conditions are met and the spouse is named in the loan documents, they may be able to stay in the home after the borrower dies, as long as they keep up with taxes, insurance and upkeep. They cannot draw additional funds. Ask the counselor and lender to explain these rules for your situation.

Do I still have to pay anything on a reverse mortgage?

You are not required to make monthly principal and interest payments while you meet the loan terms, but you are responsible for property taxes, homeowners insurance, any flood insurance, association dues and home maintenance. These obligations continue for the life of the loan. If you fall behind, the loan can go into default and the home could be at risk of foreclosure, so budget for them carefully.

Who can get a HECM reverse mortgage?

The youngest borrower must be 62 or older, the home must be your primary residence and you need substantial equity. The property must meet FHA standards, and eligible types include single-family homes, some two-to-four unit homes you live in, and certain condominiums and manufactured homes. You must also complete HUD-approved counseling and show you can keep paying property taxes, insurance and upkeep. Approval is subject to the lender's review.

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Get answers about reverse mortgage for a home in or around Annandale. Subject to credit approval; programs vary.