Reverse Mortgage in Chesapeake, 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 Chesapeake 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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Older homeowners in Chesapeake

26%Owner households 65+

25%Homes with no mortgage

$378,400Median home value

15Reverse mortgages in the City of Chesapeake (2024)

In Chesapeake, 26% of owner-occupied homes are headed by someone 65 or older, and 25% of owner-occupied homes have no mortgage. 2024 HMDA data for the City of Chesapeake show 15 reverse mortgages.

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 have significant equity and want to supplement retirement income
You would like a line of credit available for future expenses such as home modifications or care at home
You are married and want to understand protections for a spouse who is not on the loan
You are a homeowner aged 62 or older buying a new primary residence through HECM for Purchase
The youngest borrower on title is 62 or older and plans to stay in the home long term

Local offices and Virginia rules to know

Housing counseling: HRPDC Housing/Human Services Department (regional housing office, Chesapeake), listed on an official local government page.
Property assessment: City of Chesapeake Real Estate Assessor's Office. The Real Estate Assessor appraises all real estate in Chesapeake and handles assessment appeals, while senior, disabled, and disabled-veteran homeowners apply for tax exemption programs through the Commissioner of the Revenue.

Your ongoing duties and what happens to the home in Chesapeake

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

A list of monthly obligations so the lender can review your ability to keep up with home costs
The current balance and statement for any existing mortgage or lien on the home
Questions about heirs, estate plans and any public benefits you receive
Notes on how you would prefer to receive funds: line of credit, monthly advances, lump sum or a mix
Income documents such as Social Security, pension and retirement account statements

Questions Chesapeake borrowers ask about reverse mortgage

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.

Is reverse mortgage money mine to keep without repaying it?

No. A reverse mortgage is a loan. Interest, mortgage insurance and fees are added to the balance over time, so the amount you owe grows and the equity left in your home shrinks. The loan must be repaid when it comes due, usually through the sale of the home. It can be a useful tool for some homeowners, but it uses up equity that might otherwise go to you later or to your heirs.

Will a reverse mortgage affect my government benefits?

Loan proceeds are generally not treated as income, but how they interact with needs-based benefits such as Medicaid or Supplemental Security Income depends on how and when you use the funds. Money kept in a bank account could count as an asset. Social Security and Medicare are generally not affected. Ask your HUD-approved counselor, a benefits specialist or an elder law attorney, and for tax questions talk to a tax professional.

Can I use a reverse mortgage to buy a home?

Yes. A HECM for Purchase lets borrowers aged 62 or older buy a new primary residence and finance part of the price with a reverse mortgage, paying the rest from savings or the sale of a prior home. This can help when downsizing or moving closer to family without taking on a required monthly principal and interest payment. The same counseling, occupancy and ongoing cost obligations apply.

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