Borrow Against Your Equity: Partner with an Experienced Loan Provider

Reverse mortgage providers in West Virginia come in a variety of shapes and sizes and include retail banks, federal credit unions, mortgage companies and insurance companies. Some are located locally and others are known nationwide. Before you sign anything make sure your first step is finding a knowledgeable and trustworthy reverse mortgage lender.

FHA Lender Limits: How They Affect Your Reverse Mortgage

The Federal Housing Administration (FHA) sets mortgage limits across the country on a county-by-county basis. These figures are closely tied to FHA loan requirements, but they are also a key factor used to determine a borrower’s eligibility for the HUD Home Equity Conversion Mortgage (HECM).

Regardless of the equity in your home, you will be approved for the HECM only based on the county limit. For homeowners with high value homes this could really limit the amount of equity they are able to tap. Borrowers in this situation often opt for a jumbo reverse mortgage that features high limits or no limits.

Of the 55 counties in WV only a handful have FHA limits significantly higher than the national average and those are located close to major metro areas, such as Arlington-Alexandria-DC metro in neighboring Virginia, and Hagerstown in adjacent Maryland. Limits in these areas are $100,000 to $450,000 higher.

Find a HUD Lender in West Virginia

The U.S. Department of Housing and Urban Development (HUD), in concert with the FHA, administers the HECM program. What HUD and the FHA do not do is make direct loans to borrowers. However, because they are consumer-driven you will find a free searchable approved HECM lender list.

The list is available, for free, from the HUD website or from many mortgage counselors. Never pay money to obtain this list.

WV Single Purpose Reverse Mortgages

Many states offer a couple of programs similar to a traditional single purpose mortgage that allow low-income seniors to tap the equity in their homes to pay for property taxes and home repairs.

West Virginia does not offer single purpose reverse mortgages, but instead provides a senior citizen low-income property tax credit available through county tax offices, and grant programs for critical home repairs available through the WV USDA Rural Development Office.

Types of Reverse Home Mortgage Providers

Here is a sample of the types of companies you may find that handle reverse mortgages in West Virginia.

  • Allied Home Mortgage Capital Corporation is a nationally recognized mortgage company and HUD-approved in WV.
  • Financial Freedom is one of the largest volume originators of reverse mortgages in the country and is well known for its own proprietary jumbo reverse, the Cash Account Advantage. FF also offers the HECM and the Fannie Mae Home Keeper.
  • WesBanco is a HUD-approved lender and a company that specializes in investments, such as mutual funds and annuities. WesBanco offers customers the Home Equity Conversion Mortgage.