Reverse Mortgage (HECM) Guide for Virginia Homeowners 62+
Virginia has approximately 570,000 homeowner households led by someone 62 or older. With a median home value of $376,000 — elevated by Northern Virginia's proximity to Washington D.C. and strong Coastal and Blue Ridge markets — Virginia seniors often hold significant equity. A HECM can help Virginia retirees access that equity to supplement retirement income, cover healthcare, or eliminate monthly mortgage obligations.
Source: U.S. Census Bureau ACS 2022 1-Year Estimates (Table B25077); U.S. Census Bureau ACS 2022 1-Year Estimates (Table B25007)
Check My Eligibility — Free & No Obligation2026 FHA HECM National Lending Limit
Virginia's home values are generally below the 2026 FHA HECM limit of $1,249,125. Most Virginia homeowners can access the full available equity through a HECM. Premium Northern Virginia properties (McLean, Great Falls) may approach the cap in top neighborhoods.
Source: HUD Mortgagee Letter 2025-21
Virginia Reverse Mortgage Protections
Virginia does not require additional reverse mortgage counseling beyond the federal HUD mandate. The Virginia Bureau of Financial Institutions regulates mortgage lenders. Virginia's Consumer Protection Act (Va. Code § 59.1-196 et seq.) provides general protections against deceptive practices that apply to mortgage transactions.
Source: Va. Code § 59.1-196; Virginia Bureau of Financial Institutions
How Much Could You Get? — Virginia
Adjust your age and home value to see a quick estimate. Full calculator →
Estimate based on HUD PLF tables at 6.5% assumed expected rate. Actual amounts depend on formal appraisal and lender terms.
See if you qualify →Source: HUD Principal Limit Factor tables · HUD HECM page
Find a HUD-Approved HECM Counselor in Virginia
Before you can apply for any HECM, federal law requires a one-on-one counseling session with an independent HUD-approved counselor. This is not optional — no FHA-approved lender may accept your application without a valid counseling certificate. The session covers how HECMs work, costs, alternatives, and your rights as a borrower. It typically takes 60–90 minutes and can be done by phone.
Find a HUD Counselor in Virginia →This link opens the HUD HECM Counselor search tool. Filter by state (VA) to find agencies near you.
The 6 Basic HECM Eligibility Requirements
These are the same federal requirements that apply to every HECM in every state, including Virginia.
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Age 62 or older The youngest borrower on the title must be at least 62.
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Your primary home You live in this home as your main residence — not a vacation or rental property.
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Significant home equity You own the home free and clear, or have paid down most of the mortgage — generally 50% or more equity.
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Located in an eligible state FHA HECM is available in all 50 states, Washington D.C., and U.S. territories — including Virginia.
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No existing reverse mortgage Standard HECMs are for first-time reverse mortgage borrowers. Other options exist if you've had one before.
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Plan to stay in your home A HECM is designed for homeowners who intend to remain in their home long-term.
See if a HECM may fit your situation — Virginia homeowners.
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HECM Questions for Virginia Homeowners
Are HECMs available in Virginia?
Yes. HECMs are available statewide in Virginia, including Northern Virginia, Richmond, Hampton Roads, and rural communities. FHA-approved lenders licensed in Virginia can originate HECM loans.
Does Virginia require additional reverse mortgage counseling?
No. Virginia relies on the federal HUD counseling requirement. Borrowers must complete a HUD-approved counseling session before any HECM application. Northern Virginia, Richmond, and Hampton Roads all have HUD-approved agencies.
How do Virginia property taxes interact with a HECM?
HECM borrowers must keep property taxes current. Virginia localities — not the state — set property tax rates. Many Virginia localities offer senior property tax relief programs, including exemptions or deferrals for homeowners 65 and older. Contact your county or city assessor to understand local programs available to you.
What if I have a HELOC on my Virginia home?
An existing HELOC must be paid off and closed at HECM closing. The HELOC payoff typically comes from HECM proceeds. Virginia lenders will verify clear title before closing.
Where can I find a HUD-approved HECM counselor in Virginia?
Use the HUD HECM Counselor Search (link above) filtered to Virginia. Agencies are available in Northern Virginia, Richmond, and Hampton Roads. Phone counseling is available statewide.
Back to Main Guide
Return to the HomeBridge home page for our full HECM education hub.
HomeBridge Home →Eligibility Checklist
Review all six HECM eligibility requirements in detail.
View Eligibility Checklist →Other State Guides
Explore HECM guides for neighboring states.
Maryland HECM Guide → North Carolina HECM Guide →HECM Education Hub
Deepen your understanding before talking to a lender. Our plain-language guides cover how HECMs work, who qualifies, and what protections you have.
Browse all education articles → Browse all HECM FAQs →