By definition, the reverse mortgage is a mortgage used by homeowners aged 65 and above, having considerable equity in their homes. VA reverse mortgage is a loan type offered to veteran service members but not issued by the US Department of Veteran Affairs (VA) as FHA and VA do not offer loans directly.
HUD offers loans or a portion of the loan as a lender and have them insured by the concerned entities (FHA or VA). It is to remember that VA does not offer any program,
Since a reverse mortgage is for aged citizens, the reverse mortgage for veterans serves the same way. However, you cannot refinance your current reverse mortgage with this VA mortgage type.
Remember that VA does not offer any reverse mortgage but insures certified private lenders. If you see an advertisement that claims VA reverse mortgage or a “no-payment” reverse mortgage to attract veterans, then consider it misleading.
If you get an ad from someone that says they have a VA-approved program, talk to the concerned department about its authenticity.As a broker, we offer lowest cost of funds to pay closing costs for VA loans with excellent credit.
Yes, it is required. It is a fee paid directly to the Department of Veteran's Affairs so that they can guarantee your loan and provide you with the opportunity to receive a loan with little to no money out of pocket.
It depends on several factors including: Whether you are Active Duty, Retired, Guard or Reserve and whether you this is a first time use, subsequent use, or a cash-out refinance as well as how much of a down payment you are putting down. The fee can range from as little as 1.25% up to 3.3% of the loan. Generally, the more money you put down the lower the VA funding fee. Please contact us and we will help you to determine how what the exact cost of the VA Funding Fee would be for your particular situation.
No, you can include the VA Funding Fee in your loan and pay the funding fee over the course of your loan.
Yes, however with a VA loan if you are purchasing a new home the seller can pay for all or part of your closing costs.
A VA Streamline Refinance is a refinance option that is available if you already have a VA mortgage and you want to lower your interest rate with little or no out-of-pocket closing costs. You don't have provide bank statements, W2s, job verification or paychecks.
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These materials are not from HUD, VA, or FHA and were not approved by HUD or any other government agency.