Reverse Mortgage Calculator: How Much Can Virginia Homeowners 62+ Access in 2026?
Virginia's 62+ homeowner population is concentrated in two distinct markets: the high-value Northern Virginia suburbs around D.C. (Arlington, Alexandria, Fairfax County, Prince William) and the more affordable markets downstate (Richmond, Hampton Roads, Charlottesville). The state's ~1 million homeowners 62+ include significant equity positions in both high-value and moderate-value markets. This guide walks through real numbers so you can estimate what a Virginia homeowner 62+ might access in 2026.
Virginia's 62+ housing market — 2026 numbers
Virginia's housing market is sharply divided between Northern Virginia and the rest of the Commonwealth. Northern Virginia's proximity to D.C., federal employment, and tech sector have driven values significantly higher than statewide medians. Downstate markets remain more affordable, creating different HECM opportunities depending on region. Here is the 2026 data for four of Virginia's most active reverse mortgage markets:
Arlington / Alexandria — ~54,000 seniors · Median home value: $760,000–$928,000
Fairfax County — ~120,000 seniors · Median home value: $717,000 (Q1 2026, down 2.8% YoY)
Richmond Metro — ~58,000 seniors · Median home value: ~$385,000
Hampton Roads (Virginia Beach / Norfolk) — ~82,000 seniors · Median home value: ~$340,000
Northern Virginia markets have median values approaching or above $700,000 — meaning some properties could approach the 2026 FHA lending limit of $1,249,125, though most remain below it. Richmond and Hampton Roads markets are well below the cap, where virtually any equity position supports a meaningful HECM.
How HECM principal limits work
The maximum amount you can borrow through a HECM is called your principal limit. It is calculated using three inputs:
- Your age — Older borrowers qualify for a higher percentage of their home's value. The MI percentage starts at roughly 50% at age 62 and increases each year.
- Your home's appraised value — The lower of the appraised value or the FHA lending limit ($1,249,125 in 2026) is used.
- Current interest rates — Higher rates reduce the principal limit; lower rates increase it. Expected interest rates are used for the calculation.
The principal limit is calculated using tables published by HUD. The exact numbers vary by lender, loan term, and rate environment — but the tables give you a reliable estimate before you apply.
Principal limit examples by Virginia market
The following table shows estimated principal limits at different ages and home values — illustrative estimates only. An FHA-approved lender will run the official calculation using your specific situation, including current appraised value and applicable interest rates.
| Borrower Age | Home Value $400K | Home Value $700K | Home Value $1,000K |
|---|---|---|---|
| 62 | ~$200,000–$220,000 | ~$350,000–$385,000 | ~$500,000–$550,000 |
| 65 | ~$210,000–$231,000 | ~$368,000–$405,000 | ~$525,000–$578,000 |
| 70 | ~$224,000–$246,000 | ~$392,000–$431,000 | ~$560,000–$616,000 |
| 75 | ~$238,000–$262,000 | ~$416,000–$458,000 | ~$595,000–$655,000 |
| 80 | ~$252,000–$277,000 | ~$441,000–$485,000 | ~$630,000–$693,000 |
Figures are illustrative estimates based on approximately 50–55% of appraised value at age 62, scaling up with age. Actual principal limits vary based on appraised value, existing mortgage payoff, and current rates. Consult an FHA-approved lender for your specific numbers. Use our calculator for a real-time estimate →
In Northern Virginia markets — Arlington, Alexandria, Fairfax County — higher home values create substantial principal limit potential. Richmond and Hampton Roads markets, while more moderate in value, still generate meaningful proceeds for homeowners who have been in their homes long enough to build equity.
FHA lending cap — does it affect Virginia homeowners?
The national HECM lending limit for 2026 is $1,249,125. This is the maximum amount any HECM can lend, regardless of home value. Hampton Roads and Richmond markets are well below this cap. Northern Virginia markets (Arlington at ~$928,000, Fairfax County at $717,000) are also below the cap, but some premium Arlington and Alexandria properties could approach or slightly exceed the limit. In those cases, the principal limit is calculated using $1,249,125 as the ceiling value, not the appraised value.
Virginia property tax relief for seniors
Locality-based programs. Virginia's property tax relief for seniors is administered by individual counties and cities under Virginia Code § 58.1-3210 — there is no statewide baseline. Each locality sets its own age requirements, income limits, and exemption amounts. This means the relief available to a Northern Virginia homeowner differs significantly from a Richmond or Hampton Roads homeowner.
Fairfax County. Fairfax County offers a property tax exemption for homeowners 65+ with gross household income at or below $75,000 (adjusted annually). Qualifying homeowners are exempt from real estate taxes on up to 125% of the average assessed value of a single-family residential dwelling in the county. This can eliminate a substantial portion of the annual property tax obligation for qualifying Fairfax homeowners.
Prince William County. Prince William County freezes the assessed value of a home at the time a homeowner turns 65 — preventing future assessment-driven tax increases. This is particularly valuable in a market with rapidly appreciating home values.
Richmond and downstate localities. Most downstate Virginia localities offer senior property tax programs with varying income thresholds and exemption amounts. Homeowners should contact their local assessor's office to understand what programs are available in their specific county or city.
HECM impact. HECM borrowers must continue to pay property taxes, homeowners insurance, and home maintenance. Qualifying for property tax relief directly reduces the ongoing property cost burden — making it easier to stay current on the three key HECM obligations and reducing the risk of a HECM being called due.
The Plain-English HECM Guide
Not ready to fill out a full form? Download our free guide first. 8 pages. No jargon. Written for homeowners 62+.
- What a HECM actually is
- 5 common myths debunked
- How proceeds are calculated
- FHA protections explained
- Red flags to avoid
- 8 questions to ask any lender
How to apply
To start the pre-qualification process on a HECM, you will need to speak with an FHA-approved lender. HomeBridge provides a free, no-obligation pre-qualification form that matches you with vetted FHA-approved lenders in Virginia. Start your pre-qualification →
Before applying, HUD requires mandatory counseling with a HUD-approved HECM counselor. This is a federal requirement — not a sales call. Find a Virginia HUD-approved counselor →