For Our Veterans
VA Home Loans: Helping Our Heroes Become Homeowners
At Sundance Lending Company, we’re honored to serve those who have served. A VA mortgage is one of the best benefits available to eligible veterans, active-duty service members, and certain military spouses. It offers zero down payment, no private mortgage insurance (PMI), and competitive interest rates—all designed to make homeownership more affordable for those who’ve given so much.
Common Questions About VA Loans
⚫What is a VA Mortgage?
A VA mortgage is a home loan backed by the U.S. Department of Veterans Affairs (VA), which allows eligible borrowers to purchase or refinance a home with no down payment and no PMI. It’s not actually the VA lending you money—the loan still comes from a lender (like us!), but the VA guarantees a portion of it, making it a lower-risk loan with better terms.
⚫Am I eligible for a VA Mortgage?
If you are active-duty military, a veteran, a National Guard member, or a surviving spouse, you may be eligible for a VA loan. Your Certificate of Eligibility (COE) is the official document that confirms it. If you're not sure whether you qualify, don’t stress—we can check for you!
⚫Will having VA disability change my loan?
Yes—and in a good way! If you receive VA disability benefits, you may be exempt from the VA funding fee, which can save you thousands of dollars. Plus, disability income can be counted toward your qualifying income, helping you get approved. You may also qualify to pay less in property taxes.
⚫Can I use a VA loan more than once?
Absolutely! VA loans are not a one-time benefit. You can use it multiple times, whether you're buying again or refinancing. You may also have remaining entitlement, allowing you to have more than one VA loan at a time.
⚫What kind of homes can I buy with a VA loan?
A VA loan can be used to purchase a primary residence—a single-family home, condo, townhome, or even a multi-unit property (if you live in one of the units). However, VA loans cannot be used for vacation homes or investment properties.
⚫Should I work with a lender that only does VA loans?
Some lenders only do VA loans, but that doesn’t mean they do them well. Many of these companies operate like high-volume call centers, where you’re just another number in the system. That’s not how we work. We likely have more experience with VA loans and you matter to us!
How We Make VA Loans Easy
We know VA loans inside and out, and make the process quick, simple, and stress-free. From interpreting your COE to breaking down the numbers, our team is here to make sure you maximize your VA benefits and get into a home that fits your needs.
Let’s get started—no cost, no commitment, just clarity. Fill out our Quickstart Questionnaire or set up an appointment today!
Reverse Mortgage: Myth vs Fact
MYTH
The bank will assume ownership of my home.
FACT
The borrower retains title to the property. The reverse mortgage lender is merely extending a loan to the borrower secured by the home/property. Because ownership of the home is retained, the borrower is responsible to maintain the property and remain current on property taxes, homeowners insurance, and HOA dues.
MYTH
I could get forced out of my home.
FACT
FHA/HUD reverse mortgages specifically state that as long as you adhere to the loan requirements, you cannot be forced out of your home. The reverse mortgage loan requirements include living in the home as your primary residence, maintaining the property and remaining current on the property taxes, homeowners insurance, and HOA dues.
MYTH
A reverse mortgage is like a home equity loan.
FACT
A home equity loan will require that you repay the loan by making regular monthly payments, whereas a reverse mortgage loan does not require monthly mortgage payments (borrowers must maintain the property and remain current on property taxes, homeowners insurance, and HOA dues).
MYTH
I can’t qualify for a reverse mortgage if I have an existing mortgage, or other real estate secured debt.
FACT
Even if you have an outstanding first mortgage, or some other real estate lien (i.e., a home equity loan, tax lien, etc.), you still may qualify for a reverse mortgage. The proceeds of the reverse mortgage must first be used to pay off such debts, however. This is a significant benefit, as many borrowers use a reverse mortgage loan simply to eliminate their mortgage or home equity loan payments.
MYTH
My heirs won’t inherit my home.
FACT
Borrowers can leave their home to their heirs. When the borrowers pass away, the heirs may either pay the balance due on the reverse mortgage (principal plus accumulated interest and MIP) and keep the home or sell the home and use the proceeds to pay off the reverse mortgage. If they sell the home, any remaining equity after the reverse mortgage is repaid is theirs to keep.
MYTH
My Medicare and Social Security benefits will be affected by a reverse mortgage.
FACT
Reverse mortgage payments and loan proceeds are not considered income and will not affect Medicare or Social Security benefits (reverse mortgage loan proceeds may affect your eligibility for other programs such as Medicaid. Consult your local program office or your attorney to determine how reverse mortgage proceeds might affect your situation).
MYTH
The reverse mortgage will use all my equity.
FACT
Not necessarily. It’s true that a reverse mortgage is designed to convert your equity into cash, which means your loan balance rises over time. However, it’s also designed to preserve equity. It’s not a financially viable program if it uses up your equity quickly. A HECM reverse mortgage is a non-recourse loan insured by FHA. This means the FHA insurance fund covers the shortage if there’s not enough value in your home to settle the entire loan balance at the time of repayment. For the program to be financially viable, it must be designed in such a way as to limit the claims against the insurance fund, which means it must preserve equity at the same time it gives you access to your equity. It’s also important to understand that you have latitude to decide how much of the reverse mortgage proceeds you use. If you use less, then more of your equity is preserved for longer. If you use more of the proceeds, then you’ll use up your equity faster.
MYTH
I’ll pass on a big debt to my heirs.
FACT
Again, the reverse mortgage is a non-recourse loan insured by FHA, which means that a debt can never be passed on to your heirs. If there’s not enough value in the home to pay off the entire balance, you or your heirs are not responsible for covering the shortage. The most that will need to be repaid is the value of the home at the time the loan is due and payable.
MYTH
Reverse mortgage interest rates are very high.
FACT
Not at all. In fact, HECM reverse mortgage rates are often very comparable to traditional mortgage rates. This is possible because FHA insures the loan, which reduces risk for the lender. Therefore, lenders can offer very attractive interest rates on reverse mortgages.
Disclaimer: Sundance Lending Company NMLS #1904537, Stacey Van Roosendaal NMLS #1133637, and LeeAnn Tate NMLS #, 792081 indicated herein are licensed and regulated by the National Mortgage Licensing Service (www.nmls.consumeraccess.org). As a licensed Mortgage Professional, we adhere to strict standards and regulations governing the origination and servicing of HECM (Home Equity Conversion Mortgage) loans. Both individual and company licensing status ensures that we operate in compliance with state and federal laws, including but not limited to the Truth in Lending Act (TILA), Real Estate Settlement Procedures Act (RESPA), and Equal Credit Opportunity Act (ECOA). We are committed to providing transparent and ethical services to our clients throughout the reverse mortgage loan process. Borrowers are encouraged to verify our licensing information through the NMLS site. This verification can help ensure that you are working with a reputable and qualified Mortgage Broker when exploring reverse mortgage options. This document and content is for informational purposes only and does not constitute an offer to extend credit or a commitment to lend. Reverse mortgage loans are subject to both Borrower and Property qualification, eligibility, underwriting requirements, interest rates, fees, and terms may vary based on individual circumstances and market conditions. Borrowers should consult with a qualified financial advisor or counselor to understand the potential benefits and risks associated with reverse mortgages. Reverse mortgage loans involve the Borrower(s) converting a portion of their home equity into available funds, which may affect eligibility for certain government benefits and impact estate planning. Borrowers are responsible for maintaining the property, paying property taxes when due, homeowners insurance, and any applicable homeowner association fees. Failure to meet loan obligations may result in foreclosure and loss of home ownership. Lenders are required to provide loan disclosures, including Total Annual Loan Costs (TALC) and other key terms, before closing. Borrowers are encouraged to review all loan documents carefully and ask questions to ensure they fully understand the terms and obligations of the loan. This material is not intended to provide legal, tax, or financial advice. Borrowers should seek guidance from qualified professionals regarding their specific circumstances. It's important to ensure that any document(s) provided comply with relevant regulations and accurately reflect the terms and conditions of the HECM loan being offered. Additionally, consulting with legal counsel familiar with financial services regulations is advisable to ensure compliance. This information and content herein was not reviewed or approved by FHA/HUD. All numerical and formula referance results are subject to change without notice. Please seek appropriate counsel to assist you with all financial matters prior to engagement and execution of a Home Equity Conversion Mortgage (HECM).
