It's helpful to work with reverse mortgage licensed specialists in the area because they understand the real estate environment in your state. Please fill out the form on this page to have a reverse mortgage specialist contact you. And of course, if you have any questions about applying for a reverse mortgage in Texas, don't hesitate to contact one of our specialists at any time.
The Lone Star State is an excellent place for homeowners to retire. With no state income taxes, a relatively low cost of living, and a wide array of cities and climates to choose from, Texas offers great perks for retirees. Nowadays, people from across the country are flocking to retirement-friendly cities like Dallas, Richardson, and Abilene. As a fine choice for retirement, Texas is also a popular place to get a reverse mortgage.
How a Reverse Mortgage Works in Texas
A reverse mortgage
works by converting a portion of your home equity into accessible money that you can use as you wish. Texas borrowers can use the proceeds from their reverse mortgage to help pay medical bills, perform home renovations, and more. The loan will also eliminate your monthly mortgage payments. Furthermore, you are not required to repay your reverse mortgage until the loan becomes due and payable. Generally, the loan only becomes due and payable if you move, sell the home, or pass away. Just like a regular mortgage, you will remain the owner of the home, meaning that you must continue to pay property taxes, homeowners insurance, and maintenance expenses to avoid foreclosure.
Step 1: Counseling - In Texas, the reverse mortgage process begins with an educational counseling session. During this first step, you'll learn more about the program and determine if getting a reverse mortgage is right for you.
Step 2: Application and Appraisal - After counseling, you'll begin the application process with your lender of choice. When you're ready, an appraisal will be conducted by an FHA-approved third-party appraiser who is licensed in the state of Texas.
Step 3: Closing and Disbursement - At this point, the loan is ready to close. After meeting with a licensed professional to sign the final closing documents and waiting for three days, you will receive your reverse mortgage proceeds.
Reverse Mortgage Lenders in Texas
As one of the nation's largest reverse mortgage lenders, One Reverse Mortgage is an industry veteran in the state of Texas. Since 2001, we've lived by the mantra "every client, every time." Not only have we been approved by the U.S. Department of Housing and Urban Development (HUD), but we also have an A+ rating according to the Better Business Bureau. As members of the National Reverse Mortgage Lenders Association (NRMLA) and the Mortgage Bankers Association (MBA), we're dedicated to helping Texas homeowners find the right solutions to reach their goals.