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.Seniors who are 62 or older and living in the state of Texas have a very useful financial tool available to them. Texas borrowers have been using reverse mortgages to help with medical bills, perform home renovations, and live without the financial weight of required monthly mortgage payments.* With a reverse mortgage, you are not required to repay the loan until the loan becomes due and payable. The loan generally becomes due and payable if you (or an eligible non-borrowing spouse during a deferral period) move, sell the property, or pass away. You remain the owner of the home and you (or an eligible non-borrowing spouse during a deferral period) must continue to pay property taxes, insurance fees, and home maintenance costs.
Is a Reverse Mortgage Right for Me?Texas occupants have numerous reasons they consider a reverse mortgage, or HECM, but in the end it comes down to two aspects: financial security and quality of life. Living on a partial or limited budget can be stressful. What many seniors don't know is that while the live with financial stress and restrictions, the equity in their homes they fought so hard to build may be sitting there ready to use. A reverse mortgage allows borrowers to use their home's equity to obtain a loan and receive proceeds from a line of credit, monthly disbursements, a lump sum payment, or a combination of payment plans. Also known as a home equity conversion mortgage (HECM), a reverse mortgage can be used to pay your outstanding mortgage and other expenses, with any remaining money available for you to use tax-free.
Types of Reverse MortgagesTexas residents have the option to choose from different types of HECMs, all of which are insured by the Federal Housing Administration (FHA). Fixed rate HECMs allow you to receive the available loan proceeds as a lump sum disbursement once the loan closes, and loan interest rates are locked into the rate at the time of closing. Adjustable rate HECMs allows you to receive the available loan proceeds from a line of credit, monthly payments, or a combination of both. HECMs for purchase, available as fixed rate or adjustable rate loans, make it possible for seniors to purchase a home with no required monthly payments, giving borrowers the option to purchase a primary residence that is suited to their needs or closer to family. No matter what type of reverse mortgage you choose, you will be required to pay property taxes and insurance. You must also keep the home in good condition.
Finding Reverse Mortgage Licensed Specialists in TexasLocal reverse mortgage licensed specialists will be the best option for you, as they understand the real estate environment in your own state. If you have any questions about applying for a reverse mortgage in Texas, please fill out the form on this page to have a reverse mortgage specialist contact you.
*Homeowner must still maintain the property, pay homeowners insurance, and property taxes to avoid foreclosure.