Reverse Mortgage

How Can A Reverse Mortgage Help Me?

Reverse Mortgages are helping older Americans across the country achieve greater financial security and enjoy their retirement years to the fullest. Imagine having the income you need to remain living comfortably in your home in retirement - and at the same time make much needed renovations, afford quality home health care or even vacation with family and friends.

Because of the great benefits, these products are increasingly becoming a logical component of a well-balanced retirement plan. More than 150,000 Americans 62 years and older have benefited from reverse mortgages.

Improve Your Quality Of Life With A Reverse Mortgage.

A reverse Mortgage is a loan that allows seniors to use the equity they've accumulated in their homes over the years to improve their quality of life. By receiving converting equity into income, a reverse mortgage is a way to stay in your home and receive cash to use for any purpose - whether its' day-to-day living expenses, home remodeling or repair, earning a college degree, or even traveling the world. All of this while you retain the title and remain living in your home.

Homeowners who are 62 years or older can qualify. There are no income or credit qualifications. The size of the reverse mortgage granted depends on the applicant age, the type of reverse mortgage sought, the homes value and current interest rate. Best of all, as long as the reverse mortgage is outstanding, no monthly mortgage payments are required. The loan matures when the borrower no longer occupies the property.

Reverse Mortgage Quick Facts.

No repayment is made until the home is sold or the owner permanently moves our or passes away.
When the loan is due, your heirs have choices – they can repay the loan and keep the house or sell the home and repay the loan.
Social Security benefits and Medicare are generally not affected by a reverse mortgage.*
You continue to own your home- we do not take control of the title.
Closing costs and fees incurred can be financed as part of the loan.
No income or credit qualification.
You will never owe more than the current market value of your home at the time the loan becomes due.
Interest is tax deductible.**
Ability to access equity built in the home since its purchase.

* consult appropriate government agencies, ** consult your Financial Advisor.

Making a Reverse Mortgage Work for You.

Getting Started. If you want to lean how a reverse mortgage will work for you; a loan advisor will explain the benefits, features, income options and costs associated with a reverse mortgage.

Releasing Equity in Your Home. The amount of funds available is generated based on the following. Appraised value of home or maximum lending limit. Borrower’s Age Current Interest Rate

Taking Action. When you are ready to move forward, we will assist you in completing a short application request and schedule a counseling sessions with an approved counselor. Counselors will the review with you even further into the product sought prior to closing of the loan.

For more information about reverse mortgage loans in Texas Click Here
Provided by Texas Office of Consumer Credit Commissioner.