What is a Texas Reverse Mortgage?

Texas Senior Homeowners | Lone Star Reverse Mortgage, Inc.

With a Reverse Mortgage, You Do Not Make Monthly Mortgage Payments

Borrowers are responsible for paying property taxes, homeowner’s insurance, and home maintenance.

A Reverse Mortgage is a powerful and proven financial tool that lets you access the equity you’ve built into your home and convert it into cash so you can use it now. Reverse mortgages, also known as HECM, are different than traditional home equity loans because with a reverse mortgage you do not make monthly payments to repay the loan. Borrowers are responsible for paying property taxes, homeowner’s insurance, and home maintenance.

A reverse mortgage is a type of home loan that allows homeowners to borrow money against the equity in their home without having to make monthly mortgage payments. It is called a “reverse” mortgage because the traditional mortgage process involves making monthly payments to build equity, while a reverse mortgage involves receiving payments from the lender based on the equity that has already been built up.

With a reverse mortgage, the lender makes payments to the borrower either in a lump sum, as a line of credit, or in the form of monthly payments. The borrower is not required to make any monthly payments on the loan as long as they continue to live in the home and meet the other requirements of the mortgage, such as paying property taxes and insurance.

Reverse mortgages are often used as a source of retirement income or to pay for healthcare expenses. It’s important to carefully consider the terms of a reverse mortgage and to consult with a financial advisor before deciding if it is the right option for you.

Texas homeowners must be 62 years of age and live in their own homes with considerable equity. The significant difference between a reverse mortgage and a conventional mortgage is that there are no principal or interest payments required on the home while the borrower occupies the property. In the case of two borrowers being on the title, should one permanently leave the property due to death or hospitalization, the other borrower continues to remain in the home. In Texas, if married, both spouses must be at least 62 years of age and live in the home.

You Can Continue to Live in Your Home

One of the most important benefits of a reverse mortgage is that it allows you to continue to live in your own home. You will retain the title to your property and it is not held by a bank or financial company. You will continue to live in your home and make no monthly mortgage payments. Borrowers are responsible for paying property taxes, homeowner’s insurance, and home maintenance. You cannot lose your home as long as you live there and keep your taxes repairs current.  Reverse Mortgages are proven to be safe and secure because they are regulated and insured through the federal government by the Department of Housing and Urban Development (HUD) and the Federal Housing Authority (FHA).

Call Brenda Bejarano – 972-388-3338

Below Is A List Of Some Of The Qualifying Requirements For A Texas Reverse Mortgage:

 To qualify you must be 62 years of age or older. In Texas, both spouses must be at least 62 years of age and live in their home.

 Title to home must be in your name.

 You will need to own your home outright or have substantial equity available.

 You are required to live in your home as your primary residence.

 You will be required to complete a counseling session with a HUD-approved counseling agency.

 You must be financially able to pay your property taxes, insurance, home maintenance, and any related HOA fees.

 It’s not only important to know what a reverse mortgage is, but it is also important to know if a reverse mortgage can be beneficial to you in your specific situation. Having the guidance of experienced reverse mortgage professionals serving Texas homeowners to help you evaluate your actual needs will be invaluable.

Benefits Of A Reverse Mortgage:

★  One of the most attractive benefits of reverse mortgages is that no monthly mortgage payments are ever required. You will need to pay all taxes, insurance, maintenance and HOA dues, if any are required.

  You have several options for receiving your reverse mortgage funds. You can choose a lump sum, monthly payments, line of credit, or a combination of these.

  With a reverse mortgage, you continue to own your home. The bank does not own your home, and the title stays in your name. You remain the owner of your home, as long as you continue to pay homeowners insurance, property taxes, and maintain property,

  You can choose to roll your closing costs into the loan which means minimal or no out of pocket costs.

  You can pay off credit card and/or medical bills. Again, there are no limitations on how the funds can be used.

  You can sell your home if you decide to do so, and any future appreciation is yours after the loan is paid.

  This is a non-recourse loan for you and your heirs. Simply put, this means that if the loan balance is higher than what the home can be sold for, the borrowers or their heirs do not have to pay the difference. However, if the home is sold for more than the loan balance, the difference goes to the borrowers or their heirs.

  Reverse mortgages are highly regulated and have been proven to be safe and secure. The reverse mortgage program is insured and regulated by the FHA to protect consumers and their interests. The Home Equity Conversion Mortgage (HECM) is one of the most highly regulated mortgages available.

  You are able to consult with Bob and Debbie Worley, experienced Texas reverse mortgage professionals who work in your best interest.

Reverse Mortgage Loans Do Not Have To Be Repaid Until One Of The Following Occurs:

★  All borrowers permanently move out of the home.

★  The last surviving borrower passes away, sells the home, or fails to live in the home for 12 consecutive months.

★  The borrowers fail to pay property taxes or insurance.

★  The borrowers let the property deteriorate beyond what is considered reasonable wear and tear, and do not correct the problems.

You or your heirs always have the option of paying off the entire balance and keeping the house (this can also be done by refinancing with a standard mortgage) or by selling the house to pay off the balance. In either case, the amount of the loan can never exceed the current market value of the home when the loan is due.

Contact Lone Star Reverse Mortgage for More Information

Brenda Bejarano
LoneStar Reverse Mortgage, Inc.
Tel: 972-388-3338

Please call Brenda today at 972-388-3338 for your no-cost consultation.

 About:  Lone Star Reverse Mortgage, Inc. is privately owned by Bob and Debbie Worley. They bring old-fashioned personalized service to Texas senior homeowners. Bob and Debbie offer extensive experience in the reverse mortgage industry; reverse mortgages are all they do. They have a proven track record demonstrated by their long list of satisfied customers. Experience matters in the Reverse Mortgage business and with a combined experience of over 20 years helping Texas homeowners with reverse mortgages. “We do reverse mortgage loans others can’t”. Lone Star Reverse Mortgage, Inc. serves the entire state of Texas including Dallas, Fort Worth, Austin, Houston, San Antonio, and all regions throughout the state.