Texas Reverse Mortgages

by All Reverse Mortgage

Lic/Reg #: 84280
NMLS#301704

Our Local Pages:

Austin | Dallas | Houston | San Antonio

 

Texas Reverse Mortgage Lenders

  • A+ Exemplary rating by the Better Business Bureau
  • We are proud members of the National Reverse Mortgage Lenders Association and strictly adhere to its Code of Conduct.
  • We often offer lower interest rates and fees than your local Credit Union or Bank which may amount to thousands of dollars of retained equity through the life of your loan.
  • Our goal is exceed your expectations in finding you the very best terms, as well as providing a truly no hassle experience and timely close - Call us Toll Free (800) 565-1722 or start with a no-obligation quote & analysis

 

With a Federally-Insured Texas Reverse Mortgage...

  • You own your home - not the bank.
  • You may safely access a portion of your homes equity.
  • There are no income or credit score requirements.
  • The money you receive does not affect public benefits such as medicare or social security
  • You never make a monthly mortgage payment as long as you live your home, pay property taxes and keep up your homeowners insurance.

texas reverse mortgage rates special

 


About: Reverse Mortgages of Texas

If you are 62 and over, want to stay in your home and find that you need additional cash for retirement, then a Reverse Mortgage may be the right answer for you and your family. A Texas Revere Mortgage is designed to be the last loan you may ever need. It works opposite a traditional mortgage. Rather than making monthly payments to pay off a loan as is the case with a traditional or forward mortgage, with a reverse mortgage the equity in your home pays you. Since there are no monthly payments, there is no income or credit qualification required. 


The loan is safe and is Government-Insured by the Federal Housing Administration (FHA), a division of the Department of Housing and Urban Development (HUD). This loan was signed into law as a Government-Insured product by Ronald Reagan in 1988 and since its inception, it has helped hundreds of thousands of senior homeowners safely access the equity in their homes to help them better enjoy their retirement years. Reverse mortgages did not originate in 1988, there were previous versions but they were flawed and contained provisions which could hurt homeowners.


Many of those misconceptions about the current government product linger still today. But you can rest assured that the Home Equity Conversion Mortgage (HECM or “Heck-um”) insured by FHA is an excellent opportunity for seniors to access the equity in their homes without the pitfalls of the previous programs. Borrowers have a choice of how they can receive their money. After the current liens on the property are paid off, borrowers can choose a number of different ways to get their cash. 


You can choose to receive the funds all at once, in monthly installments, as a line of credit you can access as you choose, or a combination of any or all of the above. Regardless of how you choose to receive your money, you never have to make a monthly payment for as long as you live in your home.

 

Texas Reverse Mortgage Guidelines

The purpose of this sectrion is to provide requirements for loans originated in the state of Texas. The following must be adhered to:


•Not eligible under the Purchase product
•No vesting in Trusts permitted

Non-borrowing spouse must be counseled
While HUD only mandates that the borrower(s) receive counseling1, Texas law requires that all owners of the property receive counseling. Under Texas law, a non-titled spouse is considered an "owner" of the property by virtue of the homestead interest. If a non-borrowing, non-titled spouse does not receive counseling, the loan does not comply with Texas law.

Trusts
Texas law states the "owner" of the homestead property must receive counseling prior to closing. Until title is conveyed from the trust to the individual owner (s), the individual is not considered the owner. The trust is the owner. Therefore, title needs to be conveyed from the trust to the individual(s) prior to counseling being performed.

Note: If title to the property was vested in a trust at the time counseling was performed, the individual owner(s) must receive counseling again after title is conveyed to the individual(s).

 

Texas Reverse Mortgage Limits

Latest News: 2009

HUD has acted extremely quickly in putting out the new HECM reverse mortgage limits of $625,500 as established as a result of the passage of the American Recovery and Reinvestment Act of 2009 (ARRA).  This limit is effective for all loans which receive credit approval in the calendar year 2009 and remain in effect until December 31, 2009.

A reverse mortgage works based on actuarial tables and borrowers receive more money they older they are.  Therefore, 62 year old borrower just meeting the age requirement will receive much less cash than a 78 year old borrower with the same $500,000 home.  When borrowers do not take all their funds at the beginning of the loan and choose to use the line of credit option, the line of credit grows annually on the unused portion as the borrower would be eligible for a higher loan amount at the increased age.  Some borrowers have asked whether or not they should wait for a few years until they are older to apply to take advantage of higher principal limits for older borrowers. 

Only you and your trusted financial advisors know your situation but there are other factors which go into the determination of how much money you will receive on a reverse mortgage including interest rates and property values.  If your property value declines, you may be eligible for less money.  If the interest rates rise from their current near-historic low levels, then you may also be eligible for less money.  The other factor that changes and we have already seen several changes this year alone is the eligible margin.  The margin is added to the index to determine the final rate you pay and margin have risen this year as the uncertainty has grown in the mortgage secondary market.

The only constant is your age…you do know how old you are and you do know when your next birthday is.  No one can predict the future with interest rates or property values.  If the values rise considerably, you can refinance a reverse mortgage and the HUD insurance does not need to be paid a second time…you would just pay the difference, if any, from your old premium amount to the new premium based on any increase in the principal lending limit in your area. 

Texas Reverse Mortgage Counselors (phone-based)

Counselor Phone
Smart Money Housing 1-800-403-3807
National Foundation for Credit Counseling 1-866-698-6322
Money Management International 1-877-908-2227
Credit Counseling Service of Atlanta (CCCS) 1-800-251-2227
AARP Counseling - available to members only 1-800-209-8085
National Council on Aging (NCOA)  
 

The Texas Specialists at All Reverse Mortgage are committed to helping you with answering all your questions and if the reverse mortgage is right for you, closing your loan quickly and easily.  If it’s time for you to put your equity in reverse so that you can keep your life moving forward, then we’re here to help!

Other 3rd Party Resources:

AARP Borrowing Against Your Home: Consumer guideprovided by AARP Foundation / Education Project. Download Here


Specializing in Texas Reverse Mortgages for seniors. Contact us for reverse mortgage information and our no obligation reverse mortgage informational package. We provide reverse mortgages for seniors throughout TX

Areas Served:
Dallas, Houston, San Antonio, Plano, Austin, El Paso, Irving, Addison, Garland, Kennedale, Ft Worth, Grand Prairie, Mcallen, Alief, Bedford, Corpus Christi, Mc Neil, Spring, Humble, Arlington, New Braunfels, Cypress, Killeen, San Angelo, Coppell, Beaumont, Conroe, Waco, Amarillo, Longview, Sugar Land, Lubbock, Crowley, Bryan, Marquez, Allen, Sheppard Afb, Haltom City, Euless, Dyess Afb, Webster, Midland, Carrollton, League City, Flower Mound, Mesquite, Denton, Barker, Richardson, Cedar Park

Branch Office:
17300 El Camino Real, Sutie 110
Houston, Tx 77058

links of interest:
Texas Department of Banking | Texas Real Estate Commission

“Reverse Mortgage Lenders Texas”  By Cliff Auerswald – Add me to your circles