A Texas reverse mortgage is a great option for seniors to live out their lives at home.  Its a type of home loan that lets the homeowner convert equity in his or her home into cash. There are three ways this equity can be paid to the homeowner: in one lump sum, in a series of payments, or as a supplement to Social Security or other retirement funds. Unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as a principal residence. HUD’s reverse mortgage provides these benefits, and it is federally-insured.

Learn more about reverse mortgages in the Loan Info section.

Homeowners who are 62 years and older can qualify and may be eligible even if there is an existing first or second mortgage. There is no income qualification. The size of the reverse mortgage granted depends upon the applicant’s age, the type of reverse mortgage sought, the home’s value, and interest rates.

No monthly mortgage payments are required for as long as a reverse mortgage is outstanding. The loan matures when the borrower no longer occupies the home as a primary residence. This typically occurs upon the sale of the home, or if the owner permanently moves or passes away.

Imagine having the income you need to remain living comfortably in your home in retirement—and at the same time make much needed repairs or renovations, afford quality home healthcare, or even vacation with family and friends. Over 70,000 older Americans have done that thanks to the reverse mortgage, a unique financial security tool that gives older Americans the freedom and peace of mind to fully enjoy the retirement years.

For more information on reverse loans contact Bob Heckler at Reverse Loan Guide or call Bob:

Toll Free Phone: 1-888-268-7481
Local Austin Phone: 512-314-7347
Fax: 1-888-417-7479
Email: info@reverseloanguide.com