Need help understanding what a Reverse loan is for Texas Seniors?  Go to Reverse Loan Guide for help.  If you need immediate help call (512) 328-2225.

What’s the difference between a Texas reverse mortgage and a bank home equity loan?

With a traditional second mortgage, or a home equity line of credit, you must have sufficient income to qualify for the loan, and you are required to make monthly mortgage payments. A reverse mortgage works very differently. The reverse mortgage pays you, and it is available regardless of your current income. You don’t make payments, because the loan is not due as long as the house is your principal residence. Like all homeowners, you still are required to pay your real estate taxes and other conventional payments like utilities, but with an FHA-insured HUD Reverse Mortgage, you cannot be foreclosed or forced to vacate your house because you “missed your mortgage payment.”

LIVE YOUR RETIREMENT YEARS TO THE FULLEST

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.
For as long as a reverse mortgage is outstanding, no monthly mortgage payments are required. The loan matures 12 months after 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.

Need help understanding what a Reverse loan is for Texas Seniors?  Go to Reverse Loan Guide for help.  If you need immediate help call (512) 328-2225.