If you already have a mortgage on your home, you can still get a reverse loan in Texas. Go to ReverseLoanguide.com or call Bob Heckler at (512) 328-2225.

Why Do I Need to Get Counseling?

Counseling is one of the most important consumer protections built into the program. It requires an independent third-party to make sure you understand the program, and review alternative options, before you apply for a reverse mortgage.

You can seek counseling from a local HUD-approved counseling agency, or a national counseling agency, such as AARP (800-209-8085), National Foundation for Credit Counseling (866-698-6322), and Money Management International (877-908-2227). Counseling is required for all reverse mortgages and may be conducted face-to-face or by telephone.

By law, a counselor must review:

• options, other than a reverse mortgage, that are available to the prospective borrower, including housing, social services, health and financial alternatives;
• other home equity conversion options that are or may become available to the prospective borrower, such as property tax deferral programs; 
• the financial implications of entering into a reverse mortgage; and, 
• the tax consequences affecting the prospective borrower’s eligibility under state or federal programs and the impact on the estate or his or her heirs.

When Do I Pay Back My Loan?

No monthly payments are due on a reverse mortgage while it is outstanding. The loan is repaid when you cease to occupy your home as a principal residence, whether you (the last remaining spouse, in cases of couples) pass away, sell the home, or permanently move out. The amount owed can never exceed the value of your home. Furthermore, if the home is sold and the sales proceeds exceed the amount owed on the reverse mortgage, the excess money goes to you or your estate.

Need more information on Reverse Loans? Go to ReverseLoanGuide.com.