Buying a Home in Texas with a Reverse Mortgage
Texas Reverse Mortgages
If you are a senior aged 62 or over and are considering relocating to Texas, or downsizing to a home better suited to your current or future needs, a Reverse Mortgage Purchase loan could be an ideal solution.
Continue reading to learn about the basic terms and program highlights for Reverse Mortgages in Texas.
Reverse Mortgages in Texas
Our experienced team understands the unique aspects of the Texas real estate market and is committed to providing personalized guidance throughout the entire reverse mortgage process. We’re here to help you make informed decisions and navigate the intricacies of Home Equity Conversion Mortgages (HECMs) so you can embark on a successful financial journey with confidence.
Here are key points to consider:
- Use proceeds from the sale of your current home or available cash to make a down payment (typically 40% to 50% of the purchase price) on your new home.
- Cover the remaining purchase balance with a Reverse Mortgage (HECM), with any surplus funds available for your discretion.
- As a responsible homeowner, you are required to pay property taxes, insurance, and maintain your home.
- You own your home—not the bank.
- No monthly mortgage payments for as long as you or your spouse (if applicable) reside in the home.
- Enjoy the flexibility to refinance or sell at any time without penalties.
For a thorough consultation and answers to all your questions about reverse mortgages, please don’t hesitate to contact us, call 1-866-389-2778. During our discussion, we can address inquiries such as:
- Do I qualify for a purchase reverse mortgage?
- What is the potential funding amount?
- Is a reverse mortgage suitable for my circumstances?
- How does the reverse mortgage process function?
- What types of reverse mortgage products are available to me?
There is no application fee, and we are here to provide insights tailored to your specific needs. Contact us today—we look forward to helping you secure your future with confidence!
This material is not from HUD or FHA and has not been approved by HUD or a government agency.
This general information is NOT a substitution for the advice of an attorney, accountant, and/or financial planner. Before you decide to pursue a reverse mortgage, you should carefully consider your individual circumstances so you can make a wise decision about the most valuable asset you may own—your home. Factors to consider include whether the proposed reverse mortgage is a recourse or nonrecourse loan, whether the loan would have a fixed or adjustable interest rate, and/or the current and projected market value of your home.
The lender will charge an origination fee, a mortgage insurance premium, closing costs or servicing fees for the reverse mortgage, all or any of which the lender will add to the balance of the reverse mortgage loan.
The balance of the reverse mortgage loan grows over time and the lender charges interest on the outstanding loan balance.
At the conclusion of the term of the reverse mortgage loan contract, some or all of the equity in the property that is the subject of the reverse mortgage no longer belongs to the person and the borrower may need to sell or transfer the property to repay the proceeds of the reverse mortgage from the proceeds of the sale or transfer or you must otherwise repay the reverse mortgage with interest from other personal assets. In order to retain the home when the reverse mortgage becomes due that (1) the consumer or the consumer’s heirs or estate must pay the entire loan balance and (2) the balance may be greater than the value of the consumer’s home.
The consumer retains title to the property that is the subject of the reverse mortgage until the person sells or transfers the property and is therefore responsible for paying property taxes, insurance, maintenance and related taxes. Failing to pay these amounts may cause the reverse mortgage loan to become due immediately and may subject the property to a tax lien or other encumbrance or to possible foreclosure.
Interest on a reverse mortgage is not deductible from the consumer’s income tax return until the consumer repays all or part of the reverse mortgage loan.
