Reverse Mortgage Refinance
Refinancing a Home with a Texas Reverse Mortgage
The Home Equity Conversion Mortgage (HECM) is the most widely used federally insured reverse mortgage, offering Texas homeowners aged 62 and older a strategic way to enhance their financial security during retirement.
Refinancing with a reverse mortgage allows eligible seniors to replace an existing mortgage with a new reverse mortgage, helping them:
✔ Secure better loan terms
✔ Access additional funds for expenses or investments
✔ Adapt to changing financial needs while staying in their home
With this unique refinancing option, Texas homeowners can tap into their home equity without monthly mortgage payments, ensuring greater financial flexibility and peace of mind.
Explore your options today—contact us to see how a reverse mortgage refinance can work for you!
Reverse Mortgage, or Home Equity Conversion Mortgage (HECM) Overview:
The Texas Reverse Mortgage (HECM) empowers homeowners aged 62 and older to remain in their homes without monthly mortgage payments—as long as property taxes, homeowner’s insurance, and maintenance requirements are met.
Beyond eliminating monthly payments, a Texas HECM also provides access to additional funds, with flexible payout options tailored to individual financial needs.
The amount a homeowner can receive is based on age and home equity, with no restrictions on how the funds can be used. The loan becomes due only when:
✔ None of the original borrowers live in the home
✔ Property taxes or insurance become delinquent
✔ The home falls into disrepair
Unlock the equity in your Texas home and enjoy financial peace of mind—contact us today to explore your reverse mortgage options!
Important Facts About the Texas HECM:
- The HECM loan is Federally Insured
- You own your home – not the bank!
- You never make another mortgage payment while you live in the home.
- You can refinance or sell whenever you want with no penalty.
- The money you receive from this loan is tax-free.
- You can use your loan proceeds any way you wish. There are no restrictions.
- Reverse Mortgages are available to purchase a home too!
- Good Credit is not necessary to qualify.
- The Loan Proceeds may be received as any combination of:
- A lump sum
- Monthly payments to you
- In a Line of Credit to use when needed. And, the unused portion grows in value!
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 reverse mortgage? How much money can I get? Is a reverse mortgage right for me? How does a reverse mortgage work? What kind of reverse mortgage products are available to me?
Rest assured, there is no application fee. We look forward to assisting you with valuable insights tailored to your specific needs.
Important Disclosures:
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.
