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How do I Get Started?

Norman Williams — Wed, 07 Dec 2011 06:55:24 +0000

We will be happy to meet with you at your convenience to discuss your needs. We find the first meeting with prospective clients takes about an hour to gather the facts. It will be an hour well spent.

* Please have the information listed below available at the time the application for a Reverse
Mortgage is completed:
* Original signed counseling certificate provided by third-party Reverse Mortgage Counselor.
* Photocopies of driver’s license and social security card, for each borrower.
* Copy of recent property tax statement and homeowners insurance bill.
* Original death certificate of spouse if a widow(er). This is needed only if deceased spouse
has not been removed from title to property.
* Names, addresses and account numbers for mortgage debt.
* If the property is held in a trust, please provide us with a copy of the trust agreement.
* If the person signing has Power of Attorney for the borrower(s), please provide us with a copy
of the Durable Power of Attorney.

Do I Still Own My Home?

Norman Williams — Wed, 07 Dec 2011 06:53:30 +0000

ABSOLUTELY!! You retain full ownership of your home when you obtain a Reverse Mortgage. The lender has a lien against your property. Since you make no monthly payments the loan balance increases over time.

When the loan is repaid, the borrower or their heirs pay off the loan balance which consists of; the financed closing cost and cash advanced from the interest that has accrued. The remaining Equity stays with the homeowner or their heirs.

What Can I Do with the Money from a Reverse Mortgage?

Norman Williams — Wed, 07 Dec 2011 06:52:06 +0000

You can use the Money that you receive from a Reverse Mortgage any way You choose:

* Use It as a Financial Planning Tool

* Supplement your Income

* Long-Term Care Insurance

* Pay off a Current Mortgage

* Travel More Frequently

* Pay off Debt, Buy a New Car

* College Tuition or Gifts to Family

What is a Counciling Certificate?

Norman Williams — Wed, 07 Dec 2011 06:50:50 +0000

Before applying for a Reverse Mortgage you are required to meet with an independent Reverse Mortgage counselor. This counseling session will help you determine whether a Reverse Mortgage is right for you.

The counseling session can be done either on the telephone or in person. The family or trusted friends are encouraged to participate. At the end of the meeting you will receive a Certificate of HECM borrower counseling.

How do I Qualify for a Reverse Mortgage?

Norman Williams — Wed, 07 Dec 2011 06:49:41 +0000

A Reverse Mortgage is easy to obtain, provided that:

1. You are at Least 62 years of age or older.

2. You occupy your home as your primary residence.

3. You have substantial Equity in your home (proceeds of the Reverse Mortgage must be used to pay off existing liens or mortgages).

What are the Costs Involved in a Reverse Mortgage?

Norman Williams — Wed, 07 Dec 2011 06:48:16 +0000

As with a regular mortgage loan, there are closing costs involved with a Reverse Mortgage as well. These fees can be financed into the loan and typically include the cost of the appraisal, title insurance, loan origination, and recording fees. Our Texas Reverse Mortgage Specialists will be happy to provide you with a Good Faith Estimate of the costs involved.

What do I Need to Do to Apply for a Reverse Mortgage?

Norman Williams — Wed, 07 Dec 2011 06:47:02 +0000

To apply for a reverse mortgage, you will need the following:

* Original counseling certificate provided by third-party Reverse Mortgage counselor.
* Photocopies of driver’s licence and social security card
* Copy of recent property tax statement and homeowners insurance bill.
* Original death certificate of spouse if widow(er). This is needed only if deceased spouse has not been removed from title to property.
* Names, addresses and account numbers for mortgage debt. If the property is held in a trust please provide us with a copy of the trust, agreement.
* If the person signing has Power of Attorney for the borrower, please provide us with a copy of the Durable Power of Attorney.

How Much Money Can I Receive?

Norman Williams — Wed, 07 Dec 2011 06:45:32 +0000

The amount of Money you receive is dependent upon several factors: your age, the value of your home, current interest rates and the specific pay out you choose.

Your Loan Originator can help you determine which plan best meets your needs.

While each individual’s situation is different, as a rule of thumb the older you are and the higher your home’s appraised value, the more Money you will receive.

Try our Reverse Mortgage Calculator for an estimation of how much you may qualify for.

Is Reverse Mortgage Right for You?

Norman Williams — Wed, 07 Dec 2011 06:44:03 +0000

Most of us love our home. We have put a lot of ourselves into it. Perhaps we’ve raised our families there, worked hard to keep it in good repair, lived, loved, laughed and cried there.

Your home is one of the biggest assets you have. It represents one of your largest and most often overlooked sources of Extra Income. The ability to remain in our home while taking care of ourselves financially is important.

A Reverse Mortgage is the answer. If you own your home, and if you could benefit from extra cash to supplement your income, reduce credit card debt, cover medical expenses

What Is a Reverse Mortgage?

Norman Williams — Wed, 07 Dec 2011 06:42:53 +0000

A Reverse Mortgage is a special type of loan that enables you to tap into the Equity in your home and receive Cash.

• This is Tax Free Money
• There are no income qualifications.
• No Credit Approvals.
• There are no monthly payments to make.
• The loan is not repaid until you decide to sell or permanently leave your home.

Our Reverse Mortgages are backed by the U.S. Government and Major Financial Institutions.

For more information, click to watch our Reverse Mortgage Informational Video