Reverse Mortgage Help

What is a Reverse Mortgage?

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 monthly payments to make.
  • The loan is not repaid until you decide to sell or permanently leave your home

HUD Reverse Mortgages are insured by FHA and backed by the U.S. Government and major financial institutions.

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Is a Reverse Mortgage Right For You?

We all 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 could be the answer. If you own your home, even if your existing mortgage is not paid in full, and could benefit from extra cash to supplement your income, reduce credit card debt, cover medical expenses, or just have cash reserves, a Reverse Mortgage may just be the TAX FREE answer for you.

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How Much Money can I Receive?

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.

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What do I Need to Apply for a Reverse Mortgage?

To apply for a Reverse Mortgage, you will need the following:
  • Original Counseling Certificate provided by third-party Reverse Mortgage Counselor.
  • Color photocopies of driver’s licence and social security card.
  • Copy of homeowners Insurance Declaration Page.
  • Original Death Certificate of spouse if widow(er). A copy of the Death Certificate is needed only if the deceased spouse has not been removed from the title of the property.
  • Names, addresses and account number for existing mortgage (if applicable). If the property is held in a Trust, provide a copy of the Trust Agreement.
  • Provide a copy of the Durable Power of Attorney (if applicable).

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What are the Costs Involved in a Reverse Mortgage?

As with a regular mortgage loan, there are closing costs involved with a Reverse Mortgage. 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 can provide you with a Good Faith Estimate and a list of estimated closing cost.

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How Do I Qualify for a Reverse Mortgage?

A Reverse Mortgage is easy to obtain, provided that:
  • You are at Least 62 years of age or older.
  • You occupy your home as your primary residence.
  • You have substantial Equity in your home (proceeds of the Reverse Mortgage must be used to pay off existing liens or mortgages).

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What is a Counseling Certificate?

The HUD 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 HUD counseling session, you will receive a “Certificate of HECM Counseling.”

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

You can use the money that you receive from a Reverse Mortgage any way you choose. Examples for your Reverse Mortgage money:
  • Pay off your existing Mortgage
  • Financial Planning Tool
  • Supplement your Income
  • Long-Term Care Insurance
  • Travel More Frequently
  • Pay off Debt
  • Buy a New Car
  • College Tuition

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Do I Still Own My Home?

ABSOLUTELY!!

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

The Reverse Mortgage is repaid when the homeowner sells the home, moves out permanently, or dies.

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How Do I Get Started?

Our Texas Reverse Mortgage Specialists will meet with you at your convenience to discuss your financial goals. It will be an hour well spent on your financial planning.

Please have the information listed below available at the time the application for a Reverse Mortgage is completed:

  • Original Counseling Certificate provided by third-party Reverse Mortgage Counselor.
  • Color photocopies of driver’s licence and social security card.
  • Copy of homeowners Insurance Declaration Page.
  • Original Death Certificate of spouse if widow(er). A copy of the Death Certificate is needed only if the deceased spouse has not been removed from the title of the property.
  • Names, addresses and account number for existing mortgage (if applicable). If the property is held in a Trust, provide a copy of the Trust Agreement.
  • Provide a copy of the Durable Power of Attorney (if applicable).

DON’T DELAY, CALL TODAY 1-877-528-4429