A Texas Reverse Mortgage is a special type of home loan that seniors can obtain that provides additional income during retirement. One of the benefits of owning a home is that equity builds as mortgage payments are made and real estate values rise. With a Reverse Mortgage, that equity is paid back to the home owner in the form of cash. Funds received from an Reverse Mortgage have many uses: covering unexpected medical expenses, supplementing social security payments, and even enabling early retirement.
Repayment of a Reverse Mortgage is unnecessary until the borrower(s) no longer treat the home as their primary residence. However, there are a few qualification requirements for a Â Reverse Mortgage: you must be a Texas resident, who is at least 62 years old, and have substantial equity in your home.
Please click on the links to the left under Reverse Mortgage Basics to learn more about Texas Reverse Mortgages.
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