Texas Reverse Mortgage Services
Understanding Reverse Mortgages in Texas
Welcome to Texas Reverse Mortgage Services! We're here to help Seniors across the state of Texas better themselves financially. We provide relevant information pertaining to reverse mortgages in Texas and we walk people, step by step, through the process of securing a Texas reverse mortgage. A reverse mortgage may not be right for every situation, but it might be right for you. Either way, we offer free telephone consultations to help you decide. For starters now, we'll define a reverse mortgage. Then we'll discuss how HUD and FHA come into play regarding the Texas reverse mortgage. We will also talk about the the most popular reverse mortgage loan in Texas, which is the Texas HECM. At any time you may Contact Us for more information or to request a free quote. Now let's answer the question you have been dying to ask:
What is a Reverse Mortgage?
At it's most basic definition, A reverse mortgage is a loan product that allows Senior Citizens to borrow the equity in their homes without paying that money back in their lifetime (or until the property is sold.) Each year, more and more seniors retire more comfortably because of the benefits of reverse mortgages.
Is a Texas Reverse Mortgage Different?
Although reverse mortgages are a nationally regulated loan product, each state must approve the product and pass it into law. As a result, there are subtle differences between the Texas reverse mortgage and similar loans in other states. Texas reverse mortgages have different lending limits, based on your county of residence. They also have slightly different rules, which effect the use of the funds. We at Texas Reverse Mortgage Services are experts in providing this loan product in Texas. Please
Texas Reverse Mortgage Rules
In many other ways, the Texas reverse mortgage mirrors the loan in other states. Here are the basics for this type of loan:
- Borrowers must be Age 62 years or older
- Own their home and have enough equity in to qualify
- Occupy the home as primary residence
- Receive counseling by an approved HUD/FHA counselor
Texas Reverse Mortgage Benefits
- The money you receive is tax free income
- No payments as long as you live in the home
- No credit or income requirements
- Reverse mortgages are supported by AARP
- Reverse mortgages are insured by the FHA
Norman williams of Texas Reverse Mortgage Services is a Certified Senior Adviser, as well as a Registered Financial Consultant. He is happy to speak with you regarding a Texas Reverse Mortgage and can help you determin if it might be right for you. Please call Norman today at 1-877-528-4429 or Contact him online today.