30yr Fixed *As of Thursday, May 16, 2013
Rates as Low As 3.500%
APR as Low As 3.690%
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Texas Reverse Mortgages


What Is a Reverse Mortgage?

  • Choose to never have a home payment again when you get a reverse mortgage with TexasLending.com.
  • If your income is short but your mortgage payment is daunting a reverse mortgage may be your answer
  • All reverse mortgages with TexasLending.com are safe. You will first talk with a government approved counselor before you even apply.
  • A live person will always answer your call at TexasLending.com. You've earned the service.
  • We house all 180 employees in one office here in Texas to make sure your personal information is private and secure.
  • Reverse Mortgages with TexasLending.com have helped many seniors save their homes from foreclosure.
  • Work with a privately owned Texas Mortgage Banker where we understand what Y'all, Fixin, and Chickin Fried Steak is all about when you call.

A reverse mortgage enables qualified borrowers to convert their home equity to meet their financial needs.

No required monthly mortgage payments to make while you are still in the home.

Reverse mortgage loan proceeds can be disbursed in several different ways, including a combination of options.

Value of home, available equity, borrower ages and interest rates will determine maximum reverse mortgage loan amounts.

Approval is not based on Income or Credit.


How Do I Qualify for a Reverse Mortgage in Texas?

3 Major Qualifications For Reverse Mortgages (Really this simple)

  • Age - All borrowers must be 62 or older
  • Occupancy - Subject property / home must be the primary residence
  • Property Type - Must be SFR, 1-4 Unit property, approved PUD or Condo

Home must have enough equity to cover any lien payoffs, loan fees, interest accrual and servicing fees.

Mandatory third party counseling is required for all Texas reverse mortgages prior to application.

You do not have to worry about credit score or income requirements facing conventional mortgage customers today.


Key Factors

Factor Conventional Mortgages Reverse Mortgages
Major Qualification for Loan Income, Assets, Credit History and Employment Home Value and Age of Applicant(s)
Minimum Age to Qualify 18, 21 62
Primary Factor Used to Qualify for Loan Borrower's ability to repay Home Value and Age of Applicant(s)
Maximum Loan Amounts and Loan-To-Values Driven by Home Value and Borrower's Credit History Driven by Home Value and Age of Borrower(s)
Credit Scores Used to determine LTV and maximum loan amounts Not used at all
Allowed Occupancy Types Primary Residence, Second Homes, Investment Properties Primary Residence only
Proving Income, Assets and Employment Generally required on most loans Only needs to be stated, never verified or used for qualification purposes

 
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