Texas Reverse Mortgages
What Is a Reverse Mortgage?
A reverse mortgage can enable you to convert your home equity to meet your financial needs if you qualify. Reverse mortgage loan proceeds can be disbursed in several different ways, including a combination of options. The value of your home, available equity, your age, and interest rates will determine the maximum reverse mortgage loan amounts.
You may choose a reverse mortgage if:
- You never want to have a home payment again
- Your income is short but your mortgage payment is daunting
- You are a senior who wants to save your home from foreclosure
- No required monthly mortgage payments to make while you are still in the home
- Approval is not based on income or credit
With TexasLending.com reverse mortgages, you know you’re making the smart choice. Here’s why:
- You will first speak with a government-approved counselor before you even apply - all reverse mortgages with TexasLending.com are safe
- Your call will always be answered by a live person
- Your personal information is private and secure because all of our employees are located in one office here in Texas
How Do I Qualify for a Reverse Mortgage in Texas?
There are 3 major qualifications for reverse mortgages.
- 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.
- Your home must have enough equity to cover any lien payoffs, loan fees, interest accrual and servicing fees
- You are required by law to have third-party counseling prior to application
|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|
Unlike conventional mortgage customers, you do not have to worry about your credit score or meeting income requirements with a reverse mortgage. Find out how easy it is to qualify by contacting us today!