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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:

Other benefits:

With TexasLending.com reverse mortgages, you know you’re making the smart choice. Here’s why:

 

How Do I Qualify for a Reverse Mortgage in Texas?

There are 3 major qualifications for reverse mortgages.

Other considerations:

 

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

 

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!

 

Key Factors Table

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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Current Rates

Type Rate APR
Conv. 30 Year Fixed 4.125% 4.290*%
Conv. 15 Year Fixed 3.250% 3.590*%
Conv. 5 Year ARM 3.625% 3.625*%

As of Wednesday, July 9, 2014

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*All rates above quoted with 1% origination
*20% Equity with loan amounts of $165,000+
*Subject to credit & income requirements
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