Reverse Mortgages

Trade Home Equity for Cash in Your Golden Years

Reverse mortgages are a great way to convert your home equity to cash should the need arise. Available to people 62 years and older, a reverse mortgage allows you to borrow against the value of your home and provide you with the financial resources you need to live comfortably throughout retirement.

Reverse Mortgage qualifications quick guide

While there can be more circumstances to consider, here are the three general qualifications for a reverse mortgage:

  1. Age – All borrowers must be 62 or older
  2. Occupancy – The subject property/home must be the primary residence
  3. Property type – It must be a single family residence, 1-4 unit multi-family property, approved planned unit development, or condominium

How We Help

With TexasLending.com, you’ll get a government-approved counselor to assess your situation and your needs, and to determine if a reverse mortgage is right for you. Then, and only then, do we take a look at your application. We have an excellent customer satisfaction with reverse mortgages, and we can offer you our expertise and experience before, during, and after the loan process.

At TexasLending.com, you’ll always get a real, live person to talk with to guide you through the entire process of a reverse mortgage.

Just tell us what your needs are:

  • Do you never want to make a house payment again?
  • Is your income low and your mortgage payment daunting?
  • Are your medical payments getting out of hand?

A reverse mortgage can help with any or all of these dilemmas and many more.

Once approved, you can arrange to have a lump-sum payment, monthly payments, or unscheduled payments if you really need it.

A reverse mortgage differs compared to a conventional loan. The primary factor isn’t based on our confidence in your ability to pay it back, but simply on your current age and the current value of your home. Also, your credit score isn’t a factor in a reverse mortgage.

Another big difference between a reverse mortgage loan and a conventional loan is that the house you are borrowing against must be your primary residence. No rental or investment properties qualify for a reverse mortgage. Lastly, if at the last minute you decide a reverse mortgage isn’t for you, you have three days past the loan approval date to change your mind and cancel the loan. This is the law and we follow it to the letter.

Is a reverse mortgage right for you?

If you’re not sure if a reverse mortgage is right for you or if you qualify, give us a call and we’ll help you sort it out. You deserve peace of mind and freedom from financial woes in your later years, and we’re committed to giving you the best deal possible so you can have this.

 

Current Rates

VA
30 Year Fixed

As of: February 27, 2017

3.875%
RATE
4.084%
APR

Conventional
30 Year Fixed

As of: February 27, 2017

4.125%
RATE
4.324%
APR

Conventional
15 Year Fixed

As of: February 27, 2017

3.500%
RATE
3.790%
APR

Conventional
5 Year ARM

As of: February 27, 2017

3.375%
RATE
3.971%
APR

FHA
30 Year Fixed

As of: February 27, 2017

3.625%
RATE
4.525%
APR