Senior Lending Corporation is a nationwide leader in reverse lending mortgages. Our goal is to help relieve some of your financial stress, so you and your family can further enjoy your time in retirement.
What Is a Reverse Mortgage?
A reverse mortgage can be an excellent way to supplement your income and pay for bills, necessities or vacations for many Texas homeowners. In a reverse mortgage, instead of paying a lender money, your lender pays you based on your home’s equity. The most common way lenders pay is by offering a line of credit the borrower can access when needed, but you can also receive your loan in monthly payments or as a lump sum.
There are two kinds of reverse mortgages:
- Jumbo or proprietary reverse mortgages
- Home Equity Conversion Mortgages (HECMs)
By far, HECMs are the most popular reverse mortgage, comprising about 95% of the market. For all of these mortgage options, repayment is only due when you no longer use the house as your primary residence, whether that means you move out or pass away.
Texas Reverse Mortgage Requirements
To qualify for a HECM reverse mortgage in Texas, you must:
- Be 62 years old or older.
- Have sufficient equity in your home.
- Live in the home as your primary residence.
- Have paid any outstanding federal debt or have a satisfactory plan to do so.
- You must meet with a Department of Housing and Urban Development (HUD)-approved reverse mortgage counselor prior to applying for a reverse mortgage loan
Texas Reverse Mortgage FAQS
Learn more about reverse mortgages through the answers to commonly asked questions below.
Are There Restrictions on How You Can Use the Money?
There are no restrictions on how the proceeds from a reverse mortgage are used except in the case of “public sector” loans.
Does My Home Qualify?
If your primary residence is up to date on all taxes and insurance fees and you have sufficient equity in your house, your home likely qualifies.
How Much Money Can I Get from My Home?
Many conditions can affect how much money you’ll get in your loan, including current market trends and an appraisal of your house. Generally, the older you are and the less you owe on your mortgage, the more you’ll be eligible to receive.
How Do I Apply for a HECM?
When you’re interested in applying for a HECM, your first step is consulting with a professional like the ones at Senior Lending Corporation. Next, as required by federal law, you’ll need to attend an approved counseling session usually done via telephone, wherein a third party gives you your options objectively. Then, you’ll be able to file an application with your lender and be on your way to receiving your funds.
Contact Senior Lending Corporation Today
If you’re ready to apply for a HECM loan in Texas, find a local reverse mortgage company that knows the state laws and can help you find the best solutions for your situation. Senior Lending Corporation has a team of licensed advisors standing by to help you find some peace of mind in your finances.