Reverse Mortgages in Houston
As one of Texas' most popular cities, Houston offers you endless opportunities every day. People of every age find their home here, and the warm climate makes it an ideal destination for retirement. If you're looking for opportunities to fund your retirement in Houston, an HECM reverse mortgage may be the solution for you. Senior Lending Corporation's reverse mortgage counselors are prepared to help you apply and get money to fund your future.
What's a Reverse Mortgage?
A reverse mortgage lets you reap the benefits of your commitment to paying your mortgage. As you've made mortgage payments over the years, your home has grown in equity, or market value. Once your home has enough equity, you can cash this in for money, which you can use in any way you please. Our clients frequently consider a reverse mortgage to get a new income to finance their retirement, a major purchase or a vacation.
Nearly all reverse mortgages are Home Equity Conversion Mortgages (HECMs), which is the only federally insured type of reverse mortgage. HECMs are specifically designed for older adults in their retirement years to replace lost income from work, Social Security and pensions.
Advantages of a Reverse Mortgage in Houston
HECMs and other reverse mortgages offer significant financial and personal gain, especially to older adults who have built up their home's equity over the years. For many, the funds of a reverse mortgage give them a financial freedom they never thought they could achieve, allowing them to pay off credit card debt, make needed home improvements and help loved ones with investments like schooling and major purchases. For others, it affords the chance to maintain their independence by outfitting their homes with accessibility features and hiring home care instead of moving into assisted living facilities.
Basic Reverse Mortgage Requirements in Houston
The great thing about reverse mortgages is that they're achievable for nearly any homeowner once you meet a few basic guidelines. The qualifications for an HECM include:
- Age: HECMs are for people age 62 or older.
- Financial status: Gone are the days of your credit score being the end-all of your application. Reverse mortgage companies will examine your current finances and debt-to-income ratio to determine whether an HECM is right for you.
- Homeowner status: The home you use as collateral has to be your primary residence and a single-family house. You must also have sufficient equity in it to receive payment for it.
Why Choose Senior Lending Corporation?
Senior Lending Corporation is proud to be Houston's local reverse mortgage company. Our team comprises trusted experts with years of experience in Houston and Texas as a whole. We'll help you find peace of mind through your finances and prepare everything you need to be the ideal applicant. We've helped thousands of people through our simple application process, and if you're ready to be next, our advisors are standing by.
Get Started With Our Advisors Today
Our process starts with a mandatory counseling session and an appraisal of your home's equity. Contact us online or at 800-822-1190 today so that we can go through the first steps of your application and put funds in your hands sooner.