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Reverse Mortgages in Plano, TX

With a reverse mortgage company at your side, you can enjoy your retirement in Plano, your way. From enjoying outdoor recreational activities to participating in community events in Plano and the surrounding neighborhoods, a reverse mortgage gives you the financial freedom to enjoy your retirement.

At Senior Lending Corporation, we help seniors in Plano access their home equity for retirement. Your home’s equity is your largest asset, and you can use it to pay off an existing mortgage and other expenses, supplement your income or pay for whatever you wish.

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The Basics of Working With an HECM Company in Plano

Work with a trusted reverse mortgage company in Plano to secure flexible financing. We offer a federally insured Home Equity Conversion Mortgage (HECM) that allows you to borrow against your home’s equity without paying monthly mortgage payments. You can access a reverse mortgage as a monthly income supplement, a lump sum or a combination of these options. 

Lending money via a HECM in Plano does not change ownership. You will still own your home and have the right to sell it. Repayment occurs after the last surviving spouse passes away, moves out or sells.

Watch the “Blind Test” video to see why over 1 million retirees have chosen a HECM Reverse Mortgage Line of Credit!

Reasons to Get a Reverse Mortgage

A reverse mortgage is a valuable tool for accessing a segment of your home’s equity. It is particularly beneficial because it strengthens your financial flexibility without increasing your tax burden. The Internal Revenue Service (IRS) identifies a reverse mortgage as a loan rather than income, meaning it is tax-free. Keep in mind that you still have to pay property taxes and homeowners insurance as usual.

Other benefits of a reverse mortgage include:

  • Access to additional funds: Receive an additional income stream to cover living expenses, home improvements, repairs, a vacation and other needs. You can also use the funds to pass on an inheritance to your heirs.
  • Convenience: A reverse mortgage can pay off the remaining mortgage, eliminating monthly payments. It can also help you clear debts and repair your home.
  • Peace of mind: You will continue living in your home and retain ownership while accessing a portion of its equity. A reverse mortgage is also nonrecourse, meaning you or your heirs won’t pay more than the current appraised home value.

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Reverse Mortgage Requirements in Plano

Reverse mortgages are within reach for many homeowners who meet these qualifications:

  • Residents are 62 years or older and own the home. At least one homeowner should meet this requirement.
  • The home is your primary residence and a single-family property.
  • You have sufficient equity in the home to leverage as collateral.
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Reverse Mortgage Application Process

There are 5 main steps to the reverse mortgage process. The entire process can all be done from the comfort of your home or in person whichever you prefer.

1

FHA Counseling

2

Application

3

Appraisal

4

Underwriting

5

Closing

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Choose a Reliable Mortgage Advisor in Plano

When looking for reverse mortgage lending in Plano, TX, get expert advice from your trusted local mortgage advisor, Senior Lending Corporation. We’re a reputable reverse mortgage company with years of experience helping homeowners attain financial peace of mind. 

Additional reasons to choose us include:

  • Licensing: The Texas Department of Savings and Mortgage Lending has licensed us to offer reverse mortgages throughout the state.
  • Excellent customer service: Your needs are our priority. Experience honest and transparent services tailored to your financial retirement goals.
  • Relationship-driven services: We foster strong relationships with our customers through exceptional product knowledge and by seeking to understand what they value the most.

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Unlock Your Home’s Equity With a Reverse Mortgage in Plano

Enjoy your retirement with a reverse mortgage from Senior Lending Corporation. We stand out from other reverse mortgage companies in Plano because we prioritize your financial needs. We will also support you through counselling to help you understand this financial product before applying. 

Call 800-822-1190 or contact us online to speak to a licensed reverse mortgage advisor.

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Useful Resources About Reverse Mortgages