Reverse Mortgages for San Antonio
Retirement should be the most exciting and relaxing time in your life, and living in San Antonio makes that only too easy. However, even the most prepared adults may not have the funds they expected to pay debts, maintain quality of life and do the fun things they want to. Many older homeowners make up for this difference by getting a reverse mortgage.
At Senior Lending Corporation, reverse mortgages are our specialty. You may be eligible even if you're unfamiliar with this inverted mortgage that puts more money in homeowners' pockets. Learn more about how you can benefit from this tool and get started with an application today.
What Is a Reverse Mortgage?
A reverse mortgage allows you to use your home's equity as collateral for a loan. As you've paid off your original mortgage over the years, your home has built equity, or market value. Now is the best time to use that to your advantage. The funds you receive from a reverse mortgage are not taxed and are usable for nearly anything, from paying off high interest credit card debt, making needed home repairs, paying medical debt to taking the vacation of your dreams.
Home Equity Conversion Mortgages (HECMs) are the most popular type of reverse mortgage in San Antonio, making up more than 98% of all applications. It is the only loan type that is federally insured, making it accessible even for people who have low credit scores or other debt payments. Once you have the funds, you can start building your financial future right away, your way.
Reverse Mortgage Requirements in San Antonio
When you contact your local reverse mortgage company, they'll review these aspects to ensure you meet the basic requirements:
- Age: To qualify for a home equity conversion mortgage in San Antonio, you must be at least 62 years old.
- Home: Your home must have enough equity to fund the loan and fit a few other guidelines to qualify for a reverse mortgage.
- Finances: While your financial situation is less important here than it is for most loans, it's still something to account for. A lender may request your credit, debt-to-income ratio and similar information to determine if you can maintain homeowners insurance and property care.
Why Choose Senior Lending as Your San Antonio Reverse Mortgage Company?
Through our years of on-the-job experience, we're proud to have earned our reputation as San Antonio's trusted reverse mortgage company. Our experts are licensed to help in this city and throughout the entire state of Texas. We've developed an application process that's quick and painless, making a reverse mortgage achievable for anyone who qualifies. Let our professionals show you how to turn your home's equity into something useful now.
Learn More About Reverse Mortgages
- Guide to Texas Reverse Mortgages
- Frequently Asked Questions
- Educational Videos
- Application Process
- Find FHA-Approved Lenders
- Texas Law Help
- Federal Trade Commission Consumer Advice
Learn More About The Application Process
Before you start applying for your reverse mortgage, you should speak with a professional and go through a mandated counseling session. This session will answer all your questions and deliver valuable information about the reverse mortgage process. If you're ready to begin, contact Senior Lending today. Our professionals will be by your side from the moment you decide a reverse mortgage is right for you until the money is in your hands.