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HUD REVERSE MORTGAGES

The state of Texas at one point was the only state in the nation that mandated reverse mortgages. Since then, seniors now have the option to benefit from a tax-free income by using part their home equity. To qualify for the majority of reverse mortgages, you must be at least 62 and live in your home.

If you are considering a HUD reverse mortgage, contact us today to help with your Texas HUD reverse mortgage!

You are obligated to pay the loan when:

• You sell your home
• No longer live within your main residence
• Under circumstances of death

A reverse mortgage allows senior homeowners the opportunity to transfer part of the equity into cash without collecting monthly bills or with having to sell their homes. One of the highlights with a reverse mortgage is that, once you receive the money for your loan you generally are not obligated to pay for the duration of the time you live within your residence.

The three basic types of reverse mortgage are:

• Single-purpose reverse mortgages
• Home Equity Conversion Mortgages
• proprietary reverse mortgages

The size of the loan is determined by the borrower's age, the home's value, and the interest rate. At the present time, Texas has more than 2.2 million seniors aging from 65 or older. That number is to increase to an additional 1.4 million by 2020. As Texans get older this may be a one way for seniors to gain some extra financial independence.

If you are considering a HUD reverse mortgage, contact us today to help with your Texas HUD reverse mortgage!