Capital Home Mortgage Austin

Austin Reverse Mortgage Loans

Austin Reverse Mortgage Lender

Reverse Mortgage Options In Austin

What is a Reverse Mortgage?

A reverse mortgage is a loan used by homeowners over the age of 62 who have significant equity in their homes. Seniors may borrow against their equity to pay for cost-of-living costs late in life, frequently after they have exhausted all other resources or sources of income.

Like a standard mortgage, a reverse mortgage enables homeowners to borrow money while using their home as collateral. When you take out a reverse mortgage loan, the title to your property remains in your name, just like with a regular mortgage. However, unlike a typical mortgage, borrowers do not make monthly mortgage payments with a reverse mortgage loan. The loan is repaid when the borrower no longer resides in the home. Each month, interest and fees are added to the loan total, which causes it to rise. Homeowners who take out a reverse mortgage must pay property taxes and homeowners insurance, utilize the property as their primary residence, and keep it in excellent shape.

Types of Reverse Mortgage

There are three types of Reverse Mortgages:

  • Single-Purpose Reverse Mortgage

State, local, and charitable organizations all provide single-purpose reverse mortgages. Because it is guaranteed by the government and other Non – governmental organizations, it is the least expensive alternative for a reverse mortgage loan. As a result, homeowners should expect to pay less interest and fees with a single-purpose reverse mortgage than with a HECM or a proprietary reverse mortgage.

The name is the most crucial thing to understand about a single-purpose reverse mortgage. You can only utilize your proceeds for one purpose, which your lender must permit.

  • Home Equity Conversion Mortgage

The Home Equity Conversion Mortgage (HECM) is a reverse mortgage program offered by the Federal Housing Administration (FHA) that allows you to withdraw some of the equity in your home. You can withdraw your savings in various ways, including a predetermined monthly amount, a line of credit, or a combination of the two. You can also use a HECM to buy a primary house if you have enough cash to cover the difference between the HECM proceeds and the purchase price plus closing charges.

To be eligible for a HECM, you must meet the following requirements:

  • You must be 62 or older.
  • Own the property outright or with a low mortgage balance
  • Use the property as your primary residence.
  • You must not be in arrears on any government debt.
  • Attend a consumer information workshop led by a certified HECM counselor.

The following eligible property types must meet all FHA property standards and flood requirements:

  • Single-family home or 1-4 unit house with the borrower occupying one unit
  • The United States Department has approved condominiums of Housing and Urban Development (HUD).
  • Manufactured home that fulfills FHA standards
  • Proprietary Reverse Mortgage

A proprietary reverse mortgage is a private loan that lets you convert a portion of the equity in your property into cash.

Private lenders finance proprietary reverse mortgages, which the federal government does not back. They help homeowners seeking more money and homes with greater appraised worth. If your property is valued more than the federally backed HECM financing maximum of $970,800 in 2022, you may be eligible for a proprietary reverse mortgage.

Apply for a Reverse Mortgage in Austin

If you are a senior wondering if a reverse mortgage is a suitable option for you, give us a call to discuss. Speak with one of our Reverse Mortgage Specialists at (512) 237-7400.

Why Austin HomeBuyers are Choosing Capital Home Mortgage
Close On Time

Complete Control from Application to Funding

Low Rates & Low Fees

Direct Lender with Competitive Rates & Low Fees

Exceptional Service

7  Day a Week Support Application to Final Payment

Austin Mortgage Rates

Have you ever wondered why interests rates are what they are and what determines the final rate?  Why borrowers receive different interest rates? Or why rates go up and down?  Interest Rates are calculated using several factors.

  • Demand for mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

Austin REverse Home Loans

Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.

  • Purchase & Refinance
  • Primary Only
  • 62 Years or Older
  • Required Hud Counseling
  • Homeowners Insurance Required
  • Must Continue to Pay Taxes
  • Meet Required Equity Values
Austin Mortgage Programs

Austin Home Purchase

Thinking of Buying an Austin Home?

Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.

  • Primary, Secondary, Investment
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo, Non QM
  • Reverse, Renovation, Manufactured

Austin renovation home loans

Looking to Rehab an Austin Home?

Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not look at a renovation loan?  Purchase the Perfect Home and make it your own. Call today.

  • Remodel, Renovate or Repairs
  • FHA 203K Streamline or full
  • fannie mae homestyle reno
  • freddie mac home choice reno

Austin FHA Home Loans

Great for 1st Time Austin Homebuyers

FHA Home Loans are great for first time home buyers, buyers with less than perfect credit, or buyers needing less out of pocket.   Call today to get started.

  • Smaller Down Payment
  • Flexible Underwriting
  • Higher Debt to Income Ratios
  • Lower Credit Scores OK

Austin VA Home Loans

100% Financing for Austin Veterans

Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.

  • Simply Qualifying for Veterans
  • No Down Payments Requirements
  • Lower Credit Scores Accepted
  • Manual Underwriting Allowed

Austin Conventional Home Loans

Flexibility for Austin Homebuyers

Conventional Home Loans are the best option for flexibility of property types and for mortgage loan terms. Call today to get speak to a Loan Officer.

  • Primary, 2nd Home, Investment
  • Great Rates & Low Fees 
  • Single Family and Multi-Family
  • Renovation Loan Programs

Austin Jumbo Home Loans

Austin Non Conforming Loans

Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits.  Call today to speak to a loan officer.

  • Primary Residence and 2nd Homes
  • Higher Loan Amounts – 3 Million
  • Great Interest Rates
  • Investor Specific Guidelines

Austin USDA Home Loans

100% Rural Austin Home Loans

USDA Loans are a great option for families wanting to live outside of the city.  Call today to speak with a loan officer to discuss your personal loan options.

  • Rural Properties Only
  • Primary Residence Only
  • Geographic Restrictions
  • Income REstrictions

Austin Native American Home Loans

Austin HUD 184 Home Loans

HUD 184 Home Loans are solely for Native American and offer a variety of benefits.  Call today to speak with a loan officer to find out more.

  • Primary Residence Only
  • Manual Underwriting for All Loans
  • No Credit Score Requirements
  • Tribal Grants Allowed

Austin Manufactured Home Loans

Great Alternative Austin Housing

Austin reverse mortgages

Your Austin Home at Work

Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.

  • primary residence only
  • simple qualifying – equity based
  • credit scores not applicable
  • Minimum age 62

Austin Non QM Home Loans

Making Austin Mortgages Possible

Looking for Non Traditional Home Mortgage Loan?  Contact a Loan Officer Today to discuss the alternative mortgage options currently available.

  • Purchase, Rate and Term & Cash-out
  • Primary, Secondary and Investment
  • Full Doc & Bank Statements Programs
  • Corporations OK

Austin One Time Close Home Loans

Build Your Austin Dream Home

Want to Build? But unsure of what the future looks like? Remove the risk with a One Time Close Construction Loan.  Call today to see how a OTC loan works.

  • Primary Residence Only
  • Close Once
  • Lock Rate at Contract
  • Traditional Final Mortgage

Austin Refinance Mortgage Loans

Austin Rate & Term Refinance

Refinancing can be a hard decision and the payback can sometimes be confusing.  Call today and let our Loan Officers walk you through the process.

  • Reduce Mortgage Term
  • Lower Monthly Payments
  • Appraisal Waivers
  • Streamline Options Available

Austin Cash-out Home mortgages

Austin Equity Mortgage Loans

Cash-Out Mortgage Loans make use of the equity in your home by allowing you to refinance the current mortgage and access this equity to use as you see fit.

  • Debt Consolidation
  • Investment Opportunities
  • Home Improvement
  • Vacation or Education

Austin Texas Mortgage Team

Dale Gremillion

Sr Loan Officer
NMLS #210325

Conor Hayhurst

Branch Manager
NMLS #743506

Sam Klaburner

Sr Loan Officer
NMLS #140132

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