Capital Home Mortgage El Paso

El Paso Reverse Mortgage Loans

El Paso Reverse Mortgage Lender

Reverse Mortgage In El Paso

Homeowners 62 and older can use reverse mortgage loans to turn the value of their property into cash or monthly payments without selling or moving. The Department of Housing and Urban Development (HUD) permits these homeowners with mortgages insured by the FHA Mortgage Insurance program to either borrow against the equity in their homes or buy a new home depending on their worth or the new purchase price property.

What is a Reverse Mortgage?

A reverse mortgage is a financial transaction in which a homeowner exchanges home equity for regular payments to supplement retirement income. Unlike conventional mortgages, which decrease when the debt is repaid, reverse mortgages increase over time as interest accrues on the loan.

How does a Reverse Mortgage work?

A reverse mortgage loan enables seniors to convert home equity into cash without selling the home or making a monthly loan payment. The funds might augment income, cover anticipated expenses, or make a purchase.

Typically, the borrower has three payment options:

  1. a single sum of cash, 
  2. equal monthly payments for as long as both borrowers reside in the property, or 
  3. equal monthly payments over time. 

Repayment is not due until both borrowers relocate, sell their home, or pass away. The lender may then exercise its security interest and foreclose on the property, or the owner or the owner’s heirs may pay off the lien. Consequently, inheritors may object to a reverse mortgage.

As with any other loan, interest accrues on a reverse mortgage beginning with the first payment to the borrower. A reverse mortgage is often an adjustable-rate mortgage (ARM) with monthly interest compounding.

Qualification Requirements of Reverse Mortgage

There are three primary qualifications for reverse mortgages:

  • Age – Each borrower must be at least 62 years old.
  • Occupancy – The subject home or property must be occupied as the principal residence.
  • Type of Property – The property must be a single-family home, 1-4 unit multifamily property, approved planned unit development, or condominium.

A borrower must be 62 or older, own the property outright (or have a small loan balance), and have no other liens to qualify for a reverse mortgage. Property taxes, homeowners insurance, and home maintenance remain the borrower’s obligations; failure to do so may lead to foreclosure.

Borrowers must also undergo financial counseling, a critical step that helps borrowers avoid paperwork pitfalls and gain a better understanding of the loan. Using a homeowner’s accumulated equity can assist a borrower in avoiding public assistance programs. Seniors relying on government assistance should investigate how reverse mortgage payouts affect their benefits.

Types of Reverse Mortgage

  • Single-Purpose Reverse Mortgage

Single-purpose reverse mortgages permit homeowners 62 and older to borrow against their home equity for a single, lender-approved purpose, such as paying property taxes or conducting house repairs. This type of reverse mortgage restricts how borrowers can use their funds.

  • Home Equity Conversion Mortgage

A Home Equity Conversion Mortgage (HECM), which is only accessible through an FHA-approved lender, is the only reverse mortgage insured by the United States federal government. The HECM reverse mortgage program from the FHA permits you to take out a portion of the equity in your house.

Borrowers can use a HECM to purchase a primary residence if they have sufficient cash to cover the difference between the HECM proceeds and the sales price plus the closing fees of the property they are purchasing.

  • Proprietary Reverse Mortgage

A proprietary reverse mortgage is a private loan that allows you to convert a portion of the equity in your house into cash. As a private loan, private lenders issue and insure proprietary reverse mortgages, which the government does not back.

Proprietary reverse mortgages are frequently referred to as jumbo reverse mortgages. They are sought primarily by individuals who want access to more funds than the federally insured reverse mortgage can provide and whose properties have a valuation that exceeds the government-set limit.

Apply for a Reverse Mortgage in El Paso

Which type of reverse mortgage is best for you? Call us at (915) 283- 3949 and speak with our Mortgage Specialists. We can help answer your questions and concerns about reverse mortgages in El Paso.

Why El Paso 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

El Paso 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

El Paso 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
Texas Mortgage Programs

Texas Home Purchase

Thinking of Buying a Texas 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

Texas renovation home loans

Looking to Rehab a Texas 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

Texas FHA Home Loans

Great for 1st Time Texas 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

Texas VA Home Loans

100% Financing for Texas 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

Texas Conventional Home Loans

Flexibility for Texas 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

Texas Jumbo Home Loans

Texas 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

Texas USDA Home Loans

100% Rural Texas 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

Texas Native American Home Loans

Texas 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

Texas Manufactured Home Loans

Great Alternative Texas Housing

Texas reverse mortgages

Your Texas 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

Texas Non QM Home Loans

Making Texas 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

Texas One Time Close mortgages

Build Your Texas 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

Texas Refinance Mortgage Loans

Texas 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

Texas Cash-out Home mortgages

Texas 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

El Paso 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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