Capital Home Mortgage New Mexico

New Mexico Reverse Mortgage Loans

Reverse Mortgage Lender New Mexico

Reverse Mortgage In New Mexico

What is a Reverse Mortgage?

A reverse mortgage is a type of home loan for seniors 62 and older that allows them to convert their home equity into cash income without making monthly mortgage payments. This loan is often available to homeowners who have paid off their mortgage or have a considerable amount of equity in their house. 

Reverse mortgage loans increase the homeowner’s debt, as borrowed money, interest, and fees are added to the monthly loan balance. As a result, the homeowner’s equity decreases over time because interest is added to the balance every month. Homeowners or their heirs will eventually have to repay the loan, typically by selling the home. The proceeds from a reverse mortgage are not subject to taxes and do not require monthly payments from the borrower.

Types of Reverse Mortgage

There are three main types of reverse mortgage loans available to homeowners: single-purpose, federally insured (Home Equity Conversion Mortgage or HECM), and proprietary reverse mortgages.

  • Single-Purpose Reverse Mortgage

These loans are made available by several state and local government agencies and nonprofit organizations. They enable eligible retirees to access funds for a particular, lender-approved purpose, such as home restorations or property taxes. Single-purpose reverse mortgages typically have lower fees and interest rates than other reverse mortgages, but their limited use may only be ideal for some borrowers.

  • Home Equity Conversion Mortgage (HECM)

HECMs are the most frequent type of reverse mortgage and are federally insured. They offer greater flexibility regarding how loan proceeds are utilized and are accessible from various lenders. HECMs, on the other hand, have several one-time and recurring fees, including origination fees, mortgage insurance premiums, and servicing fees. While HECMs can provide more significant loan amounts and alternatives, they are more expensive than other types of reverse mortgages.

  • Proprietary Reverse Mortgage

These are private loans backed by the companies that develop them. Proprietary reverse mortgages offer larger loan amounts for high-valued homes, an advantage for homeowners with significant equity. However, proprietary reverse mortgages are not insured by the federal government and may have higher fees and interest rates than HECMs, which could increase the overall cost of the loan.

Each type of reverse mortgage has its own unique pros and cons, depending on the borrower’s needs, home value, and financial situation. It is essential for homeowners to carefully consider and understand the specific features, costs, and eligibility requirements associated with each reverse mortgage type before making a decision.

Benefits of a Reverse Mortgage

Reverse mortgages offer several benefits for eligible seniors, primarily aimed at enhancing their financial stability during retirement. Some of the key advantages include:

  • Access to cash

Reverse mortgages allow seniors to convert their home equity into cash, providing much-needed funds for those whose net worth is primarily tied up in their home equity.

  • No monthly mortgage payments

Unlike traditional mortgages, reverse mortgage borrowers are not required to make monthly payments. Instead, payments are made to the borrower as long as they live in their home.

  • Retain home ownership

Borrowers retain the title to their home, meaning they remain the owner and can continue living in the house without moving or selling.

  • Supplement retirement income

Reverse mortgages can supplement fixed retirement income, helping retirees maintain their standard of living and cover expenses.

  • Postpone using other retirement sources

By providing an additional source of income, reverse mortgages can help delay tapping into other retirement savings, such as Social Security benefits or retirement accounts.

  • Financial flexibility

Reverse mortgages are versatile financial products that can be tailored to meet various needs and preferences, offering flexibility in how the loan proceeds are used.

  • Age in place

Reverse mortgages can help homeowners stay in their homes and maintain their independence as they age.

These benefits can significantly enhance retirees’ financial status, giving them more security and flexibility. However, it is critical to carefully analyze the expenses, eligibility restrictions, and possible risks of reverse mortgages before deciding.

Apply for a Reverse Mortgage in New Mexico

Because of our direct mortgage lending process, we can provide simple loan application and competent guidance every step of the way. If you are a senior wondering if a reverse mortgage is right for you, call us.

Call our knowledgeable loan officers at (505) 448-8884 today. 

A Reverse Mortgage loan financially assists homeowners ages 62 and older. It accomplishes this by converting part of their homes equity into cash or credit.  The Reverse Home Loan is also called a Home Equity Conversion Mortgage or HECM.  These loans have very little restrictions on how the proceeds can be used.  The advantages are being able to use the money for a new property, medical bills, travel or supplemental income as well as elimination of the month mortgage payment. 

To be approved, seniors are required to attend a counseling session assigned by the Department of Housing and Urban Development “HUD”.  This counseling covers how the loan works, the costs associated with setting up the reverse mortgage loan and the benefits that it provides.  The loan is adaptable for seniors who don’t want to continue a monthly mortgage payment or for seniors who want to continue to make payments.  Texas Reverse Home Mortgages can be used for a purchase or a refinance with or without cash being taken out.

Why New Mexico 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 Mortgage Payment

New Mexico 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

New Mexico 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
New Mexico Mortgage Programs

New Mexico Home Purchase

Thinking of Buying a New Mexico 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

New Mexico renovation home loans

Looking to Rehab a New Mexico 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

New Mexico FHA Home Loans

Great for 1st Time New Mexico 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

New Mexico VA Home Loans

100% Financing for New Mexico 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

New Mexico Conventional Home Loans

Flexibility for New Mexico 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

New Mexico Jumbo Home Loans

New Mexico 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

New Mexico USDA Home Loans

100% Rural New Mexico 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

New Mexico Native American Home Loans

New Mexico 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

New Mexico Manufactured Home Loans

Great Alternative New Mexico Housing

New Mexico reverse mortgages

Your New Mexico 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

New Mexico Non QM Home Loans

Making New Mexico 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

New Mexico One Time Close Home Loans

Build Your New Mexico 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

New Mexico Refinance Mortgage Loans

New Mexico 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

New Mexico Cash-out Home mortgages

New Mexico 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

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