Amarillo Reverse Mortgage

As a homeowner, your property is likely one of the most significant investments in your name. But if you needed to make some money off that investment, you’d need to sell the house. 

But why leave your home or sell something you’ve invested so much time and money in? You can enjoy an investment with a reverse mortgage without giving up on this long-term commitment.

Reverse Mortgage in Amarillo

The idea of a reverse mortgage is to take the value of your home and turn it into cash. You can use your money to supplement your retirement income, pay debts, and cover unexpected medical expenses. There is no need to make monthly payments on the loan.

Are you considering applying for a reverse mortgage in Amarillo? Capital Home Mortgage is here to help! We’re a direct lender, meaning we can offer you the best possible terms on your loan. We’ll make sure you get the cash you need when you need it. Here’s all you need to know about our reverse mortgages in Amarillo.

Types of Amarillo Reverse Mortgage

Reverse mortgages come in various forms, but you must pick the one that best meets your needs. Here are the most common Amarillo reverse mortgage programs you should know:

• Single-Purpose Reverse Mortgage

As the name suggests, you can only use the single-purpose reverse mortgage for a single purpose approved by the lender. While this is the most basic and straightforward program, it is the least popular of all available products because it has a limited purpose. However, being the least expensive among the other programs, if you need extra cash for home maintenance or property taxes, this product could be right up your alley!

• HECM Reverse Mortgage

In contrast to the single-purpose reverse mortgage, the Home Equity Conversion Mortgage (HECM) is the most popular type of reverse mortgage. It is government-backed and requires no fund usage restrictions, so you can enjoy low-interest rates depending on your age and how long you are expected to live in your home.

• Proprietary Reverse Mortgage

Also considered a jumbo reverse mortgage, a proprietary reverse mortgage is a private loan not backed by the government. It doesn’t have any limits set by the Federal Housing Administration, so it will work better if you live in high-cost areas or your home’s value exceeds $970,800.

Amarillo Reverse Mortgage Loan Requirements

Get the most value out of your house and keep your financial security with a reverse mortgage. However, to qualify for one, you must first meet two criteria:

1. You must be 62 years old or older. Remember that a reverse mortgage is typically a loan taken out by seniors to supplement their retirement income.
2. You must possess significant home equity. Paying off your mortgage before applying will probably make more sense.

If you’re getting a home equity line of credit, you must first undergo counseling from a HUD-certified counselor. At Capital Home Mortgage, we have counselors who can help you with the application process and aid you in comprehending how a reverse mortgage works in Amarillo.

Apply for an Amarillo Reverse Mortgage

Capital Home Mortgage can make your mortgage application process as easy as possible. We’re a direct lender, so you need not worry about going through brokers or third-party companies.

To apply for a reverse mortgage in Amarillo, call us at (806) 589-3428 today! We look forward to helping you secure the financial future you deserve!