Beaumont Reverse Mortgage

For senior homeowners, reverse mortgages can be an excellent method to secure some financing for their needs. It is a type of loan that allows homeowners to borrow against the equity in their home. 

A reverse mortgage can help many seniors supplement their retirement income. It can also be used for other purposes, such as paying off debt or making home improvements. Capital Home Mortgage is here for you if you are a senior citizen considering a reverse mortgage in Beaumont. 

Types of Beaumont Reverse Mortgage

Building wealth and having a comfortable retirement are both possible with reverse mortgages. Below are the most common types of reverse mortgages you should know about:

• HECM Reverse Mortgage

The Home Equity Conversion Mortgage, abbreviated as HECM, is the most renowned type of reverse mortgage. It is government-backed, specifically insured by the Federal Housing Administration (FHA), allowing homeowners to borrow against their home equity. HECM also does not limit fund usage, so you can enjoy low-interest rates depending on your age and how long it will take for the bank to convert all of your equity into cash.

• Proprietary Reverse Mortgage

Proprietary reverse mortgages are private loans and usually have higher loan limits than HECM. Although any government institution does not back it, it usually has more flexible terms and conditions for the borrower. For instance, it may allow you to borrow more money or make lump-sum payments. It will be best to use this loan if your home’s value is more than $970,800 or if you are from a high-cost area, as it is also tagged as a jumbo reverse mortgage.

• Single-Purpose Reverse Mortgage

You have no better choice than getting a single-purpose reverse mortgage when you need additional money to pay those annoying home repairs or property taxes. As the name implies, this loan is only used for one purpose. 

Beaumont Reverse Mortgage Loan Requirements

The government has set specific guidelines for borrowers who want to take out a reverse mortgage. To qualify, you must:

• Be at least 62 years old. You must be of retirement age to apply for a reverse mortgage knowing that this loan is only meant to help seniors supplement their retirement income, and it will be challenging to repay the loan if you’re still in your working years.

• Maintain significant home equity. Your home’s equity determines the amount you qualify for in a reverse mortgage. You can borrow more if your house is paid off than if it still has a mortgage.

There are many advantages of having a home equity line of credit, but you must first go through counseling. Fortunately, we have the best counselors to help you with your application process at Capital Home Mortgage. We can provide you with the guidance and resources you need to make the best decision for your retirement.

Get a Beaumont Reverse Mortgage Today

If you’re a senior citizen looking for financial security in retirement, a reverse mortgage may be the right solution. Being a direct lender, Capital Home Mortgage handles loan applications and makes all the decisions at every stage. 

Call us at (409) 242-5530 to get started with your Beaumont reverse mortgage application.