Capital Home Mortgage College Station

College Station Reverse Mortgage Loans

College Station Reverse Mortgage Lender

College Station Reverse Mortgage

You know the traditional mortgage, but have you heard of a reverse mortgage? A reverse mortgage is a unique mortgage arrangement wherein the homeowner takes out a loan against their home’s equity. Borrowers must be at least 62 years old when obtaining the reverse mortgage and have considerable equity (at least 50%) in their properties. 

How Does Reverse Mortgage Work?

With a reverse mortgage, borrowers can access the cash they need to pay for cost-of-living expenses late in life. This money can be delivered as a lump sum, monthly payment, line of credit, or even a combination of options.

Reverse mortgages are structured so the loan does not exceed the home’s value. When the borrower dies or leaves the property, the lender has the right to foreclose the mortgage and apply the proceeds of the sale to pay the loan. 

An example of a reverse mortgage we offer at Capital Home Mortgage is the Home Equity Conversion Mortgage program or HECM. These loans are backed by the U.S. Department of Housing and Urban Development (HUD) and can be used for just about anything. Plus, no credit score requirements or collateral are needed since the home is a security for the loan. 

Borrower Requirements

To qualify for HECM, the borrower must satisfy all the requirements:

  • The borrower is a senior citizen aged 62 years or older;
  • The senior owner who occupies the property;
  • The home in question is the borrower’s primary residence;
  • The senior is not delinquent of any federal debt before the application;
  • The homeowner has the means to make timely payments for property taxes, insurance, and HOA dues and fees;
  • The homeowner must participate in the consumer information session conducted by a HUD-approved HECM counselor.

Property Requirements

The property types eligible for reverse mortgage loans must meet FHA property standards and flood requirements. Eligible properties include:

  • Single-family home or a two to four-unit home with one unit belonging to and occupied by the borrower;
  • HUD-approved condominium project;
  • Individual condominium units meeting FHA Single Unit Approved requirements;
  • Manufactured homes that meet FHA guidelines.

Mortgage Amount and Interest

Under the HECM program, interest rates are usually based on the current rate. The valuation of the property can be the appraised value of the home, the HECM loan limit, or the selling price, whichever is lower.

HECM Costs

You can finance costs associated with the HECM through the loan. However, that would mean lesser net proceeds. HECM has several fees that you are required to pay. These are:

  • Initial mortgage insurance premium (MIP) of 2% at closing and 0.5% MIP annually over the life of the loan. The annual MIP will be based on the outstanding balance of the loan.
  • Third-party charges, including appraisal fees, title search and insurance, surveys, inspections, mortgage taxes, and other fees.
  • A loan origination fee is capped at $6,000.
  • Servicing fees for the life of the HECM.

Apply for Reverse Mortgage Today

Home Equity Conversion Mortgage programs in College Station can be complicated without proper guidance. Let us help you cut through the noise and obtain the funding you need from your home’s equity. At Capital Home Mortgage, we are committed to providing our clients with an enjoyable loan process, with low fees and quick approvals. 

Call (979) 393-0049 to discuss your reverse mortgage needs with our loan officers or apply for a reverse mortgage

Why College Station 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

College Station 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

College Station 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

College Station Texas Mortgage Team

Dale Gremillion

Sr Loan Officer
NMLS #210325

Conor Hayhurst

Branch Manager
NMLS #743506

Sam Klaburner

Sr Loan Officer
NMLS #140132

College Station Mortgage Company Reviews

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