Corpus Christi Reverse Mortgage

A house is a long-term investment. But if you could take out a loan against your equity, you would enjoy your investment without leaving your home or selling it. Reverse mortgages are about that. 

They are loans against the value of the home. But instead of the borrower paying the lender, it’s the other way around. The parties in a reverse mortgage can agree on settling the amount, whether paid monthly, quarterly, yearly, or on a single sum. 

Are you eligible for a reverse mortgage? Capital Home Mortgage can help you obtain the financing you need against your home equity. We are a direct mortgage lender providing home loan options in Corpus Christi. Here’s what you need to know about our reverse mortgage program. 

Types of Reverse Mortgage

There are different types of reverse mortgages to choose from. You must select the reverse mortgage program that best suits your needs.

• HECM Reverse Mortgage

The Home Equity Conversion Mortgage or HECM reverse mortgage is the most popular reverse mortgage product among borrowers. It’s government-backed, and there is no fund usage restriction. HECM can offer low-interest rates depending on the borrower’s age and how long the borrower is expected to live in the home. Lenders offer HECM to seniors without additional requirements because they can sell the house after the borrower passes away.

• Single-purpose Reverse Mortgage

The single-purpose reverse mortgage is a reverse mortgage program with a lender-approved purpose. That’s why this reverse mortgage program is not popular in the market. However, single-purpose reverse mortgages are the least expensive reverse mortgage today. Though this reverse mortgage has a limited purpose, it’s still an excellent product to choose if you need extra cash for home maintenance or property taxes.

• Proprietary Reverse Mortgage

A proprietary reverse mortgage is like the HECM, but it’s a private loan against your home’s equity. Hence. It’s not government-backed. The advantage of this reverse mortgage is that it doesn’t conform to limits set by the Federal Housing Administration, which is why this is also a jumbo reverse mortgage. You should get this reverse mortgage product if your home’s value is over $970,800, the limit for high-cost areas.

Corpus Christi Reverse Mortgage Loan Requirements

There are two essential requirements for reverse mortgages. First, the borrower must be 62 years or older. Second, the borrower must have a significant amount of equity in the home before applying for a reverse mortgage. It would be better if the borrower paid the mortgage on the house.

If you’re getting HECM, you should first undergo counseling from a HUD-certified counselor to explain how reverse mortgage works. Capital Home Mortgage has HUD-certified counselors who will help you in the application process.

Apply for Reverse Mortgage in Corpus Christi

Capital Home Mortgage strives to make your application process as convenient and straightforward as possible. Talk to our home loan experts to discuss your reverse mortgage in Corpus Christi. Call us at (361) 724-3166 to schedule an appointment.