Dallas Reverse Mortgage

Senior citizens whose wealth is tied to their homes can’t enjoy the value of their investment. If there were a way to convert that home equity into cash without selling the property, there is a mortgage product called a reverse mortgage. This program is only available to individuals 62 years and above. It offers a great way to finance their medical treatments, travel, and lifestyle. 

Reverse mortgages provide additional cash flows to senior citizens who want to realize the value of their homes. The lender pays them the agreed amount and is then authorized to put a lien on their property — the right to sell the property after the homeowner’s demise to recoup the money they originally loaned out. Depending on the agreement, the borrower can receive monthly, quarterly, or lump sum payments. 

Capital Home Mortgage offers reverse mortgages for qualified Dallas applicants. Learn more about reverse mortgages, or call our Dallas home loan experts to get in-depth details of this program.

Types of Dallas Reverse Mortgage

There are different types of reverse mortgages. You can get government-backed reverse mortgages, proprietary, or single-purpose. Some reverse mortgage programs limit the usage of monthly payments, while there are programs that don’t impose limitations. Let’s go over them one by one.

• HECM Reverse Mortgage

Are you looking for a reverse mortgage with no fund usage limitation and much cheaper than conventional reverse mortgages? Check out Home Equity Conversion Mortgages or HECM. This mortgage product is government-backed, particularly by the Federal Housing Administration (FHA). HECM takes over most reverse mortgages today because it is more liberal and affordable than other products.

• Proprietary Reverse Mortgage

Since HECM mortgages are popular, we recommend choosing proprietary reverse mortgages if your credit standing ranges from very good to excellent. A proprietary reverse mortgage suits borrowers with luxurious properties because the mortgage payments to the owner can help with maintenance and other costs like real property taxes. However, proprietary reverse mortgages are expensive for borrowers with low credit scores because interest rates can soar quickly.

• Single-purpose Reverse Mortgage

Because of its limitations, a single-purpose reverse mortgage is the least popular of all the reverse mortgages. The institution that will finance this mortgage often allows usage of the mortgage payments like house maintenance, payment of real property taxes and other dues, or finance home improvements. If you intend to use proceeds for living expenses or medical costs, it is improbable that lenders will give these purposes an exception. We recommend the HECM program because it is accessible to senior citizens in general.

Dallas Reverse Mortgage Requirements

• The borrower is at least 62 years old.

• The borrower has significant equity in the home.

• The borrower has undergone required HUD counseling for HECM applications

Apply for Reverse Mortgage in Dallas

Capital Home Mortgage offers reverse mortgages in Dallas. We have created a convenient loan process through direct mortgage lending for our clients. Call (214) 372-0015 now to get started. 

Are you considering getting a loan for home improvements, but you need to figure out your options? If you need money to spruce up your home, a renovation home loan can help you repair or revitalize an existing property. You can use the money for cosmetic changes like painting or installing new siding.

Whatever your reason for requiring a College Station home improvement loan, Capital Home Mortgage can help you obtain the necessary funding. We are a direct mortgage lender; thus, the loan procedure is more streamlined as no extra third parties are involved.

What is a Home Renovation Loan?

A loan for rehabilitation or home remodeling will help you finance any significant home improvement project you wish to undertake. It can finance everything from purchasing and renovating a fixer-upper to a simple room makeover. These funds can also be utilized to pay for essentials that enhance your quality of life, such as repairing a leaking roof or replacing an old HVAC or plumbing system.

Types of Home Renovation Loans

• FHA 203(k) Loans 

Homebuyers who want to purchase and remodel properties that require significant work may qualify for FHA rehabilitation loans, often known as 203(k) loans. This FHA-insured loan bundles the cost of improvements into your regular mortgage, so you won’t have to pay them out of pocket.

Both structural and cosmetic work are eligible for financing through the FHA 203K Standard.

There’s another scaled-down version of the FHA 203K, called the FHA 203K Limited. It’s easier to get but won’t pay for major structural repairs and has a $35,000 limit.

• Fannie Mae HomeStyle Loan

The Fannie Mae HomeStyle loan is a type of mortgage that enables borrowers to purchase or refinance a house while simultaneously rolling the costs of the loan’s closing and any necessary renovations into a single loan. HomeStyle renovation loans are often more cost-effective than using a credit card or a personal loan when upgrading a property that needs work.

• Freddie Mac CHOICERenovation Loan

Borrowers can purchase a property that needs repairs or refinance their existing home with the ChoiceRenovation loan, which allows the borrower to incorporate the necessary money for renovation in the new loan balance. The value of the house “as-completed” is used to determine the loan amount rather than the present home’s worth.

Apply For A Home Renovation Loan In College Station

Capital Home Mortgage can assist you in acquiring a loan for any home improvement project in College Station, regardless of the type of financing you require. Because we are direct lenders, we can provide you with a loan with flexible underwriting and competitive interest rates.

Call us at (979) 393-0049 to apply for a home loan immediately.