Capital Home Mortgage Killeen

Killeen Reverse Mortgage Loans

Killeen Reverse Mortgage Lender

Killeen Reverse Mortgage

While a home is an excellent investment, you can capitalize on its value by selling it. If only one piece of real estate is in your possession, you should go in that direction. Using a reverse mortgage, you can generate income from your home. 

A reverse mortgage lets you borrow against your home’s equity in exchange for a stream of payments. The lender will pay you, not the other way. Reverse mortgages are excellent sources of funds for senior citizens.

Reverse mortgages are only for homeowners 62 years and above. So if you’re still below that age, we recommend checking out other mortgage products at Capital Home Mortgage. Reach out to our loan specialists to learn alternative mortgage products for your needs.

Types of Killeen Reverse Mortgage

There are different types of reverse mortgage products in the market today. Each product has pros and cons, but it can be a perfect fit if it matches your need for a reverse mortgage. Let’s discuss each in greater detail.

HECM Reverse Mortgage

A Home Equity Conversion Mortgage (HECM) is today’s most popular reverse mortgage plan. It is backed by the government, making it more accessible to Americans with less-than-perfect credit histories. Most of the reverse mortgages in the market today are HECM. Under HECM, borrowers are free to use the funds for whatever purpose. The Killeen reverse mortgage loan requirements for HECM are as follows:

  1. Be at least 62 years old.
  2. Have enough home equity
  3. Undergo a counseling program of a HUD-certified counselor
  4. Occupy the property mortgaged

The counseling program is essential for HECM. Counseling helps borrowers understand the financial obligations of a reverse mortgage. At Capital Home Mortgage, we have HUD-certified counselors ready to orient you as part of the requirements.

Proprietary Reverse Mortgage

A proprietary reverse mortgage is similar to HECM but not government-backed. It’s more affordable than HECM. The latter is better if your home value exceeds FHA limits. This reverse mortgage is also called a jumbo reverse mortgage. We recommend getting this mortgage if you wish to borrow more significant amounts or if the property mortgaged is expensive. Expect stricter requirements than HECM.

Single-Purpose Reverse Mortgage

The last type of reverse mortgage product is the single-purpose reverse mortgage. From the name itself, this reverse mortgage program has limited uses only. The lender also dictates the use of the fund. Lenders often provide a list of allowed usages. The best use is for real property taxes and home maintenance payments.

Get a Reverse Mortgage in Killeen

Capital Home Mortgage offers reverse mortgages in Killeen. Our direct mortgage lending process helps us provide a smooth and painless application process. Call us at (254) 213-7343 to get started with your application or to get more information.

Why Killeen is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Killeen Rates

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Killeen Customer Service

7  Day a Week Support from Application to Final Mortgage Payment. 

Killeen 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 the mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

Killeen Reverse Mortgage Loan

  • 62 years or Older
  • Primary Residence Only
  • Must Be Able to Pay Homeowners Insurance and Taxes
  • Required HUD Counseling
  • Meet Required Equity Values
Reverse Mortgage Home Loan Benefits
  • 62 years or Older
  • Primary Residence Only
  • Must Be Able to Pay Homeowners Insurance and Taxes
  • Required HUD Counseling
  • Meet Required Equity Values
Not Sure? Take a Look at Other Killeen Mortgage Programs

Killeen Mortgage Team

Conor Hayhurst

Manager
NMLS 743506

Damon Embler

Sr Loan Officer
NMLS 882260

chris erwin

Sr Loan Officer
NMLS 914064

Dale Gremillion

Manager
NMLS 210325

Killeen Mortgage Company Reviews

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