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:
- Be at least 62 years old.
- Have enough home equity
- Undergo a counseling program of a HUD-certified counselor
- 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 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
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 Mortgage Securities
- Property Securing the Mortgage
- Occupancy of the Property
- Loan to Value of the Property
- Borrower’s Credit Worthiness
Killeen REverse Home Loans
- 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?
- 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
- 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 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
- 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
