Laredo Reverse Mortgage Lender
Reverse Mortgage In Laredo
A reverse mortgage is a type of mortgage developed exclusively for homeowners aged 62 and up. It enables individuals to turn a portion of their home’s equity into cash while remaining in the home and owning it. The loan is referred to as a reverse mortgage because, unlike a regular mortgage, the lender makes monthly payments to the borrower.
The reverse mortgage concept was developed to assist seniors with limited income in using the accumulated wealth in their houses to fund basic monthly living expenses and pay for health care. There are no restrictions on how the proceeds of a reverse mortgage can be used. As a comprehensive retirement plan component, more homeowners are utilizing reverse mortgages to supplement their financial stability.
Types of Reverse Mortgages
HECM
Home Equity Conversion Mortgage (HECM) is the most commonly used type of reverse mortgage. It is run by the Federal Housing Administration (FHA). HECM lets you take out some equity in your home, and you decide how you get your money back. You may get it in one lump sum or a specified monthly amount over a period. It may even be a mix of both.
HECM Eligibility Requirements
- You must be 62 or older;
- Own the property outright or with a low mortgage balance;
- Use the property as your primary residence;
- You must not be in arrears on any government debt;
- Attend a consumer information workshop led by a certified HECM counselor.
Single Purpose
A single-purpose reverse mortgage is an agreement in which lenders pay borrowers in exchange for a percentage of the borrower’s home equity. Borrowers must use these payments for a specific purpose that the lender has approved.
Single-use reverse mortgages restrict how borrowers can use the funds they receive. Lenders can stipulate that funds be used for home maintenance and upkeep or for payments that are in the lender’s best interest, such as property taxes and homeowners insurance. As a result, they are often easier to get and have lower interest rates than other types of reverse mortgages.
Proprietary
A proprietary reverse mortgage is a loan from a private lender that enables senior homeowners to access the equity in their homes. They are not federally insured and are not as strictly regulated as home equity conversion mortgages (HECMs).
Proprietary reverse mortgages are also known as jumbo reverse mortgages. They are sought by individuals who want access to more funds than the federally insured reverse mortgage. They may be taken as a lump sum, structured as a monthly annuity, or distributed over specific years.
Apply for a Reverse Mortgage in Laredo
Call us if you are a senior wondering if a reverse mortgage is right for you. Call (956) 307-3422 to speak with one of our Reverse Mortgage Specialists.
Why Laredo 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 Mortgage Payment
Laredo 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
Laredo 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
The One Time Close Manufactured Home Loan offer options to purchase your dream home on your own land. Call today to speak to a Loan Officer.
- Purchase the Home and Land Together
- Include the Utilities and Home Setup
- Lock Rate at Contract
- Variety of Loan Programs to Choose From.
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