Capital Home Mortgage Lubbock

Lubbock Reverse Mortgage Loans

Lubbock Reverse Mortgage Lender

Reverse Mortgage In Lubbock

A reverse mortgage is a special kind of mortgage that is only available to homeowners who are 62 years old or older. It allows homeowners to convert a portion of the equity in their house into cash while continuing to live in and own the property. The Department of Housing and Urban Development (HUD) allows homeowners whose mortgages are insured by the FHA Mortgage Insurance program to either borrow against the equity in their homes or acquire a new home, depending on the value of their current home or the price of the new house. Because, in contrast to a traditional mortgage, the lender will make regular payments to the borrower, the loan is regarded as a “reverse mortgage.”

Types of Lubbock Reverse Mortgage

There are three distinct types of reverse mortgages available, and the one that the borrower chooses will depend on their specific requirements.

  • Home Equity Conversion Mortgage 

The Home Equity Conversion Mortgage (HECM), often known as a reverse mortgage, is a program made available by the Federal Housing Administration (FHA) and enables homeowners to access a portion of the equity accrued in their homes. You have several options available for taking money out of your savings, such as taking a set amount out each month, applying for a line of credit, or doing a combination of the two. You can also use a HECM to acquire a primary residence; however, you must have enough cash on hand to cover the difference between the proceeds from the HECM and the purchase price of the home, as well as any closing costs.

To qualify for a HECM, you have to fulfill all of the following requirements:

  1. Must be at least 62 years old;
  2. Must occupy the house as a primary residence
  3. Must have a low mortgage balance or own the property free and clear;
  4. Must not be in default on any government debt;
  5. Must complete HECM counseling session by a certified HUD counselor.
  • Proprietary Reverse Mortgage

A proprietary reverse mortgage is a private lender loan that allows senior homeowners to tap into the equity in their houses. They are not federally insured and are not subject to the same stringent regulations as home equity conversion mortgages (HECMs).

Jumbo reverse mortgages are another term for proprietary reverse mortgages. Individuals who want access to more funds than the federally insured reverse mortgage seek them out. They can be received as a lump payment, structured as a monthly annuity, or distributed over a certain number of years.

  • Single-Purpose Reverse Mortgage

The single-purpose reverse mortgage is the type of reverse mortgage that has the lowest overall cost. In addition to nonprofit organizations, particular state, and municipal government departments also give them. However, not everyone will be able to utilize them. As was previously mentioned, the usage of these loans is limited to just one of the activities sanctioned by the lending institution. For instance, the lender may require that the borrower use the loan only to pay for house repairs, improvements, or property taxes. This may restrict the use of the funds. The vast majority of homeowners, particularly those with salaries in the low to middle ranges, are qualified for these loans.

Apply for a Reverse Mortgage with Capital Home Mortgage

Call us if you are a senior considering your financial options and are curious whether a reverse mortgage will be a good fit. Dial (806) 589-3428 to have a conversation with one of our Reverse Mortgage Specialists in Lubbock.

Why Lubbock 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

Lubbock 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

Lubbock 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

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

Lubbock Texas Mortgage Team

Dale Gremillion

Manager / Sr Loan Officer
NMLS 210325

Conor Hayhurst

Manager / Sr Loan Officer
NMLS 743506

Brad Rund

Director Native American Lending
Director Manufactured Housing

Lubbock Mortgage Company Reviews

Texas Cities

Houston Home Loans

San Antonio Home Loans

Dallas Home Loans

Austin Home Loans

Fort Worth Home Loans

El Paso Home Loans

Corpus Christi Home Loans

Laredo Home Loans

Lubbock Home Loans

Amarillo Home Loans

Brownsville Home Loans

Killeen Home Loans

Midland Home Loans

Waco Home Loans

Odessa Home Loans

Abilene Home Loans

College Station Home Loans

Beaumont Home Loans

Wichita Falls Home Loans

San Angelo Home Loans

San Marcos Home Loans

Galveston Home Loans

Tyler Home Loans

Mcallen Home Loans

Stephenville Home Loans

Texarkana Home Loans

Round Rock Home Loans

Accessibility Toolbar