Capital Home Mortgage Midland

Midland Reverse Mortgage Loans

Midland Reverse Mortgage Lender

Midland Reverse Mortgages

When you retire, you should be able to live off of Social Security, a pension, and retirement funds. Unfortunately, that is not the case for many seniors in Midland. Many look to one of their most significant assets and investments to supplement their retirement income – their home. 

If you’re at least 62 years old and have paid off most of your mortgage, a Midland reverse mortgage should give you the funds you need. You should do your research before deciding.

What is a Reverse Mortgage?

Simply put, a reverse mortgage is a loan secured by your home’s current value (equity). Similar to a cash advance, your lender loans you the money; this can be done in the form of a lump sum, a line of credit, or regular monthly withdrawals. You will eventually have to pay the money back with interest, but not during the term of your mortgage.

How Does Reverse Mortgage Work?

Reverse mortgages are the exact opposite of a regular mortgage because instead of making payments to your lender, your lender pays you. As mentioned, you are not required to repay the loan during the reverse mortgage term. Instead, you or your estate pay off the principal you borrowed, plus the accumulated interest, when you sell your home, relocate, or pass away. 

After your home is sold, the loan balance is subtracted from the sale proceeds, and any money left over is given to you or your heirs.

Eligibility Requirements of Reverse Mortgage

You must be 62 or older to get a reverse mortgage, and the house you’re mortgaging must be your primary residence. You must use a portion of the funds from your reverse mortgage to pay off any existing traditional mortgage on the property. Because of this, a reverse mortgage may not be an option if you still owe a sizable amount on your mortgage.

What Is The Cost of Taking Out a Reverse Mortgage?

There is a high cost associated with reverse mortgages. Some out-of-pocket expenses are associated with the mandatory counseling session needed to secure a reverse mortgage. Then, you have initial fees that can be paid in cash or rolled into your loan, such as:

  •  Mortgage origination fee –

This covers the costs associated with processing and preparing the mortgage. 

  • Real estate closing costs – 

This includes the home appraisal, title search, recording fees, home inspection, taxes, and any other fees required by your lender.

  • Mortgage insurance premium – 

The initial fee for HUD mortgage insurance is 2% of the home’s appraised value and 0.5% annually.

When Does a Reverse Mortgage Become Due?

Your reverse mortgage loan is due once you either sell the house, pass away, or stop making the required mortgage payments (such as taxes and insurance).

You can continue living in your home as you pay the property taxes on time. The home may go into foreclosure if you neglect to maintain it or fall behind on your property taxes and other housing-related expenses.

When you pass away, the house goes into foreclosure. If the home’s market value is significantly higher than the loan amount, your heirs can sell the property, pay off the mortgage, and keep the difference.

Is a Reverse Mortgage Right For You?

To avoid any unwelcome surprises later on, it’s essential to do your research on the financial and personal consequences of a reverse mortgage. In any case, you should refrain from tapping your most significant asset. Talk to your family financial adviser about this and ask them for advice on how to use these funds. 

To prevent falling victim to mortgage scams that seek to take advantage of elderly homeowners, only work with reputable lenders like Capital Home Mortgage. As a direct mortgage lender in Midland, we offer some of the best reverse mortgage rates in the area and can expedite the mortgage process for your convenience.

If you’re still on the fence about getting a reverse mortgage, we can help you explore other options, such as a home equity line of credit (HELOC) or a refinance. Rest assured, we’ll help you with all the details you need to make an informed choice and enjoy your golden years. 

You can reach us by calling (432) 218-4828 or sending us a message online.

Why Midland 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

Midland 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

Midland 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

Midland Texas Mortgage Team

Dale Gremillion

Manager / Sr Loan Officer
NMLS 210325

Conor Hayhurst

Manager / Sr Loan Officer
NMLS 743506

Brad Rund

Native American Lending
Manufactured Housing

Midland Mortgage Company Reviews

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