Capital Home Mortgage Odessa

Odessa Reverse Mortgage Loans

Odessa Reverse Mortgage Lender

Odessa Reverse Mortgage Loans

The stock market may have become more volatile, but the United States housing market remains hot. As a result, reverse mortgages are becoming increasingly popular as a tool for seniors who need money for retirement but want to stay in their homes.    

What Is a Reverse Mortgage?

Think of a reverse mortgage as a regular mortgage where the roles are switched. In a traditional mortgage, a person gets a loan to buy a home and then pays back the loan over time. In a reverse mortgage, the homeowner already owns the property and borrows against it, obtaining a loan from the lender that they may or may not ever pay back.

Most reverse mortgages are issued through government-insured programs with stringent lending guidelines. There are also private or proprietary reverse mortgages issued by private non-bank lenders; however, these are less regulated. 

How Does A Reverse Mortgage Work?

Reverse mortgages can be hard to understand, but the best way to think of them is as a loan against the future sale of your home. The lender gives you the money in the form of monthly payments, periodic withdrawals, or a lump sum. The loan is only repaid when you die or sell the house. You or your heirs will pay back the loan with the money from the sale. This arrangement means that your heirs may have to repay your reverse mortgage.

During your reverse mortgage, you will not be required to make payments to your lender (though you can if you choose). Still, you will be responsible for maintaining the property and paying property taxes, insurance, and homeowners association dues. If you fail to fulfill these responsibilities, your lender may declare your loan due and even foreclose on your home.

Are You Eligible for a Reverse Mortgage?

To qualify for a government-backed reverse mortgage, the youngest owner of the home must be at least 62 years old. Borrowers can only use their primary home as collateral; they must own the property outright or have at least 50% equity.

Reverse mortgages are usually only available for certain kinds of properties. Eligible properties, including:

     – Single-family homes;

     – Multi-unit properties with up to four units;

     – Manufactured homes built after June 1976;

     – Condos or townhomes.

For government-backed reverse mortgages, borrowers must sit through an information session with an approved reverse mortgage counselor. They also have to pay their property taxes and homeowner’s insurance on time and take good care of their property.

Types Of Reverse Mortgages 

Most homeowners go for one of  these three types of reverse mortgages:

– Single-Purpose Reverse Mortgage

Single-purpose reverse mortgages are the most affordable type of reverse mortgage. Nonprofits or state and local governments offer these loans. The proceeds from the loan can only be used for specific reasons set/approved by the lenders, such as home improvement, medical expenses, etc.

– Home Equity Conversion Mortgage

Home equity conversion mortgages (HECMs) are backed by the United States Department of Housing and Urban Development. The loan can be more expensive than conventional mortgages, but you can use the funds for any purpose.

– Proprietary Reverse Mortgage

Reverse mortgages not backed by a government agency are considered proprietary reverse mortgages. With this type of reverse mortgage, lenders establish their own eligibility requirements, interest rates, fees, terms, and underwriting procedures. These loans may be the simplest to obtain and the quickest to fund, but they are known to attract unscrupulous professionals. 

Reverse Mortgage Fees

Typical reverse mortgages have up-front fees and costs. These fees could add up to thousands of dollars and increase the amount you owe on your loan. To avoid surprises, ensure you know how much the loan will cost. Ask questions and demand answers.

Typical reverse mortgage fees include:

– Origination fee

– Mortgage Premium Insurance

– Closing costs

– Service fees

– Monthly mortgage fee

Are You Considering a Reverse Mortgage Loan?

A reverse mortgage can assist retirees in need of supplemental income. By taking out a loan against their equity, seniors gain access to cash and can live comfortably. However, the opposite can also happen. 

If a reverse mortgage sounds appealing, contact Capital Home Mortgage today to apply for an Odessa reverse mortgage loan! If you think a reverse mortgage is not for you, no worries! We have plenty of alternative options to offer you. 

For more information about our home loan products, contact Capital Home Mortgage and speak to one of our loan specialists at (432) 218-4828. It would be our pleasure to assist you. 

Why Odessa 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

Odessa 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

Odessa 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

Odessa Texas Mortgage Team

Dale Gremillion

Sr Loan Officer
NMLS #210325

Conor Hayhurst

Branch Manager
NMLS #743506

Sam Klaburner

Sr Loan Officer
NMLS #140132

Jordan Mowrey

SR Loan Officer
NMLS 210325

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