Texas Reverse Mortgage Lender
Welcome to Capital Home Mortgage Texas. Where our goal is simple, to provide Texas Seniors access to every Texas Reverse Mortgage product available while providing sound financial advice of the pros and cons to each of the Texas Reverse Mortgages. We understand that considering a reverse mortgage is an important decision for seniors and that is why Capital Home Mortgage Texas provides dedicated points of contact throughout the reverse mortgage process to ensure that every question is answered and that you have the same representative to walk you through the process. This assures outstanding customer service and provides a stress-free experience. Capital Home Mortgage Texas is a direct Texas Reverse Mortgage Lender that offers seniors both refinance and purchase reverse mortgagees, while managing the entire lending process from beginning to end. Our in-house processing and underwriting enables for quick, common sense approvals and timely closings. Rest assured we have complete control over everything from the application to the funding.
Thank you for the opportunity to earn your business. Call today (800) 960-4565 to talk begin the process or to one of our Texas Reverse Loan Specialists.
Texas Reverse Home Mortgages
Reverse mortgages in Texas are regulated differently compared to other states due to unique state laws designed to protect homeowners. To qualify for a reverse mortgage in Texas, homeowners must be at least 62 years old and own their primary residence outright or have a significant amount of equity in it or placing a large down payment on a new home purchase.
The Texas Constitution has specific provisions in it to protect homeowners from losing their homes through foreclosure. One of the main protections is the “Home Equity Conversion Mortgage” (HECM) for Purchase (H4P), which allows seniors to purchase a new primary residence using a reverse mortgage. Texas imposes a cap on the amount of money that can be borrowed through a reverse mortgage. This cap is based on the appraised value of the home and varies depending on the county. Before obtaining a reverse mortgage in Texas, homeowners are required to undergo Mandatory Counseling with a HUD-approved counselor. This counseling session provides valuable information about the terms, costs, and implications of a reverse mortgage.
With a reverse mortgage, borrowers receive payments from the lender, and the loan balance increases over time. The loan is typically repaid when the borrower moves out of the home, sells the property, or passes away. In Texas, the borrower or their heirs have the option to repay the loan and keep the home, even if the loan balance exceeds the home’s value.
Texas law provides additional legal protections for reverse mortgage borrowers, including the right to rescind the loan within a certain timeframe after closing and restrictions on loan terms and conditions. In Texas, heirs have protections in place to ensure they are not burdened with excessive debt if the loan balance exceeds the value of the home. They have the option to repay the loan at a discounted amount or allow the lender to sell the property to satisfy the debt.
Before considering a reverse mortgage in Texas, homeowners should consult with a Texas Reverse Mortgage Specialist to ensure they fully understand the reverse mortgage.
Texas Reverse Mortgages
Retirement life can be challenging, and when you reach the age of seniority or 62 years old in Texas, you’ll potentially have the most extended holiday of your life. You’ll say goodbye to going to work on Mondays and miss the fun of leaving work on Fridays. After all, you’re retired. However, retirement also means that you have limited sources of income. While you may have insurance, pensions, and investments, they can be inadequate. The good news is you can access additional financing through a Texas Reverse Mortgage.
A Texas Reverse Mortgage is a home mortgage program where the borrower gives up the equity in their home in exchange for a fixed amount of cash against the equity in their home. The critical factor here is that the borrower owns and occupies the property as a primary residence. Reverse mortgages provide qualified senior citizens with a steady stream of additional cash flow during retirement.
This mortgage program is a great way to realize the value of your investment. Homes are still investments, and most people don’t enjoy their value because they can’t sell them. With reverse mortgages, you can borrow against the value of your home, receive money from the mortgage, and get to keep staying in your home. The loan must be repaid when the homeowner sells or vacates the property, or earlier under specific conditions, such as failure to pay property taxes, homeowners insurance, or neglect of home maintenance.
Capital Home Mortgage Texas offers reverse mortgages in Texas. Call (800) 960-4565 to speak with our Texas Reverse Specialists and discover if a reverse is right for you.
Texas 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 HECM Reverse Mortgage
Texas Proprietary Reverse Mortgage
Texas single purpose Reverse
Texas Home Equity Conversion Mortgages
A Texas Home Equity Conversion Mortgage is the most prevalent reverse mortgage type because it has no restrictions. In other words, you get to use the money in any way you want enabling seniors to access a portion of their home’s equity. The HECM allows the borrower to withdraw cash in a fixed monthly amount, a line of credit, or a combination of both. A HECM can also be used to purchase the borrower’s primary residence as well. The HECM is insured and regulated by the U.S. Department of Housing and Urban Development (HUD), and under is under the division of the Federal Housing Administration (FHA).
Advantages of a HECM
- No credit score requirements
- Tax-exempt
- No monthly loan payments are due. Owner Still Responsible for Property Taxes, Insurance, Property Related Charges
- Lenient income requirements
- The ability to obtain funds based on their home equity
- Depending on their preferences, homeowners can get cash through a line of credit, modified tenure, etc
Dis-Advantages of a HECM
- Property must be their primary residence for most of the year
- Must repay the HECM if they sell the home or relocate
Texas Proprietary Reverse Mortgage
A Texas Proprietary Reverse Mortgage is a private mortgage that is not guaranteed by the federal government and is typically issued to borrowers who require more than the HECM maximum. It enables the homeowner to access the equity in their house and utilize the funds for any purpose. However, they are not regulated; therefore, the loan terms might vary significantly between lenders.
Advantages of a Proprietary Reverse Mortgage
- Homeowners can use the money from their home equity for anything they want.
- Possible to get more money than with reverse mortgages insured by the government.
texas Single Purpose Reverse Mortgage
The Texas Single-Purpose Reverse Mortgage is a government or non-profit-backed option for accessing home equity for a particular purpose. A single-purpose reverse mortgage is an agreement between a lender and a borrower in which the lender gives the borrower money in exchange for a portion of the borrower’s home equity. The payments received by the borrower must be used for a specific purpose approved by the lender and specified in the loan.
Advantages of a Single-Purpose Reverse Mortgage:
- Eliminating traditional mortgage payments and accessing home equity while still owning and living in the home.
- Modifying an asset that would otherwise be hard to sell into cash that can be used to pay bills in retirement
Disadvantages of Single-Purpose Reverse Mortgages:
- As time goes on, the amount owed to the lender on the loan balance goes up. The home equity decreases as interest and fees are added to the loan balance each month.
- With a single-purpose reverse mortgage, the money can only be used for the purpose approved and written into the loan. This limits how the funds can be used.
Why Texas Seniors 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
Texas Reverse 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
Texas Mortgage Team
Texas Mortgage Company Reviews
Texas Mortgage Programs
Texas Purchase loans
Looking to Purchase a Texas Home?
- Primary, 2nd Home, Investment
- Low Rates & Fees, No fee Options
- FHA, VA, USDA, Native American
- Conventional, Jumbo & Renovation
- Manufactured, Construction, Reverse
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Looking to Rehab a Texas Home?
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Texas FHA Home loans
Great 1st Time Texas Homebuyers
- Smaller Down Payments
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Texas va Home Loans
100% Financing for Texas Vets
- No Mortgage Loan Limits
- Simple Qualifying
- Higher Debt to Income Allowed
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Flexibility for Texas Homebuyers
- Primary, 2nd Home, Investment
- Single and Multi-Family Properties
- Variable Mortgage Insurance Options
- Low Rates & a Variety of Terms
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- Primary & 2nd Homes
- Variety of Mortgage Programs
- Simple Qualifying for Veterans
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Texas USDA Home loans
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- Primary Residences
- No Down Payment Required
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- Closing Costs / Repairs Rolled In
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Texas Native american Home Loans
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- Primary Residence Only
- Manual Underwriting for All Loans
- No Credit Score Requirements
- Tribal Grants Allowed
- Purchase, Refinance, and Renovation
Texas Manufactured Home loans
Great Texas Alternative Housing
- Existing Purchase or Refinance
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- One Time Close Land/Home Combo
- Lock at Contract
- FHA, VA, USDA, Native American
Texas Reverse Mortgage Loans
Your Home Texas at Work
- Primary Residence Only
- Simple Qualifying – Equity Based
- No Credit Score Requirements
- Minimum Age 62
- Purchase, Refinance, and Cash-Out
Texas Non QM Home loans
Making Texas Mortgages Possible
- Purchase, Refinance & Cash-out
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- Corporations OK
Texas One Time Close Home Loans
Build Your Texas Dream Home
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- Traditional Final Mortgages
- No Payments During Construction
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Texas Rate & Term Refinance
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Texas Cashout Mortgage Loans
Texas Equity Mortgage Loans
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