Reverse Mortgage Lender TEXAS
Reverse Mortgage Texas
Retirement life can be challenging. When you reach the age of seniority or 62 years old in the US, you’ll 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. You may have insurance, pensions, and investments, but they can be inadequate if you spend a lot on healthcare, travel, or family.
The good news is you can access additional financing through a reverse mortgage. Capital Home Mortgage offers reverse mortgages in Texas. Talk to our Texas loan officers to discover how we can help you decide if a reverse is right for you.
What is a Reverse Mortgage?
A reverse mortgage is a 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.
As part of the reverse mortgage agreement, the lender could foreclose the house if the borrower violates the mortgage terms or passes away.
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 house.
Requirements for a Reverse Mortgage
The primary requirement is that you need to be at least 62 years old to qualify. You must also ensure enough home equity if you pass the age requirement.
These are the two critical requirements, but lenders may impose additional requirements as they deem fit. For example, some lenders require HUD counseling for certain reverse mortgage types or higher home equity ownership.
Reverse Mortgage Types
The most popular of all reverse mortgages is the Home Equity Conversion Mortgage or HECM. This mortgage type populates the reverse mortgage market because it has no restrictions. In other words, you get to use the money in any way you want. HECMs have government backing, so it is accessible to many Americans.
Some properties may have high values that are beyond the mortgage limits. You can’t get a HECM for these properties. Instead, you need to apply for a proprietary reverse mortgage or jumbo reverse mortgage. It’s like HECM but can accept properties beyond conforming loan limits.
The last type is the single-purpose reverse mortgage. This reverse mortgage is not a favorite because it restricts mortgage proceeds usage. You’ll usually get this type of mortgage in nonprofit lending institutions. As to the use of proceeds, there is a list of allowed usages only.
Get a Reverse Mortgage Today
Apply for a Texas reverse mortgage at Capital Home Mortgage. Our direct mortgage lending process enables us to provide straightforward loan applications and professional assistance every step of the way. Call our experienced loan officers today at (800) 960-4565.
Why Texas 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
Texas 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
Texas 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