Capital Home Mortgage San Antonio

San Antonio Reverse Mortgage Loans

San Antonio Reverse Mortgage Lender

San Antonio Reverse Mortgage Loans

Investing in a home is a lifetime achievement. But as you grow older, you realize that most of your wealth isn’t in the form of money you can use to enjoy retirement. One way to enjoy your investment in your home is through a reverse mortgage. 

This type of mortgage is essentially a loan against the value of your home. Instead of paying a monthly payment to the lenders, they pay you and use your home as security. The money can be provided to you in a lump sum, in monthly installments for a fixed period, or in monthly installments until the funds run out. You can use this money to finance your retirement needs.

Capital Home Mortgage offers reverse mortgages to qualified applicants. Learn more about the types of reverse mortgages in San Antonio below, or speak to our reverse mortgage loan officers for more details.

Types of San Antonio Reverse Mortgage

There are several types of reverse mortgages in the market today, but HECM mortgages dominate the reverse mortgage market. 

  • Single-purpose Reverse Mortgage

A single-purpose reverse mortgage is a reverse mortgage program that limits the usage of the loan proceeds. Since it is for a “single-purpose” only, your intended use must be in the list allowed by the lending institution. That’s also why this type of mortgage isn’t popular since the fund restrictions can make it less appealing to aging homeowners.

Besides that, interest rates can be more expensive for single-purpose reverse mortgages.

  • HECM Reverse Mortgage

Unlike a single-purpose reverse mortgage, a home equity conversion mortgage or HECM is a reverse mortgage with FHA-backing. Single-purpose reverse mortgages don’t have government backing, so that interest rates can be high. 

To qualify for HECM, you need to:

    • Be at least 62 years old;
    • Live in the property as your primary residence;
    • Must maintain and upkeep the property;
    • Be able to pay property taxes and insurance;
    • Complete the required HUD counseling program with a HUD-certified counselor;
    • Meet required home equity values.
  • Proprietary Reverse Mortgage

A proprietary reverse mortgage is like a HECM loan without government backing. There are also no fund limitations for proprietary reverse mortgages, unlike single-purpose reverse mortgages. 

The catch for a proprietary reverse mortgage is that interest rates can be high because it’s not FHA-insured. You must also have good credit standing before you apply for this mortgage.

Benefits of Reverse Mortgage In San Antonio

A reverse mortgage’s primary benefit is that you enjoy your wealth mostly tied to your home. You can use the money to pay for medical expenses, fund overseas trips, or enjoy a comfortable lifestyle in your old age. 

Getting a reverse mortgage is ideal if your heirs have no interest in living in your old family home. In that situation, your beneficiaries can sell the property, pay off your outstanding balance, and keep the proceeds of the sale of the house. 

Apply for a Reverse Mortgage Today

Capital Home Mortgage is a direct mortgage lender offering a wide variety of home loan programs across the U.S. More than that, we provide a quick and painless loan process for our clients. 

Contact us about your reverse mortgage needs in San Antonio today by calling (210) 634-1225

Why San Antonio is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great San Antonio Rates / Low Fees

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

San Antonio Customer Service

7  Day a Week Support from Application to Final Mortgage Payment. 

San Antonio Reverse Mortgage Loan Requirements

  • 62 years or Older
  • Primary Residence Only
  • Must Be Able to Continue to Pay Homeowners Insurance and Taxes
  • Required HUD Counseling
  • Meet Required Equity Values
Not Sure? Take a Look at Other San Antonio Mortgage Programs

Texas San Antonio Mortgage Team

Conor Hayhurst

Managing Director
NMLS 743506

Damon Embler

Loan Officer
NMLS 882260

Kelly Cameron

Loan Officer
NMLS 178093

Lynette Surman

Loan Officer
NMLS 2097265

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