Capital Home Mortgage Waco

Waco Native American Home Loans

Waco Native American Mortgage Lender

Waco Reverse Mortgages

It’s no surprise that many retirees are struggling to make ends meet in the face of rising inflation, given the small amount of money they receive each month from Social Security. With a reverse mortgage, senior homeowners can get access to much-needed cash while still being able to live in their homes.

Understanding Reverse Mortgages

Homeowners aged 62 and up who have paid off their mortgage may supplement their retirement income with a reverse mortgage, a type of loan that provides seniors tax-free access to a portion of their home’s equity.

In a traditional mortgage, the homeowner makes payments to the lender. Reverse mortgages are the opposite. Homeowners receive payments from the lender without being required to sell their homes. However, the loan must be repaid when the borrower dies. 

Reverse mortgages are frequently used to supplement retirement income, make necessary home repairs, and pay for out-of-pocket medical expenses.

Types of Reverse Mortgages

Reverse mortgages come in a variety of forms, each one created to satisfy a different financial need.

     1. Home Equity Conversion Mortgage (HECM) 

Home equity conversion mortgages (HECMs) are among the most prevalent types of reverse mortgages. The upfront costs for these government-backed mortgages are higher, but the money can be used for anything. You can choose how the funds are withdrawn, such as fixed monthly payments or a line of credit. HECMs are widely available through FHA-approved lenders, and borrowers must receive HUD-approved counseling before closing.

     2. Proprietary Reverse Mortgage

Proprietary Reverse Mortgages are private loans, which means the government does not guarantee them. This type of reverse mortgage typically offers a more significant loan advance, particularly if you own a home with a higher value.

     3. Single-Purpose Reverse Mortgage

The single-purpose reverse mortgage is less common than the other two and is typically offered by nonprofits and state and local government agencies. While it is the least expensive of the three options, the loan amount is usually much smaller, and borrowers can only use the money to cover one specific purpose.

Waco Reverse Mortgage Requirements

To qualify for a reverse mortgage, the primary homeowner must be at least 62 years of age. The additional eligibility requirements of a reverse mortgage include the following:

  • The property serves as the borrower’s primary residence.
  • The borrower must either be the sole owner of the property or have paid off a sizable portion of the mortgage.
  • The borrower must have no federal debt delinquencies.

The borrower must have the financial means to continue paying property taxes, homeowners insurance, and homeowners association dues.

  • The borrower must attend an information session given by a HUD-approved counselor.

Is Reverse Mortgage The Best Option?

A reverse mortgage can significantly help people needing additional income during retirement. Many people use the money to bridge the gap between their fixed incomes (such as Social Security) and their living costs (such as medical bills, in-home care, and property improvements). Also, if the home’s value increases and becomes worth more than the amount owed on the reverse mortgage, you or your heirs may get the difference.

However, if the reverse is accurate, and the mortgage balance is greater than the current market value of the property, your heirs may have to relinquish ownership of the home to the lender. That said, seniors taking out a reverse mortgage should manage the loan’s proceeds carefully to avoid running out of funds too soon.

Capital Home Mortgage has affordable interest rates for those looking for a reverse mortgage. If you’re still on the fence about getting a reverse mortgage, our Waco home loan specialists can help you explore other options, such as a Home Equity Line Of Credit (HELOC) or a refinance. 

You can count on us to provide you with all the resources and knowledge you need to make the right choice so you can enjoy your golden years to the fullest.

Get in touch with one of our loan experts at (254) 213-7343.

Why Waco 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

Waco 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

Waco Native American Purchase Loans

  • Primary Residences Only
  • Manual Underwriting for All Loans
  • No Credit Score Requirements
  • Tribal Grants Allowed
  • Purchase an Existing Home
  • Construction of a New Home
  • Rehab an Existing Home
  • Purchase / Rehab Combo Loan

Waco Native American REfinance Loans

CAsh-Out or Renovation

  • Appraisal Required
  • 97.75% Max LTV for Rehab
  • 85% Max LTV for Cash-out
  • County Loan Limits Apply

Streamline REfinance

  • HUD 184 to HUD 184
  • No Income Qualification
  • No Appraisal Required
  • No Mortgage Lates in Last Year
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

Waco Texas Native American Mortgage Team

Dale Gremillion

Sr Loan Officer
NMLS #210325

Conor Hayhurst

Branch Manager
NMLS #743506

Shawna Johnson

Manu / Reno / OTC
NMLS #1631859

Brad Rund

Business Dev Manager
NMLS #224674

Waco Mortgage Company Reviews

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