Reverse Mortgage Programs
A reverse mortgage or HECM (Home Equity Conversion Mortgage) is a financial tool that allows homeowners, ages 62 and older, to convert part of their home equity into cash payments and/or a line of credit. Since there are no restrictions on how the proceeds can be used, many reverse mortgage borrowers use HECM to:
- Purchase a new home
- Pay medical bills
- Move closer to family members
- Supplement retirement income
HECM products offer many advantages for senior today. Those who choose this option enjoy the continued ownership of their home without having to make a monthly mortgage payment*. Medicare payments are not affected and the homeowner gets to choose between a lump sum payment, a line of credit or guaranteed monthly payments.
Contact us to discuss your options and descide what program works best for you.
*Homeowner must continue to pay property taxes, required insurance and any applicable HOA fees.
- Be 62 years or older
- Must be living in home as primary residence; vacation homes and investment properties do not qualify
- Complete a HUD-approved counseling session
- Must be able to pay homeowners taxes, insurance and any applicable HOA fees
Apply for Your Mortgage Today!Request Info
Items Needed for a Reverse Mortgage
Texas Home Loans
Kira Turner NMLS#1566395Reverse Mortgage Programs, Reverse Mortgage Loan Originator