Reverse Mortgages in Texas

LONE STAR FINANCING

TEXAS REVERSE MORTGAGE

Your Key to Financial Freedom in Retirement

Unlock the Equity in Your Home with a Texas Reverse Mortgage

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
Travel
Supplement retirement income

There are many advantages to HECM products for seniors today. These options allow homeowners to remain homeowners without having to make monthly mortgage payments. Homeowners can choose between a lump sum payment, a line of credit, or a guaranteed monthly payment. Medicare payments are not affected.

*Homeowner must continue to pay property taxes, required insurance and any applicable HOA fees.

Reverse Eligibility:

62 years or older
Must live 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

What is a reverse mortgage?

A reverse mortgage is a loan that allows older homeowners to borrow against the equity in their homes.

When to use a Reverse mortgage?

Older homeowners looking to access their home’s equity by converting that equity into cash. Reverse mortgages are special because the payout to the borrower for equity comes in either a lump sum or monthly payments to them.

What is home equity and how is it calculated?

Home equity is the value of the homeowner’s interest in their home. Home equity is calculated by looking at the current market value after any liens on the property are subtracted.

“HECM” is the most popular reverse mortgage in Texas

What is HECM? “HECM” stands for “home equity conversion mortgage.” This is the most common type of reverse mortgage in Texas.

For a home equity conversion mortgage, the following requirements apply:

The homeowner (applicant) must be at least 62 years old,
The home must be the homeowner’s principal residence,
The homeowner must own the home outright or have a low mortgage, and
The balance of the mortgage can be paid off at closing with proceeds from the reverse mortgage loan.

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I have gone through the home financing five times, and this is my second re-finance. The team at Lone Star Financing was the best experience I've ever had going through the mortgage process. The previous finance company I used to purchase my home was the worst experience I'd ever had in getting a mortgage. I was extremely hesitant to go through the re-finance process, but with the interest rates being so low I knew I would be saving a lot of money. I did the research to find a highly reviewed local financing company, and Lone Star Financing was the best. They did an outstanding job helping me through the process, made it incredibly easy and quick. More...

Thanks for helping us through the loan refinance process. P.S. The only reason we can't refer family and friends is we don't live in Texas or have any contacts there!

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Texas Reverse Mortgage Loans

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Reverse Mortgages in Texas

TEXAS REVERSE MORTGAGE

Unlock the Equity in Your Home with a Texas Reverse Mortgage

Reverse Eligibility:

What is a reverse mortgage?

When to use a Reverse mortgage?

What is home equity and how is it calculated?

“HECM” is the most popular reverse mortgage in Texas

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James Hair

Ricardo Trejo

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Texas Reverse Mortgage Loans

Speak to a Loan Officer - Quick Rate Quote

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