Reverse Mortgage: We'll come to you for a free consultation, anywhere in the DFW area!!
Reverse Mortgage loans give seniors the ability to live in their home, with no monthly mortgage payments¹, by converting home equity into cash while still maintaining ownership!
How does it work?
A reverse mortgage loan allows you to turn some of the equity in your home into cash to improve your financial situation. With a reverse mortgage loan, you will remain on title and can stay in your home without making monthly mortgage payments during the loan period.¹ The borrower will be required to pay for property taxes, home insurance and home maintenance. The loan balance becomes due upon the occurrence of other events including non-compliance with the loan terms.
This federally-insured loan offers multiple ways to receive the proceeds and gives you the ability to spend the cash as needed. Common uses of Reverse Mortgage loans include:
Paying off debt
Cover costly medical bills and prescriptions
Home repairs and modifications
Delay Social Security benefits²
…and much more!
Important features of a reverse mortgage loan include:
Proceeds from a Reverse Mortgage loan are tax-free³.
There are multiple ways to receive the loan proceeds, either as a line of credit, a term payment, a tenure payment or lump sum.
Live in your home with no monthly mortgage payments¹ .
The borrower must be 62 years or older (a nonborrowing spouse may be under age 62)
The home must be and remain the borrower’s primary residence
The borrower must own the home
The borrower must meet the financial requirements of the HECM loan
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¹If you qualify and your loan is approved, a HECM Reverse Mortgage must pay off your existing mortgage(s). With a HECM Reverse Mortgage, no monthly mortgage payment is required. Borrowers are responsible for paying property taxes and homeowner’s insurance (which may be substantial). We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. Borrowers must also occupy home as primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan becomes due and payable when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, or defaults on taxes and insurance payments, or does not comply with loan terms. Call 214-336-9222 to learn more. A Reverse Mortgage increases the principal mortgage loan amount and decreases home equity (it is a negative amortization loan). These materials are not from HUD or FHA and were not approved by HUD or a government agency.
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