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Texas Reverse Mortgage Loans - Liberty Mortgage
The first Reverse Mortgage in the United States was done in 1961
. In 1991, FHA introduced the Home Equity Conversion Mortgage (HECM), also known as the Reverse Mortgage. Liberty Mortgage is the expert in these governments insured and regulated Reverse Mortgages. Since this is an FHA program, the homeowner enjoys many protections and safeguards. Liberty Mortgage is licensed to do Reverse Mortgages anywhere in Texas. Our Reverse Mortgage Lenders, a mature homeowner himself, focuses on these loans. When it comes to Reverse Mortgage, he is experienced and knowledgeable. Because Liberty Mortgage has relationships with a number of lenders, we can match your needs and preferences to the appropriate Reverse Mortgage. Over 30,000 Reverse Mortgages have been done in Texas, and the program is growing annually usually called as Texas Reverse Mortgage.A Reverse Mortgage is a financial tool that allows mature homeowners age 62 and over the ability to convert a portion of their home equity into cash that can be used for any purpose. Unlike a traditional home mortgage or equity loan, you do not make monthly loan payments with a Reverse Mortgage. No repayment is due as long as you live in your home as your primary residence, continue to pay required property taxes and homeowners insurance, and maintain the home according to FHA requirements. You remain the owner of your home. The money you receive is tax free cash because it is an advance on your equity, not income that is taxed. With Reverse Mortgage, you can go from making monthly payments to receiving money each month!
Eligibility
Homeowners are at least 62 years old
Adequate equity in your home (does not need to be paid off)
Single family homes, qualified condominiums, townhouses, manufactured homes and 24 unit owner-occupied residences
No minimum credit score required
No income requirement
Cash Available, Payment Options, Interest Rates, and Costs
Fixed and variable rates are available
Closing costs and fees can be included in the loans and you don't have to pay anything up front for a Reverse Mortgage loan except for the HUD-required counseling
No out of pocket expense for repairs
Reverse Mortgage proceeds are determined by FHA guidelines, and are calculated based on current interest rates, the age of the youngest borrower, and the appraised value of the home (up to certain limits)
Reverse Mortgage proceeds are available in a lump sum, line of credit, monthly disbursements, or a combination of these options
Benefits
Eliminates monthly loan payments
You keep the title to your home the lender does not become a title holder
If your home's value appreciates during the term of the reverse mortgage you (or your heirs) keep any remaining equity after repaying the reverse mortgage
FHA insured and regulated
Tax free cash
by: Gary Wood
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