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Finance

Reverse Mortgages | TexasLending.com

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TexasLending.com explains that a reverse mortgage may be a life-changing opportunity for seniors.

Although reverse mortgage products tend to get an unfair amount of negative attention, TexasLending.com believes they are a wonderful option for certain seniors. The team at TexasLending.com reports that a reverse mortgage can do several things for those who qualify:

  • Eliminate a monthly mortgage payment
  • Provide funds for living expenses
  • Offer considerable tax benefits

TexasLending.com explains that in a reverse mortgage, the subject property remains in ownership of the borrower until that time at which the loan matures or the responsible party dies, moves, or sells the home. According to TexasLending.com, seniors who do not have a need to pass their property along to their heirs are well suited for a reverse mortgage as the collateral property may be forfeited as payment upon death. For those wishing to bequeath the home, TexasLending.com points out that surviving beneficiaries are provided the option to refinance, sell for equity, or simply release the property to the lender.

According to TexasLending.com, a reverse mortgage differs in many ways from traditional financing options in that they it does not require a credit check. This, points out TexasLending.com, is because those entering into a reverse mortgage agreement are not obligated to pay a recurring amount. The amount of cash dispersed from a reverse mortgage is considered a loan advance and therefore not taxable as income.

There are restrictions to attaining a reverse mortgage. TexasLending.com says that the borrower must be 62 years of age and must live in the dwelling. As well, the mortgagee must complete a counseling program prior to entering into a reverse mortgage agreement. The subject property must also have a loan to value ratio high enough to cover any liens on the property as well as fees associated with procuring a mortgage product, explains the team at TexasLending.com.

Obtaining a reverse mortgage from TexasLending.com is easy and safe. A borrower will be directed to an approved counseling agent, who will provide detailed information about the loan, as well as the financial obligations associated with a reverse mortgage. TexasLending.com can help the senior get the most from the reverse mortgage so that they may take care of their needs.

Qualification

TexasLending.com reports there are only three requirements which must be met to apply for a reverse mortgage:

  • Age of borrower must be at least 62
  • Home must be principal place of residence
  • Subject property must be single family, less than 4 unit multi-housing, or condo with HUD approval

For more information about TexasLending.com or to speak with one of the company’s 70 on-site mortgage specialists, call 800.346.8047.


TexasLending.com
4100 Alpha Rd., Suite 400
Dallas, TX 75244
NMLS# 137773

 

Finance, Real Estate

Texas Lending (TexasLending.com) Offers Reverse Mortgages to Homeowners

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Known to many customers as Texas Lending, mortgage banker TexasLending.com was founded in 2001 with the goal of providing affordable mortgage rates to future homeowners.

Texas Lending is fielding an increasing number of questions about reverse mortgages, with many baby boomers interested in finding ways to afford to retire. Many senior citizens have heard reverse mortgages are a great way to bring in extra money, yet come to Texas Lending with reservations.

Texas Lending knows a reverse mortgage  is a great tool for many seniors 62 or older. For the right person, it can be a way to pay off a traditional mortgage or to acquire cash for home remodeling projects, for medical bills,  for a new car, or for a trip of a lifetime. According to Texas Lending, the best thing about a reverse mortgage is that the  loan doesn’t have to be  repaid until the borrower dies or sells the house.

Reverse mortgages are ideal for those who have no intention of moving, since the loan must be paid off if the home is sold. Homes with substantial equity ( 50% or more) make the most sense under the program. The professionals at Texas Lending will confer with a homeowner to determine whether or not a reverse mortgage is the best solution.  The homeowner must also confer with a HUD approved counselor to confirm the Reverse is truly the best option

Texas Lending is quick to correct the misconception that in signing up for a reverse mortgage, all equity will revert to the lender when the homeowner dies. That is actually the last option! Upon death, the heirs decide the best course of action and often decide to sell the home to repay the debt. Any monies remaining after the debt has been repaid is paid to the heirs when the sale of the home closes. If the debt exceeds the amount of equity, the heirs will owe nothing.

According to Texas Lending, when a reverse mortgage is granted, the borrower receives money in one of many ways: a one-time lump sum, equal monthly payments for the duration of the borrower’s life, equal monthly payments for a fixed period, unscheduled payments or installments via a line of credit, a combination of lines of credit and scheduled monthly payments for the duration of the borrower’s time in the home, or for a set time period. Texas Lending works with homeowners to help them understand these options, as well as any terms that may apply to their particular situation.

For more information, visit Texas Lending online at www.TexasLending.com

TexasLending.com
4100 Alpha Rd. Suite 400
Dallas, TX 75244
NMLS# 137773