Reverse Mortgages in Texas

Whether you're in San Antonio, Dallas/Fort Worth, Austin, Houston, El Paso, Laredo, or anywhere else in Texas, you know that the cost of living is going up, while most people's retirement income increases very little.  When considering America's current retirees along with a whole new generation which will enter retirement in historic numbers over the next handful of years, the need for additional retirement income and/or the elimination of one's mortgage payment is growing rapidly.  In the past, most people had to sell their home to achieve these goals.  However with the advent of reverse mortgages you can use the equity in your home without ever making another mortgage payment.

Reverse mortgages (also called home equity conversion mortgages or HECMs) enable senior homeowners to tap into their equity without selling their home. Most reverse mortgages require you be at least 62 years of age, have a low balance owed against your home and maintain the property as your primary residence.  The lender pays you money based on the equity you've accrued in your home; you receive a lump sum, a monthly payment, or a line of credit. Repayment is not necessary until the borrower sells the property, moves into a retirement community, or passes away. When you sell your home, or no longer use it as your primary residence, you or your estate must repay the cash you received from the reverse mortgage plus interest and other finance charges to the lender by selling the home, refinancing the balance owed, or with a cash payment from another source such as life insurance proceeds or retirement funds.