Reverse mortgages are one of the most popular loan programs for American home owners over the age of 62. Our reverse mortgage specialist will assist you in finding the best mortgage option for you.
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Across reverse mortgage lenders, you’ll find that origination fees and mortgage insurance premiums (MIP) are federally regulated or capped for FHA-insured reverse mortgages or home equity.
Alternatively, you should consider a jumbo reverse mortgage. Jumbo reverse mortgages are very similar to traditional reverse mortgages, but also have some.
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Homeowners thinking of relocating to Texas can also use a reverse mortgage to purchase their new home. In this situation, the borrower can meet the down payment requirement through the sale of a previous home or personal funds, and the rest of the home price can be financed through the reverse mortgage.
Texas Reverse Mortgage Companies The lonestar state has a lot of seniors living in regions such as San Antonio, Houston, Austin and the dallas-fort worth area. texas is home to many seniors who enjoy the warm climate and low cost of living when compared to costal states in the U.S.
Refinancing A Reverse Mortgage Home-equity conversion mortgages – or HECMs, as they’re commonly called – are the most well known of the reverse mortgage products. These federally insured loans allow homeowners who are at least 62.
Read more about Reverse Mortgages from consumer.ftc.gov.. When you have a regular mortgage, you pay the lender every month to buy your home over time. In a reverse mortgage, you get a loan in which the lender pays you. reverse mortgages take part of the equity in your home and convert it into payments to you – a kind of advance payment on your home equity.
A mortgage originator from Chicago stands accused of running a reverse mortgage scam and defrauding elderly homeowners and lenders out of $7 million. He is a graduate of University of North Texas.
Reverse mortgages allow for seniors to release a portion of the home’s equity to eliminate any existing mortgage payments. HECM’s are unique in that there are no monthly mortgage payments required – no other program has this unique feature.