Our Houston Reverse Mortgage Options
Our team of mortgage professionals can assist Houston, Texas, residents find the perfect reverse mortgage option for their specific circumstances.
Houston Reverse Mortgage Loan Process
We aim to make the reverse mortgage process as easy as possible through our streamlined service.
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Houston Reverse Mortgages: Build a Secure Financial Future
Many seniors worry about maintaining their quality of life in their retirement years, especially as the cost of living continues to rise. Thankfully, a reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM), can eliminate your existing mortgage while providing the funds you need to enjoy your golden years.
Benefits of a Houston Reverse Mortgage
The Houston, Texas, housing market has been booming in the past few years; the average home value has risen by 86% since 2014. This means that Texas seniors have ample home equity they can leverage to cover unexpected expenses, medical bills, or home repairs by applying for a reverse mortgage.
With a reverse mortgage loan, you eliminate the need for monthly mortgage payments. Many homeowners use it to remove existing mortgage liabilities or access their home equity without increasing their debt. While some choose to receive tax-free cash payments based on their home’s equity, others appreciate the flexibility of staying in their home without monthly repayment obligations. You won’t need to repay the loan until the house transfers ownership, either through a sale or passing away.
How Does a Houston Reverse Mortgage Work?
The most common type of reverse mortgage loan is the Home Equity Conversion Mortgage (HECM), which is insured by the Federal Housing Administration (FHA). HECMs have a loan limit of $1,149,825. If you would like a higher loan amount, you can explore jumbo reverse mortgages, also known as a proprietary reverse mortgage. These are provided by private lenders and carry greater risk, as they are not government insured.
With any reverse mortgage, you will take out a larger loan amount than your original loan that covers the home’s current value and anything you still owe. The loan provider will provide this balance as a lump sum payment, monthly payments, or a line of credit.
To qualify for HECM loans, borrowers must be 62 or older and have paid off at least 50% of the home’s value. You can only take out a HECM loan on a primary residence, meaning that vacation and investment homes do not typically qualify. Generally, you cannot owe any federal debt, like unpaid taxes. You may still be able to access funding if you pay off these debts with the proceeds from your loan.
Those who want HECM loans will need to undergo counseling with a qualified financial advisor. In Texas specifically, they must also wait 12 days between their counseling session and having the loan funded, a mandatory cool-down period meant to ensure they are making an informed decision.
Reverse mortgages do not need to be paid until the home transfers ownership, such as if the homeowner sells the property or passes away. In the case of inheritance, the surviving family member must either pay off the loan or sell the home for at least 95% of its appraised value.
Why Choose Arnaiz Mortgage for Your Houston Reverse Mortgage?
Arnaiz Mortgage is a trusted provider of reverse mortgages, helping you find the perfect option for your specific needs. We believe that trust is the foundation of any good mortgage deal. We take the time to get to know our clients and ensure they find loan terms they love.
Customer satisfaction is our primary goal, so we pride ourselves on our transparent, trustworthy, and streamlined process. We’ll answer all your questions and ensure you know exactly what to expect, including estimated closing costs and potential interest rates.
If you’re ready to get started on a reverse mortgage application, give us a call at (623) 806-4645. You can also apply online or get a free, no-obligation quote to see how much you can receive.