Our San Antonio Reverse Mortgage Options
Our team can help you find the best reverse mortgage program with personalized service based on your financial goals.
San Antonio Reverse Mortgage Loan Process
We’ll guide you through our streamlined process of securing reverse mortgages so you can enjoy retirement even more.
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Learn how much you can receive based on your home equity and existing mortgage loan balance.
San Antonio Reverse Mortgages: Secure Your Future
San Antonio homeowners preparing for their golden years can eliminate their monthly mortgage payments and receive steady retirement income through a Home Equity Conversion Mortgage (HECM) or proprietary reverse mortgage.
Benefits of a San Antonio Reverse Mortgage
San Antonio home values have risen by over 60% in the past ten years, meaning you could have significant home equity that you can use to withdraw cash from your principal residence.
Instead of making a monthly mortgage payment or selling their home, borrowers can receive income based on their home equity, which can cover medical expenses, home repairs, or their cost of living. Plus, unlike a home equity loan, you don’t need to make any repayments as long as you continue using the property as your primary residence.
Reverse mortgage loan proceeds are tax-free, and you can stay in your home while receiving money from your lender.
How Does a San Antonio Reverse Mortgage Work?
The most common type of reverse mortgage is the Home Equity Conversion Mortgage (HECM). These loans are insured by the Federal Housing Administration, a division of the Department of Housing and Urban Development. This means the federal government will repay the lender a portion of the loan if the borrower defaults.
To qualify for HECM loans, all cosigners on the loan must be at least 62 years old, and the home must be their principal residence. They cannot owe any federal debt, and if they do, they must commit to paying the debt with their reverse mortgage proceeds.
How much money you can receive depends on the appraised value of your home, and as San Antonio, Texas, housing prices have risen significantly in the past few years, this can equate to thousands of dollars. The maximum amount you can borrow is typically 60% of the home’s price or a maximum of $1,149,825.
Qualified borrowers must also take a financial counseling course from a HUD-approved counselor before receiving their funds. Homeowners in San Antonio, Texas, must wait at least 12 days between their counseling session and signing the loan, a mandatory cooling-off period to ensure they are making an informed decision.
Reverse mortgages can be issued with fixed or adjustable interest rates. Once the loan is approved, reverse mortgage lenders will pay borrowers a portion of their home’s equity. Homeowners can elect to receive these funds as a lump sum payment, monthly payment, line of credit, or a combination. The proceeds are tax-free, meaning you can supplement your monthly income without raising your tax bracket. However, you must still pay property taxes and homeowner’s insurance.
Unlike other financial solutions, you do not have to pay back a reverse mortgage until you transfer property ownership to someone else. If you pass away, your heirs must pay the reverse mortgage or sell the home.
Why Choose Arnaiz Mortgage for Your San Antonio Reverse Mortgage?
We offer personalized guidance on HECM loan options, ensuring you receive the best financing for your needs. Our team prides itself on trust and transparency for reverse mortgage solutions. We will guide you every step of the way and answer all your questions, including whether a reverse mortgage is truly right for you.
We’re dedicated to client satisfaction and provide quick turnarounds on reverse mortgage solutions so you can receive your funds quickly and with the least hassle possible.
To speak to one of our mortgage professionals about your options, contact us today at (623) 806-4645 or apply online to see how much you can earn with a reverse mortgage.