San Antonio Reverse Mortgage

With a reverse mortgage in San Antonio, Texas, senior citizens can improve their retirement cash flow through fixed monthly payments, improving their financial future.

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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.

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Frequently asked questions about San Antonio Reverse Mortgage

  • What is the eligibility requirement for a reverse mortgage in San Antonio?

    To access reverse mortgage solutions in San Antonio, Texas, homeowners must be at least 62 years old and have majority ownership of their home. They must also use the home as their principal residence and undergo mandatory HECM loan counseling. If you have debts like unpaid taxes or student loans, you may still be able to access funding, but you will have to pay these off with your proceeds before receiving the rest of your money.

  • How much equity do I need to qualify for a reverse mortgage in San Antonio?

    Typically, you must have at least 50% equity before accessing reverse mortgages, although some private lenders may accept a lower percentage.

  • What are the fees and costs associated with a San Antonio reverse mortgage?

    You must pay origination fees, which are capped at 2% of the appraised value. Additionally, there will be closing costs like title searches and appraisals, as well as initial insurance premiums from FHA. You will have to pay about $125 for HUD financial counseling.

  • How do reverse mortgages affect my estate or inheritance?

    San Antonio, Texas, reverse mortgages come due when the property transfers ownership, meaning that when you pass away, your heirs must pay the remaining balance to keep the home.

    You should speak to an estate attorney about your options for more comprehensive information on how this will impact your estate.

  • What payout options are available for a reverse mortgage in San Antonio?

    You can receive your proceeds as a lump sum, monthly installment, or line of credit. It is also possible to receive your funds as a combination, such as a large upfront payment, and then draw on the rest of your loan as needed.

  • How does a reverse mortgage impact government benefits like Social Security?

    The monthly payments from reverse mortgages are tax-free and do not impact Social Security or Medicare. They will also not raise your tax bracket or influence your property tax burden.

    However, they may impact needs-based government benefits such as Supplemental Security Income (SSI) or Medicaid. As such, you should speak with a financial counselor before obtaining a reverse mortgage to ensure you will not lose any benefits you rely on.

  • What happens to my reverse mortgage if I move out of my San Antonio home?

    The reverse mortgage must be repaid if you move out of your San Antonio, Texas home. This includes selling the property or converting it into a second home.

  • Can I refinance my existing reverse mortgage in San Antonio?

    Yes, you can refinance your HECM. This can be done for various reasons, such as if one of the homeowners was under the age of 62 when the reverse mortgage was initially taken out or if interest rates have improved since you obtained the loan.

    It is also possible to convert your loan back into a traditional mortgage and repay the balance, such as if you want to ensure that the home remains in the family after you pass away.

  • How does the San Antonio real estate market affect reverse mortgage rates?

    How much you can receive depends on your home’s appraised value. If property values have risen significantly since you purchased your home, you’ll have more money available. Generally, you can take out 60% of the home’s value as a HECM, so if the house is worth $100,000 more than when you purchased it, you can receive an extra $60,000.

  • Are there restrictions on how I can use the funds from a reverse mortgage in San Antonio?

    A HECM loan has no restrictions on how it can be used, offering great flexibility in reaching your financial goals. However, you may choose instead to work with proprietary reverse mortgage lenders, who can offer single-purpose reverse mortgage loans. With these, you and your lender will decide what the proceeds are used for, whether that is home repairs, medical bills, or satisfying other debts. You must then prove that you applied the funds to the given purpose.