Texas Reverse Mortgage Loan Qualifications and Information:
Who can get a Texas reverse mortgage loan? If you want a Texas reverse mortgage, the owners of the property must be at least 62 years old and the property must be the principal dwelling of the owners. If one of the owners is not 62, then the title of the property has to be wholly owned by the older person prior to obtaining a reverse mortgage. (WSB Mortgage Services, Inc. does not recommend taking a younger spouse off title) The property has to be free from debt or nearly paid off. Single family one-unit homes are the typical properties used for obtaining a reverse mortgage. Multi-unit (2~4 units) are eligible if the owner resides in one of the units. There are other eligible property types such as condominiums, but you should speak with a Texas reverse mortgage loan counselor to determine the eligibility of the property. What is a Texas Reverse Mortgage and what are my responsibilities? A Texas reverse mortgage is a loan that is paid to you. Traditional loans that you repay are also called "forward mortgages". In a Texas reverse equity mortgage, money is paid to you with the equity of the home used as collateral. This is different from a home equity loan in that a home equity loan has a lump sum payment and then you begin repaying the loan. The typical Texas reverse mortgage holder opts for tenured monthly payments sometimes with a lump sum payment at the start. With the tenure payment option, the borrower will receive monthly payments until they die or move out of the home. The lender cannot take possession of your house unless you: let the house fall into disrepair, fail to keep the property properly insured, or fail to pay all property taxes due. If the total amount of the Texas reverse mortgage loan exceeds the value of the property, the lender has no recourse to any other asset for repayment as a reverse mortgage is a "non-recourse" loan.More Texas Reverse Mortgage Information:
Texas Reverse Mortgage Loan, Top 3 Questions | Ways to Get Paid on Your Texas Reverse Mortgage | Texas Reverse Mortgage Loan Qualifications and Information | Features of a Texas Reverse Mortgage | Termination of Texas Reverse Mortgages