Houston Reverse Mortgage

If you are considering a Houston reverse mortgage, there are some things you should know as you begin the process. First, reverse mortgages provide borrowers like you with a way to realize income they need later in life, allowing them to obtain cash without selling their homes or moving. While you may want to get your hands on cash from a Houston reverse mortgage, you may wonder about the effect it will have on your benefits. The good news is reverse mortgage advances usually do not affect Social Security and Medicare benefits. Even better, they are not taxable.

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With a Houston reverse mortgage, you retain the title to your home. You also avoid making monthly payments. There are some exceptions to this rule, however. For example, you can live in a nursing home or similar facility for up to one year before your loan will have to be repaid.

Things to Consider with a Houston Reverse Mortgage

In considering a Houston reverse mortgage, consider more than just the amount you want to borrow. Think about the total cost of the loan, as lenders charge origination fees and closing costs. You may also be subject to certain servicing fees. The amount you owe will grow with time, as interest is charged on your outstanding balance each month. As such, you will want to work with a company willing to offer the lowest possible interest rate.

Look no further for a Houston reverse mortgage. We at Southern Lending Corporation are here to serve you. Contact us by phone at 1-866-614-2700 ext. 100 or send e-mail to us at info@southernlendingcorp.com.