Reverse Mortgage In Texas

You may have heard about Texas reverse mortgages and wondered what they were. A reverse mortgage is a type of home loan in which the borrower can cash out a portion of the equity in his home. Simply put, any equity that has been built up via mortgage payments can be paid back, as long as the individual lives in the home. Although this may seem similar to a home equity loan, the difference lies in the fact that the borrower does not need to repay the loan until he no longer uses the home as his primary residence.

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A Texas reverse mortgage is reserved for older homeowners, aged 62 or over. It is designed to provide seniors with financial security by giving them a supplement to their Social Security and retirement plans. In many cases, individuals use reverse mortgages to cover unexpected expenses such as medical costs, but the money can be used for whatever purpose the borrower deems fit.

The Limitations of a Reverse Mortgage in Texas

Beyond the age limitations, a reverse mortgage is normally limited to individuals who own their homes outright. If you still have a small outstanding balance on your mortgage, you may be able to qualify if it can be paid off at closing. Finally, the Texas home on which the reverse mortgage is being taken needs to be the borrower's primary residence.

If you are looking to enjoy your retirement to its fullest, we recommend looking into a reverse mortgage. At Southern Lending Corporation, we will work to provide you with the best available rates and terms. Contact our experts for more information via email or by phone at 1-866-614-2700 ext 100.