So you're thinking about a Reverse Mortgage? You've come to the right place. A reverse mortgage is a type of loan available to homeowners, 62 years or older, that allows them to convert part of the equity in their home into cash. There are a number of differences between a forward mortgage and a reverse mortgage.You will also eliminate your mortgage payment and instead begin to RECEIVE a monthly payment.
- Those who are 62 years of age or older.
- Those who have substantial equity or own the property free & clear.
- Those who occupy the property as their principal residence.
- Those who have income sufficient enough to maintain the home, and pay taxes & insurance.
How easy is that? Mortgage of Texas and Financial LLC has a Reverse Mortgage Specialist you may contact directly to get the ball rolling. The first step to qualifying for a reverse mortgage is to complete our Pre-Approval worksheet HERE and send it in to us. If you have any questions you can call our office, or call our specialist, Bob Stakes directly at 210.556.5367.
Benefits of a Reverse Mortgage:
1.) No monthly mortgage payments.
2.) No prepayment penalty.
3.) No limitations on how you use funds.
4.) Non-recourse loan-the liability is to the value of the home.
5.) You can use funds to delay taking Social Security income.
Mortgage of Texas and Financial is proud to be partnered with AAG to ensure you receive an exceptional loan experience.
For Reverse Mortgage Calculations,