Newsletter #018: Reverse Mortgages

8/26/2015

We now offer Reverse Mortgages! 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. As well as fewer qualifications that need to be met.

Unlike a forward mortgage, you do not need verified income or employment, so no pay stubs or tax returns are required. You will also eliminate your mortgage payment and instead begin to RECEIVE a monthly payment.

Here is what you need to know about qualifying:

- You and your spouse must be 62 years of age or older.

- You must have a decent amount of equity in your home.

- You cannot have any federal tax liens of any kind.

Your overall qualifying status is based on your age and the equity you have in your home.

How easy is that? Very easy. Mortgage of Texas and Financial LLC has a Reverse Mortgage Specialist of whom 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. Of course, if you have a questions at all, you can call our office or call our specialist, Robert "Bob" Stakes directly at 210.556.5367.

To learn more about qualifying for a reverse mortgage, or the benefits of a RM, visit our website!

Yours Truly,
Charles Guy Stidham III

President/Owner NMLS #338293
C (210) 478-9846 | [email protected]

Latest News

The mortgage of Texas family has grown! We now have two new members to welcome. Louisa is our Business Operations Manager, and Bob is an RMLO who specializes in Reverse Mortgages and Realty.

Reminders

NO ORIGINATION FEES!
We never charge our customers
Origination fees or Points.

Have You Heard?

We now offer an exclusive loan program to Community Heroes. You may be eligible if you are a Fire Fighter, Police, EMS/EMT or Military!

21 Comments

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Thank you for sharing this useful information with us, I am working in Lataliana Villas as a travel agent. The FHA has instituted new rules on HECM Reverse Mortgages that require homeowners to prove they are capable of making property tax and insurance payments for as long as they are in their home. These new rules make it more difficult and time consuming to get a reverse mortgage.

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Newsletter #018: Reverse Mortgages

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