A Home Equity Reverse Mortgage (HECM) is a type of home loan that lets seniors convert a portion of the equity in your home into cash, if you are 62 years of age or older and your home is your principal residence. No monthly loan payments are required and this alone can provide much less stress when paying monthly living expenses.
*Actual payment will be greater because the homeowner is responsible for the payment of property taxes, homeowner’s insurance and home maintenance costs. Failure to make these on-going property charges or satisfy other obligations of the loan will cause the loan to become due and payable and may lead to foreclosure.
A reverse mortgage can provide a valuable financing alternative for qualified homeowners. The borrower retains ownership of the property and may sell the home at any time, keeping sales proceeds in excess of the mortgage balance and closing costs. A HECM need not be repaid until the borrower moves, sells, or passes. If the loan exceeds the value of the property, the borrower (or the heirs) will owe no more than the actual value of the property.
The amount that will be available varies by borrower and depends on:
- Age of the youngest borrower
- Current interest rate and
- Lesser of appraised value or the HECM mortgage limit or the sales price.
- Closing costs are paid from the gross proceeds of the loan
The HECM offers 4 draw options;
- Monthly income for a fixed term, or a tenured life payment
- A Line of Credit
- Lump sum
- Any combination of the above
Apply Now for a HECM Reverse Mortgage
We can help you apply for a HECM reverse mortgage in Dallas or anywhere in Texas. To find out if you qualify now, please give us a call today at (214) 269-3593 to schedule your consultation. Let’s get you the money you need to make the most of your golden years.
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