What is a Reverse Mortgage

Reverse mortgages allow homeowners 62 years and older to convert part of the equity in their homes into tax-free money. Seniors are not required to sell the home, give up the title, or take on a new monthly mortgage payment.

Similar to a cash-out refinance, funds are used to pay off the remaining mortgage and for the amount of equity above the payoff amount, a lump sum is paid out in a variety of methods or line of credit. Once the borrower no longer lives in the home or the home is sold, the borrower or their estate will be responsible for repaying the loan plus any interest that has accrued.

Benefits of a Reverse Mortgage

  • You don’t have to pay on your Reverse Mortgage Loan as long as you live in the home
  • Supplement retirement income
  • Pay medical expenses or home repairs
  • Pay off debt


Who Qualifies for a Reverse Mortgage?

  • At least one borrower must be 62 years or older (in the state of Texas, BOTH borrowers in the household must be 62 years or older)
  • Borrower(s)  must live at primary residence at least 6 months of out the year
  • Borrower(s) should have at least 50% equity
  • Borrower(s) will be assessed for ability to repay the loan and fulfill loan obligations

The homeowner is responsible for paying property taxes, homeowners insurance, flood insurance, and condo fees (when applicable) and for properly maintaining the home. The home must be used as the homeowner’s primary residence.

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There are different types of Reverse Mortgage Options. It’s important to know all of your options and if a reverse mortgage makes sense for you.

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Homeowners must be 62 years of age or older and live in the home as their primary residence. Homes must meet FHA/HUD minimum property standards. Borrowers must maintain hazard and flood insurance premiums, property taxes, utilities and make any property repairs. Although there are no mandatory monthly principal and interest mortgage payments, interest accrues on the portion of the loan amount disbursed if no payments are made. Program rates, fees, terms and conditions are not available in all states and subject to change. At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds. Charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees. The loan balance grows over time and interest is charged on the outstanding balance. The borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home. Interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full re-payment. The loan described is a Home Equity Conversion Mortgage. There are no monthly loan payments, but interest accrues on the portion of the loan amount disbursed. Homeowners are responsible for taxes, maintenance and insurance. Not a commitment to lend.  All loans subject to credit and property approval.  The following terms are for illustrative purposes only.  Rates, payments, and loans terms vary by consumer based on their individual qualifying information.   The payment amount illustrated does not include the amounts for taxes, property insurance, or mortgage insurance.