A Reverse Mortgage is an opportunity for homeowners, age 62 and older, to tap into the equity in their homes when they are in need of cash. As explained by President and CEO Norman Williams, at Senior Reverse Mortgage Services, Inc., a Reverse Mortgage is similar to a traditional mortgage in that a lender loans a sum of money to a borrower. Where it differs, however, is HOW and WHEN the money is repaid.
The Reverse Mortgage option, according to Texas Reverse Mortgage Specialists at Senior Reverse Mortgage Services, Inc., provides a unique opportunity for those who own a home to receive a percentage of their equity in their home based on the age of the youngest homeowner. They can do this without having to sell their home, move, or make monthly payments. The homeowner NEVER comes off of the deed during the term of the Reverse Mortgage. By utilizing a Reverse Mortgage, homeowners can benefit from the equity they have invested in their home and utilize the equity when they need it. Seniors that own homes with greater appraised resale value can also take out larger loans according to HUD/FHA guidelines. A non-recourse Reverse Mortgage can allow homeowners to supplement their income, funds are non-taxable, are not considered income, and funds do not affect Medicare or Social Security.
A Reverse Mortgage can be a financial benefit and source of funds to put in reserve for unexpected expenses and to supplement retirement. According to the Texas Reverse Mortgage Specialists at Senior Reverse Mortgage Services, Inc., Reverse Mortgages are an attractive option for Seniors who may no longer be drawing a regular income because this type of mortgage does not require certain income or a specific credit score. It can also be used for many reasons including paying off debts, make a large purchase, pay for medical care, buy long term care insurance, and pay college tuition, among many other pertinent reasons.
A Reverse Mortgage can even be obtained if a homeowner still owes payments on their existing mortgage or refinance loan. When the Reverse Mortgage is obtained, as the Texas Reverse Mortgage Specialists at Senior Reverse Mortgage Services, Inc. explain, the Reverse Mortgage pays off any existing mortgage. When the time comes that the homeowner moves out of the home, sells it, or their heirs sell it, the Reverse Mortgage requires an appraisal for current value and the account is settled according to the terms specified in the original Reverse Mortgage documents. According to the HUD/FHA Reverse Mortgage program, homeowners never owe more than the house is worth. Also, equity NOT obtained is also applied against the loan balance. Heirs can never inherit the loan debt, but do have an opportunity through the program to purchase the home.
According to the Texas Reverse Mortgage Specialists at Senior Reverse Mortgage Services, Inc., a Reverse Mortgage, according to HUD/FHA, is for homeowners age 62 and older. The Texas Reverse Mortgage Specialists at Senior Reverse Mortgage Services, Inc. help Senior homeowners determine the loan that best meets their financial needs.
Call 817-686-4900 for a FREE consultation with Reverse Mortgage Specialists and Loan Originators at Senior Reverse Mortgage Services, Inc.
