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Texas Reverse Mortgage Directory
Texas Reverse Mortgage Specialists
Welcome to the Texas reverse mortgage state directory. The following reverse mortgage brokers and lenders offer reverse mortgages and other loan solutions in the state of Texas. Please contact a specialist below for additional details and program offerings.
Melinda Hipp
Certified Reverse Mortgage Specialist
NMLS #219085
VanDyk Mortgage is a full service mortgage compnay, who specializes in Texas Reverse Mortgages with the help of local expert Melinda Hipp. With years of experience, they are a name you can trust for a Texas reverse mortgage.
VanDyk Mortgage - Reverse Mortgage in Texas
17721 Rogers Ranch Pkwy. Ste. 215
San Antonio, Texas 78258
Tel: 210-493-7332 | Cell: 210-602-2603
Email | Website
About Reverse Mortgages in Texas
If there is more month left over at the end of your money, then like many seniors, you may be "House rich, but cash poor." This term was coined because largest asset, the house, does not offer them any cash flow. A Texas reverse mortgage can solve this issue, easily and safely. The reverse mortgage has become a safety net for many Texas seniors, needing a little more retirement income. A reverse mortgage is a unique home loan that allows the borrower to draw out some of the homes equity, without paying this money back as long as you live in the home. The loan has to be repaid when you sell the home, or when the youngest borrower passes away. The Texas reverse mortgage is actually a government administered loan. It is sponsored by HUD (The Department of Housing and Urban Development) and is insured by the FHA (Federal Housing Administration.) Texas reverse mortgage proceeds may be paid to you in one large lump sum, in monthly payments, or be they may be kept in an interest bearing account until the funds are needed. You decide when you draw them out, and you actually earn money on the balance until you need it. The product was created to assist seniors during the sometimes lean retirement years and for many has been "God send." There are specific rules regarding the Texas reverse mortgage. Some of these are listed below.
Texas Reverse Mortgage Requirements:
- >>Borrowers must be Age 62 years or older
- >>Own their home and have enough equity in to qualify
- >>Occupy the home as primary residence
- >>Receive counseling by an approved HUD/FHA counselor
- >>The home must be in reasonably good repair
Texas Reverse Mortgage Loan Amounts
The amount of a reverse mortgage loan is based on several factors.
- >> Age of the youngest borrower
- >> Value of the home
- >> How much is owed on the home (if any)
- >> Current interest rate
The reverse mortgage representatives listed here are licensed in Texas and we would be happy to discuss a Texas reverse mortgage with you. They can walk you through the process and identify a solution for you. For more information on reverse mortgages in Texas, please contact a featured loan officer today. The information is free and there is no obligation.
