Reverse Mortgages in Texas

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What if you could have more money with which to enjoy your retirement?

Think about the possibilities. Maybe you could pay off your credit cards. Perhaps you could afford to put a down payment on that vacation home you always wanted. Maybe you could help send your grandchild to college. Or perhaps you might take that trip around the world that is still on your bucket list.

Any or all of these may be possible with a reverse mortgage.

What is a Reverse Mortgage?

A reverse Mortgage is a loan which Senior homeowners can use to borrower against the equity in their home. In doing so, funds may be available that you can use when you really need to.

The best part of a reverse mortgage, however, is that the loan does not come due until a maturity event. That means you can stay in your home for the rest of your life. However, the homeowner is responsible for the 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.

Who Qualifies for a Reverse Mortgage in Dallas?

Reverse mortgages are available to borrowers age 62 and above.

The exact requirements for a reverse mortgage will depend on the specific type of reverse mortgage you choose.

Note that you must borrow against equity in a primary residence to obtain a reverse mortgage. You cannot use a second home, vacation home, or investment property for a reverse mortgage.

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Types of Reverse Mortgages in TX

We offer a variety of different types of reverse mortgages

HECM Reverse Mortgage

"HECM" stands for Home Equity Conversion Mortgage. This is a loan for seniors 62 years of age and over. Aging in place is one of the strengths of this type loan.

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Jumbo Reverse Mortgage

Depending on how much your home is worth and how much equity you own, you might be able to borrow above the limit of a traditional reverse mortgage through a jumbo reverse mortgage.

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HECM for Purchase

Do you have plans to purchase a new primary residence? If so, you can do so at the same time you apply for a reverse mortgage.

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Reverse Mortgage Refinance

If you have a reverse mortgage currently, you might want to refinance it in order to reduce the interest rate, borrow more than you were able to under previous guidelines, or change some other term of the loan. You can achieve these or other aims through a reverse mortgage refinance.

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You may already know what type of reverse mortgage you need. But if you do not, that is something we can help you figure out during your reverse mortgage consultation.

Your consultation is also an opportunity for you to ask any questions you have about reverse mortgages. We will take as much time as we need to help you understand every aspect of how they work.

Let Us Help You Choose the Right Reverse Mortgage For Your Needs

If you are ready to make your home equity work for you during your retirement, Michael Harrell Group is ready to help. To schedule your reverse mortgage consultation today, please call (214) 269-3593. We work with borrowers in Dallas and throughout Texas.

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