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Seniors looking for a way to make the most of retirement in the Great State of Texas may consider applying for a Texas reverse mortgage. A reverse mortgage is a loan that allows homeowners to access valuable equity in their homes to help fund retirement. Also known as home equity conversion mortgages (HECMs), Texas reverse mortgages grant seniors improved financial freedom while allowing them to continue living at home. They can be utilized in a variety of ways:
For a more complete understanding of a reverse mortgage in Texas, download GoodLife’s informative reverse mortgage guide.
The HECM program is administered by the Federal Housing Administration (FHA) and the Department of Housing and Urban Development (HUD). As such, Texas reverse mortgage requirements are similar to those of other states. In order to qualify, seniors must:
Use our reverse mortgage calculator to receive a free loan estimate.
The reverse mortgage application process in Texas follows the guidelines set by the FHA. Those looking for a reverse mortgage in Texas must take these steps:
Reverse mortgage applicants should familiarize themselves with the key terms, requirements, and benefits of a HECM loan. A GoodLife Reverse Mortgage Specialist can walk you through what you need to know, and our informative resource center can provide further clarification.
HUD mandates that all reverse mortgage applicants attend a counseling session with an approved reverse mortgage counselor to help determine if the loan will best suit your needs.
When you apply for a reverse mortgage through GoodLife, an appraiser will evaluate your property to ensure it meets all requirements. You can utilize the reverse mortgage calculator to get an idea of the amount you may be eligible for.
Once your application has been approved, you will sign the final documentation with a notary. After that, GoodLife can disburse the loan proceeds in the agreed-upon manner.
Curious about finding the right Texas reverse mortgage company? GoodLife’s reverse mortgage FAQs can help you make the right choice.
When you successfully apply for a reverse mortgage, the proceeds you receive are yours to spend how you like: whether that’s for a dream vacation or paying back medical debt. It’s good to note, however, that you may also have to set funds aside for home repairs and insurance, in order to remain compliant with FHA requirements.
Reverse mortgages are collectible when triggered by a maturation event, like the passing of the borrower and eligible non-borrowing spouse, or the homeowners moving out of the property. The loan may also become payable if the borrower should fail to meet property tax or insurance obligations.
GoodLife Home Loans allows borrowers to choose their favored method of payment. Borrowers may receive a lump sum, monthly installments, a line of credit, or a combination of these options.