The key to your own home is a gratifying feeling, much like having access to money at retirement. There are many ways for a reverse mortgage loan can be used which is quite often overlooked by most customers. If you are learning more about Texas reverse mortgage loans, we did the homework for you and have you covered in this informative blog about the benefits. If you are over the age of 62 with a good amount of equity in your home, here are the most effective uses for reverse mortgages.
#1 High Interest Debt Consolidated
Were you aware that most seniors over the age of 62 have over $50,000 in debt? We can only imagine the total annual interest fees on this kind of debt. A Texas Reverse mortgage will allow you to pay down this debt as the fees and interest get eaten away.
#2 Social Security Benefits Delayed
This might sound unrealistic but you absolutely are able to delay Social Security benefits using a reverse mortgage loan. We recommend you take heed when exercising this option. How you can win is waiting to accept it for the payout to increase with time.
#3 Retirement Safety Net
They say that the early bird gets the worm especially when it comes to a Texas reverse mortgage loan. A wise decision is to set yourself up with a financial safety net. We know how medical bills for many in an unplanned retirement can put you back to square one.
#4 Say Goodbye to a Monthly Mortgage Payment
Did you know a reverse mortgage loan can pay off your existing home loan? This gets rid of your monthly payment because paying a reverse mortgage loan back only applies until after your death. Imagine a life of no monthly housing payments and how it could help your budget.
#5 Line Of Credit Access When You Need It
You have the choice to take a reverse mortgage loan payout as either a lump sum or monthly payment. Rather, you can just accept a line of credit. This line will increase each year, and you only pay interest on the amount that you borrowed. It comes in handy for unexpected expenses, vacations or when you simply need it.
Apply today for a Texas reverse mortgage loan! The application process is free and our friendly and knowledgeable financial representatives are here to help.
Texas Administrative Code RULE 7 §81.200 Required Disclosures …(c) At each physical office, and on its website, a mortgage banker or an originator shall conspicuously post the following notice:
“CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.”
This material is not from HUD or FHA, nor was it approved by HUD or any government agency.