Archive for the ‘Reverse Mortgage’ Category

5 Helpful Tips on How to Use a Texas Reverse Mortgage Loan

Posted on :  September 30, 2016

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.

How a Texas Reverse Mortgage Loan is used to buy a New Home Loan

Posted on :  August 13, 2016

Purchasing a new home after retirement can become a reality with proper planning. While this can be easy for the wealthy Texan, there are many retirees that will not see the day to live this experience and enjoy the benefits of a Texas reverse mortgage loan. Do you and your spouse keep ignoring the conversation on getting a new home? Are there repairs that have gone undone for a long period of time? Do you constantly turn to your children to help you take care of your home?

As a Texas reverse mortgage company we see seniors finance the purchase of a new home without the responsibility of monthly payments. Most people believe that the only benefit to this type of loan is that it helps retirees remain in their homes as they use income from their property. Here’s how it works:

* Applicants 62 years or older that are buying a primary residence must make a down payment and take care of closing costs. A lump-sum loan is then used toward the purchase of the home. There are no monthly payments to pay down the debt, and interest accrues on the loan with principal plus interest due when a spouse or the last co-borrower moves out or passes away.

* A reverse mortgage loan gives retirees a chance to use not only move to into a new home but live in a warmer climate or be closer to their family.

* If used strategically, a senior can invest in higher-yield investments outside of their home.

A majority of Texas reverse mortgage loans are FHA-insured HECMs or home-equity conversion mortgages with the loan amount being a percentage of the appraised value of the home. In the case that a retiree leaves a portion of the proceeds in a line of credit to use in the future, interest is charged only when money is drawn from the line of credit. Let’s look at an example:

George and Heather Maslow were hoping for a 2,800 square-foot house with a nice pool in Dallas, Texas but it was listed at $533,000. Their home in Houston was appraised for $370,000 that had to be paid off. After making a down payment 50% of the listed price, their reverse mortgage loan covered the rest of the home. The Maslow’s decided to add more money down to help them quality for a line of credit with a variable interest rate.

Please note this is a fictitious example and Texas reverse mortgage loans will depend on income and the ability to pay back the loan.

Apply for a reverse mortgage loan today and one of our friendly financial representatives will answer your questions.

Please note this is a fictitious example and Texas reverse mortgage loans will depend on income and the ability to pay back the loan.

Apply for a reverse mortgage loan today and one of our friendly financial representatives will answer your questions.

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.

WHY TEXAS REVERSE MORTGAGES ARE BECOMING POPULAR

Posted on :  July 30, 2016

 

When the beginning of the downside of the economy began in 2008, the popularity of reverse mortgages began to rise. A recent New York Times report stated that HECM loans offers home equity that is an important asset to home owners that are ready to retire because it provides a powerful financial tool that they can access. What are your plans for retirement? Will your pension cover all of your expenses? Is your only option working a part time job to pay for your finances? As a reputable Texas reverse mortgage lender we want to share more insight with you on the

Texas Reverse Mortgage Benefits

Peace of mind during retirement is the dream we all live for. The ability to have access to money after the age of 62 will secure the quality of life we deserve while a home loan eliminates the monthly payment of the original mortgage. The way it works is the payment will not be due until the homeowner sells the property or passes away. Furthermore, it gives retirees the opportunity to free up cash flow for personal expenses. This is offered to home owners that live in the property with a consistent income or credit.

This helps resolve some of the previous pitfalls that were associated with these loans that has helped reverse mortgages to gain popularity. We recommend that borrowers seek third-party credit counseling prior to taking out a reverse mortgage and be able to demonstrate that they can manage home upkeep, property taxes and insurance. The needs of those in retirement are constantly changing and people are living longer in the United States. Others are unprepared for the financial expense of retiring after the reality of working at a job comes to an end even if they saved all of their life. More recently, a 401k is replacing a pension and has fewer benefits and more risk if it is the only retirement nest a household depends on. This means that most seniors will be unable to afford to retire.

A Major Discovery of Reverse Mortgages

Texas Senior Lending discovered that a reverse mortgage is the answer for retirement in the modern era. In the United States alone, there is $12.5 trillion of home equity in the nation compared to $14 trillion retirement assets although most people fall short of their retirement funds to live a lifestyle that they deserve. Convenient financial options are available with a line of credit with a lump sum or monthly payout with a reverse mortgage. As an example, a line of credit can be accessed only when needed, with interest accruing on the funds borrowed. This line can also grow over time as the loan matures. In par with the increasing popularity of these home loans is the consumer norm.

We care about our customers and want to see retirees live life with ease. Being a Texas reverse mortgage lender gives is a chance to help you continue your lifestyle after work ends. Call us toll free at 1-888-638-5030!

 

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.

How to Leverage Your Timeshare with a Texas Reverse Mortgage

Posted on :  June 30, 2016

There are seniors that have worked their lifetime to have the lifestyle that they have today. In contrast, some older individuals are not familiar with where to find funds to maintain their retirement.

CLICK HERE TO READ ABOUT TEXAS REVERSE MORTGAGES

When the reverse mortgage was introduced 30 years ago, most customers were single women, often widowed around the age of 75 years old. The funds were typically used to fix a home but the purpose of a reverse mortgage has changed.

Here is an example. A couple in their 70’s named the Williams own 35 weeks of timeshares every year in 5 different systems. They are familiar with being successful and handle each different organization to gain maximum benefits with a timeshare schedule into the calendar year of 2022. The couple decided to take out a reverse mortgage on their primary home in Texas to avoid cutting back on what they love the most; traveling.

Reverse mortgage consumers can select how they receive and spend the money. Options include a lump sum, a fixed monthly payment for the entirety of the loan, a line of credit or a combination of all of these choices. One of the most popular options is the line of credit that 60% of borrowers move forward with by working with a Texas reverse mortgage  lender. It gives a consumer the opportunity to draw funds from the loan when they choose.

The amount of the reverse mortgage will depend on the age of the borrower, the type of loan and value of their property. The older the customer, more equity in their home and the less amount of money that is owed, the larger the reverse mortgage amount. There is no requirement that owners re-qualify during the term of the reverse mortgage yet property taxes and home insurance must remain current.

The Williams decided to take out a home equity loan to remodel their home. To maintain their retirement cash flow, they sold lackluster bonds and paid of the remainder with of the reverse mortgage. This couple also earns $1,500 a month tax free, for another 20 years from the reverse mortgage.

During the winter time, the Williams spend 5 weeks in the same timeshare unit in Big Island Hawaii. They also go to Kauai for a few weeks, Palm Springs and San Diego before going back home to Texas. The decision to pay $22,000 – $23,000 in annual fees for these timeshares has been eliminated because they simply add the amount on a mortgage to have the luxury of a second home.

Do you have more questions about reverse mortgages? Call a Texas reverse mortgage lender and take care of your retirement the way you always wanted.

Why Retirees Need to Consider a Reverse Mortgage

Posted on :  May 19, 2016

The average senior is unaware of their options and the power of a reverse mortgage because of misinformation. Based on a survey by the Employee Benefit Research Institute, 21% of Americans believe they will retire comfortably. Only 48% of workers made an attempt to discover how much they need to save for retirement. The other percentage of respondents plan to figure out a plan on their own without getting professional support.

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Low Interest Rates for Reverse Mortgages

Posted on :  April 30, 2016

Many of us are new to the concept of reverse mortgages and may not understand exactly how it works at first. As a Reverse mortgage lender in Texas, we have seen our customers that were unsure about the rest of their retirement at first and after sitting down with one of our Financial Advisors, they realized a reverse mortgage can be a valuable resource to a happy retirement.

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What You Need to Know About Reverse Mortgages and Social Security

Posted on :  March 31, 2016

Most people that come close to retirement depend on their savings, a pension, and Social Security. As the economy continues to see a downturn, the sad reality is that there are employers that are no longer offering pensions to employees. With the standard of living that is changing for people that are getting older, the ability to save can be difficult. Studies show that 60 per cent of Americans are unable to save money towards their dream retirement.

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The Truth about Home Equity Line of Credits

Posted on :  February 26, 2016

 

The Truth about Home Equity Line of Credits

When the time comes for you to take the next step in life when applying for a loan, a Home Equity Line of Credit (HELOC) may not be the right solution. For those of you who are over the age of 55, a reverse mortgage is a better option. Do you know the differences between a reverse mortgage and a HELOC? We gathered important information about both types of accounts to help you with making your decision. (more…)

The Top 3 Reverse Mortgage Scams

Posted on :  January 31, 2016

As we get older, there are many things we have to maintain in our lives in addition to good health. Seniors are exposed to potential scams and fraud every day and knowing how to recognize the red flags is important. As you make yourself more familiar with your reverse mortgage, here are a few scams we want to share with you to keep your finances in good shape.

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Texas Senior Lending’s Reverse Mortgage Experience

Posted on :  December 30, 2015

Texas Senior Lending has worked with a diverse group of customers with different needs when it comes to applying for a reverse mortgage. Our priority is to make sure that customers are familiar with the step by step process and have a good understanding of what is needed. We put together a list of steps for you to read before you make the next step. (more…)