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.

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