This website, Reverse Mortgages Texas, is designed to help educate seniors and their loved ones learn about this financial product, particularly the FHA insured HECM reverse mortgage program. We feel that it is important to become educated before making such an important decision.
Do I Qualify?
To receive a reverse mortgage, you must be at least 62 year old. It is quite different from the forward mortgage that you originally took out on your home. In the case of a reverse mortgage, payments flow from your bank to you. So long as you maintain your home and keep up with taxes and property insurance, you may continue to live in the house as your primary residence.
The reverse mortgage is a tool for helping seniors in Texas tap into home equity and is often used to supplement income in retirement. Of course, there are many options for how to use it, and its flexibility is one of its strengths.
A few popular uses:
- To pay down or pay off the balance of an existing mortgage loan
- To supplement retirement income and pay daily expenses
- To provide emergency funds that can be tapped into as needed