Companies that offer reverse mortgage loans are able to secure funding for qualified borrowers. A seamless solution is available for borrowers who want access to a portion of the equity in their home. 1st USA Reverse Mortgage is a licensed lending company in Texas to speak with about getting a reverse mortgage in 2018.
Why Are Reverse Mortgage Loans Popular in Texas?
Texas offers many enviable features for its residents, such as affordable housing, warm weather and zero state income taxes. Working families are drawn to an abundance of job opportunities throughout the state. Texas also is among the top destinations in the U.S. for people who migrate into other states.
Retirees often enjoy shopping, fine dining and visits to many of the local parks in Texas. However, folks who are on a fixed income might need additional funds to pay for travel expenses, medical bills, home improvements or other items. Ownership of a home with enough equity could eliminate the need for a qualified borrower to take out a loan that requires monthly payments.
The ability for eligible seniors to cash out a large portion of their home equity without accruing additional obligations has made reverse mortgage loans popular in Texas. Our mortgage experts have helped many applicants obtain a reverse mortgage loan.
Benefits of Getting a Reverse Mortgage
There is a lot of information circulating about the benefits of a reverse mortgage versus a conventional 30-year fixed-rate mortgage. For a traditional home loan, a borrower is obligated to make monthly payments, while a reverse mortgage will not feature a monthly repayment schedule. Fast processing time frames are desirable features for borrowers who need quick access to their loan proceeds. Qualified borrowers may elect to receive a lump sum distribution or to receive periodic distributions.
Reverse Mortgages Texas
Securing a reverse mortgage loan in Texas could enable a borrower to continue living in a home that is filled with a lot of memories. Many seniors are compelled to downsize after their retirement earnings are reduced. However, getting a reverse mortgage in 2018 might provide a cushion that is large enough to maintain a pre-retirement lifestyle.
Speaking with a lending expert in Texas about reverse mortgages is a great way to obtain more details about the process. Our loan officers are kind, patient and very helpful.
Contact 1st USA Reverse Mortgage today at (512) 288-4700 to speak with one of our licensed loan professionals.