Benefits of a Reverse Mortgage

Reverse mortgage is the credit designed for senior citizens of our state Texas. It is basically a promissory note where the terms and conditions of home equity loan area clearly mentioned. It is only this type of credit where the payment is made to the lender & not the borrower. One thing that attracts the person about the reverse mortgage, Texas is that till the time borrower lives in the house( against which the credit is taken), one is not required to pay the loan. Depending on the needs of the borrower the payment can be made by lender in

• Lump sum payment: If you require the loan for buying the home/ for paying for your grandson’s education, then easily one time payment can be received by borrower.
• Monthly basis: If you prefer that on monthly basis you receive certain amount of loan, then that can be done also. Till the time borrower occupies the residence, he will be entitled to receive it.
• Periodic advances during a line of credit
• Or one can also combine any of the above-mentioned points as the per the borrowers needs.
• To know more about how reverse mortgage, Texas or can be helpful to you contact us now.