What is Reverse Mortgage?

Reverse Mortgage is defined as a loan intended for citizens of United States who are above the age of 62 years. This loan has something special about it. Unlike the other types of loan, you need not have to pay it back until and unless you sell your home, or permanently move out and God forbid if you die.

Credentials for Texas reverse mortgage:

• The loan applier must be at least 62 years old.
• The loan applier must be living (own & occupy) in the home during the credit period.
• The home against which loan is applied for must be single family dwelling, buildings with one to four units, condominiums, & mobile homes. It must be noted that only those “mobile phones” are eligible that have been built after 1976 on permanent foundations. Further mortgage on enclosures is not available except in certain parts of Los Angles and New York.

Types of Reverse Mortgage

Basically there are 3 different types of reverse mortgages available:

• Federally insured
• Lender insured
• Uninsured reverse mortgages
• To know more about reverse mortgage texas, contact us now.