Reverse Mortgage in Texas
A Home Equity Conversion Mortgage—or HECM—is an FHA-insured reverse mortgage generally available to eligible homeowners age 62 or older. It may allow the homeowner to access a portion of the home’s equity without required monthly principal-and-interest payments.
The borrower retains title and must continue occupying the property as a principal residence, paying property taxes, homeowners insurance and other required property charges, and maintaining the home. HUD-approved counseling is required. The loan becomes due and payable following a maturity event, such as when the last eligible borrower permanently leaves the home. The loan balance reduces the remaining equity available to the borrower or estate.
*The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home according to FHA requirements. Failure to meet these requirements may trigger a loan default that may result in foreclosure.
Programs, terms, and availability are subject to change without notice and may not be available in all states. All loans are subject to credit and property approval. This is not a commitment to lend. Ask me which options fit your situation.