Texas Capital Mortgage
A reverse mortgage is a government insured program for seniors over 62. Qualified homeowners can receive tax free money that ranges from approximately 40% to 75% of your homes value. You do not have to make repayment as long as you live in the home. When the last surviving spouse dies or permanently moves from the home the loan plus interest is repaid. Government insurance guarantees the loan balance will not exceed the value of your home.
Title remains with the homeowner. You can use the funds for any purpose. The money can be taken as a lump sum, monthly payments to you, or a combination of cash and income. There is no requirement for good credit and theres no income requirement to qualify. If you have an existing mortgage it can be paid off, eliminating your monthly mortgage payment. This is possible if you qualify for an amount equal or greater than your current loan.