Question by Melinda H: Where can I find a Reverse Mortgage lender in Texas? I have a home in San Antonio, TX on which I have quiet a bit of equity. I would like to get a HECM Reverse Mortgage and need a lender that specializes in Reverse Mortgages in Texas. Best answer for Where can I find a Reverse Mortgage lender in Texas?:
Answer by texas4free
Hi, you can go to www.texasreverse.net and visit that website to find a Reverse Mortgage lender in San Antonio or Texas.
Answer by bburns31
Melinda, I would like to introduce myself. My name is Brandon Burns and I am with Griffin Financial Mortgage. Our company specializes in reverse mortgages and Houston and San Antonio is my area. I would love to help you if I can. I was recently interviewed by the San Antonio Express Newspaper. Here is a link to the article. http://www.mysanantonio.com/business/stories/MYSA032306.1E.hendricks.cb0ff38.html Our company has been specializing in reverse mortgages since their creation in Texas and we are the largest originator of reverse mortgages in the South West for the past 3 years. The biggest difference between us and our competitors is that we do not ask for any money up front. Most of my clients are from referrals from other clients which I take pride in. If you would like for me to send you some more information please feel free to contact me at bburns@griffinloans.com and I will give you a toll free phone number to get in touch with me. Thank you and I look forward to helping you in the future, Brandon
www.guardianreverselending.com Guardian Reverse Lending Phone Toll Free: 1-877-811-5212 Reverse Mortgages for Seniors in Texas
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Since the Texas constitution contains technicalities that prevent this on a home in Texas, there is not a true HECM for Purchase in that state. In the future, legislative changes and Constitutional amendments may make the HECM Purchase possible, but that could take as long as 3 years from now. Seniors must consider other options if want to buy a new home.
The reverse mortgage is a great benefit to seniors who own their own home but need more money than their social security provides them, and the HECM is a program that allows seniors over the age of 62 to purchase a new primary residence using the proceeds from a reverse mortgage. The program has been around since 1989, but it is only recently that the FHA, a division of the U.S. Department of Housing and Urban Development (HUD), approved the HECM for its purchase program. This means that seniors have a government insured option for buying their home.
The HECM for Purchase takes the reverse mortgage a step further and puts that money directly toward the purchase of a new home that is more suited to their needs, such as closer to family or more manageable in size.The Texas constitution does not allow the purchase program because it stipulates that the homeowner must already be on the title of the property prior to taking out a reverse mortgage. Instead, a senior homeowner could purchase their home, then pay themselves back using the proceeds from a standard Reverse Mortgage. There are some stipulations that could prevent this action, though, such as seasoning requirements of 3-12 months required by some lenders.
There are a few other options for seniors in Texas, besides the HECM for Purchase.
They can still obtain a reverse mortgage as homeowners in other states can.
The reverse mortgage can help seniors who are struggling to manage their rising medical bills and other expenses during their retirement on top of mortgage payments. The program allows these homeowners to convert equity in their homes to a tax-free income, without mortgage payments, and without the risk or reality of having to sell their home or sign over the title.Opportunities for Reverse Mortgages are greater than ever right now, and seniors in Texas should not feel discouraged because of this one technicality. They should look at the alternate solutions for reverse mortgages. In fact, the U.S. Department of Housing and Urban Development (HUD) recently raised the reverse mortgage limits to $ 625,500 to help stimulate the economy and provide immediate relief to senior homeowners facing unaffordable payments.
If seniors in Texas can wait a couple of years, their options for reverse mortgages will continue to increase to the same options that seniors in other states have. As of now, there is a lack of verbiage in the Texas State Constitution to allow HECM for Purchase. Because we have to amend the State Constitution to be able to offer HECM for purchase, the earliest an HECM for purchase in Texas would be allowed is 2012. The Texas Legislator only meets approximately once every 14 months, so the quickest this can be brought to a vote is in 2010 for a 2011 ballot.
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