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Georgetown Mortgage - Your Texas Reverse Mortgage Specialist

Georgetown Mortgage - Your Texas Reverse Mortgage Specialist

Learn About the Benefits of Getting a Reverse Mortgage.

King Cole | NMLS# 403273
Reverse Mortgage Loan Originator
Georgetown Mortgage | Branch NMLS# 268552
4819 Williams Drive | Georgetown, TX. 78633
Office: (512) 264-2115 | Fax: (866) 728-1797

Request Additional Information About Georgetown Mortgage

A reverse mortgage with Georgetown Mortgage can be an effective tool for providing seniors additional cash by using the equity in their home. However, it is not a decision to be taken lightly. It's important to work with an experienced originator who can help you assess your unique situation to determine if a reverse mortgage is right for you.

Who can benefit from a reverse mortgage from Georgetown Mortgage?

* Seniors looking for extra cash for living, healthcare needs, and education.

* Adult children looking to help their senior parents get in a better financial situation.

A reverse mortgage can give retirees the financial self-sufficiency necessary to stay at home and live independently. It is a financial tool that help seniors supplement their retirement income by turning a portion of the equity in their home into tax-free cash.

Seniors don’t have to make reverse mortgage payments until loan termination, and they can stay in their homes as long as they wish.1 With a reverse mortgage, seniors always retain the title to their homes and are never forced to move. 1 And, when the loan is due, they are not responsible for more than the value of the home.

What Can Seniors Do with Money from a Reverse Mortgage?

One key benefit of a reverse mortgage is the ability for seniors to use the funds how they want. Some people choose a reverse mortgage to eliminate monthly mortgage payments and help pay unexpected expenses. They can also:

  • Pay for medical care, prescription drugs and in-home care
  • Make home improvements and repairs
  • Modify their home for better accessibility
  • Travel to visit family and friends
  • Contribute to a grandchild’s college education

Reverse Mortgage Eligibility

To Be eligible:

  • All borrowers must be the titleholder(s) of the property, with a maximum of three titleholders
  • All borrowers must be age 62 or older
  • The borrowers must own an eligible property type

The existing mortgage balance must be paid off at closing. They can choose to pay off the balance with funds from the reverse mortgage or another source.

“When you're on a fixed income and you own your house...it's a godsend.”

Are You Eligible?

Approval for a Reverse Mortgage with Georgetown Mortgage is easier than you may think. Here are some of the specific eligibility requirements for a reverse mortgage program:

To qualify for a reverse mortgage:

  • You and all other borrowers (maximum of three) must be the titleholder(s) of the property
  • You and all other borrowers must be age 62 or older
  • Any existing mortgage balance must be paid off at closing. You can choose to pay off the balance with funds from the reverse mortgage or another source
  • Your home must be an eligible property type
  • Borrower(s) must show a willingness to repay their debts as demonstrated through their past credit history.

Borrower(s) must have sufficient income to pay for property taxes, homeowners insurance and other recurring obligations.

What’s an eligible property type?

  • Single family home
  • 2–4 unit multi-family home (one unit must be your primary residence)
  • Condominium
  • Planned unit development
  • Modular home

When a Reverse Mortgage May Not Be Right For You

It’s important to understand situations in which a reverse mortgage may not be the best solution for your needs. Here are some reasons why a reverse mortgage may not be right for you:

  • You’re considering moving within a few years
  • You want to leave your home to your heirs, and they will not or cannot pay back the loan with other funds or financing
  • You’re looking for funds to invest

Alternatives to Consider

Once you research reverse mortgages and discuss them with family and advisors, you may conclude one isn’t quite right for you. There are alternatives that may be better, such as:

  • Mortgage refinancing: There are generally three reasons to refinance your existing mortgage: to lower your monthly payments, to pay off your mortgage faster and to take cash out of the equity in your property.
  • Home equity loan or line of credit: These products borrow against the value of the home. A loan is distributed in a lump sum and a line of credit can be drawn upon as needed within a specific draw period.
  • Personal loan: Personal loans are unsecured, meaning no collateral is required. Interest rates are typically higher than other types of financing options.

King Cole, Reverse Mortgage Loan OriginatorPlease note, the options listed above have income and credit score requirements and must be paid back in monthly payments within a specified time period.

For more information about getting a reverse mortgage through Georgetown Mortgage, please call King Cole, a Reverse Mortgage Loan Originator, at (512) 264-2115 or complete the Request for Information form below.

1 There are some circumstances that will cause the loan to mature and the balance to become due and payable.  Borrower is still responsible for paying property taxes and insurance.  Credit is subject to age and property qualifications.  Program rates, fees, terms and conditions are not available in all states and subject to change.

Accredited logosking cole texas reverse mortgage for network funding

Homeowners are responsible to pay property taxes, homeowners insurance and when applicable, flood insurance and HOA dues.  This information was not produced by HUD or FHA and the information was not reviewed or approved by the Department or Government Agency.  The information is of a general nature only and does not take into account your individual objectives, financial situation or needs.  It is not intended in any way as financial, tax or legal advice.  Consult a professional tax adviser.

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