Georgetown Mortgage - Your Texas Reverse Mortgage Specialist
Learn About the Benefits of Getting a Reverse Mortgage.
Cole | NMLS# 403273
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:
Reverse Mortgage Eligibility
To Be eligible:
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:
Borrower(s) must have sufficient income to pay for property taxes, homeowners insurance and other recurring obligations.
What’s an eligible property type?
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:
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:
Please 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.
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.
Elder Options of Texas