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Berkshire Lending, a Texas Reverse Mortgage Lender.

NMLS #506460

AddisonBlue Black CircleCorinthBlue Black CircleDentonBlue Black CircleFlower MoundBlue Black CircleLewisville

14673 Midway Road, Suite 216
Addison, TX 75001

 Office: (214) 937-4455

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A reverse mortgage is a unique financial tool unlike any other in that it offers borrowers the ability to access their home equity without the burden of monthly mortgage payments. Using a reverse mortgage, you can access cash to supplement your income in retirement and age in place in your home. A reverse mortgage with Berkshire Lending may be just the solution who are house rich and cash poor, or looking to downsize or up size, to a new home. There is a “Home Equity Conversion Mortgage (HECM) for Purchase” loan that allows people 62 and older to purchase a new principal residence with HECM loan proceeds.

A Reverse Mortgage, also known as a Home Equity Conversion Mortgage (HECM), is a type of home equity loan that may allow you to access the equity you have built up over the years or have available in a new purchase, while still keeping the title to the home in your name. This is all with no monthly mortgage payments and a simple financial assessment (homeowners must keep property taxes, insurance and HOA dues paid current and must maintain the home as their primary residence.

A “HECM for Purchase” loan requires that you be 62 years of age or older and that the home you are purchasing be your principal residence. You will need to have cash available for the down payment. There will also be closing costs, which will be higher than those with other reverse mortgage loans. Some of these closing costs may be paid by the seller (depending on your state’s laws), so it is a good idea to shop around and talk to multiple lenders after speaking with your reverse mortgage housing counselor . For HECM for Purchase loans you’ll need cash to pay the difference between the HECM proceeds and the sales price plus any closing costs.

About Berkshire Lending

Bershire Lending serves the Texas areas of Addison, Corinth, Denton, Flower Mound, and Lewisville. Organized under the laws of Texas, Berkshire Lending, LLC began operation in 2008. We are Texans helping Texans finding the right mortgage solution to help you reach your goals. And if you’re 62 or older, a reverse mortgage may be right for you. Unlike other mortgage loans a reverse mortgage is an innovative financial tool that can provide you with extra income, either as a lump sum, monthly payments, line of credit or any combination of the three. You can use it to have more financial freedom, a more secure retirement, to pay health expenses, make home renovations or even to purchase your dream home.

 

Mark Lemons, Jr.

Registered Mortgage Loan Originator 

NMLS#2006279
Berkshire Lending, LLC
Mobile Ph# (214) 202-7288

Mark Lemons, a Texas reverse mortgage specialists with Berkshire Loans.
Mark helps adults 62+ throughout Addison, Corinth, Denton, Flower Mound, and Lewisville, TX with the reverse mortgage process. Mark has seen first hand the benefits of a reverse mortgage having assisted family members with the process. Working with senior homeowners is a calling for Mark.

As a former Home Health Operations VP, he has seen the high cost of drugs and the burden it places on a household. That along with the lack of savings and retirement funds a significant number of baby boomers have is another reason to consider a reverse mortgage.

Mark will educate you about the following options and homeowner eligibility requirements:

Must be 62 years or older.
Live in home as primary residence; vacation homes and investment properties do not qualify.
Complete a HUD-approved counseling session.

Must be able to pay homeowners taxes, insurance and any applicable HOA fees

 

Common Reverse Mortgage Questions

Why should I get a Reverse Mortgage instead of refinancing, financing or getting a home equity loan?

With a Reverse Mortgage, you do not have to make any monthly mortgage payments. Your credit score is also not the main determining factor for approval. Even if you have been turned down for a regular mortgage you still may qualify for a Reverse Mortgage. You must maintain home as primary residence & keep property taxes, homeowner's insurance and HOA dues current.

Is a Reverse Mortgage a Safe Product?

Texas Reverse Mortgage Application.
A Reverse Mortgage is one of the safest loans you may possibly have.

95% of all Reverse Mortgages fall into the category of HECM’s (Home Equity Conversion Mortgage) which are insured by the HUD through the US Government.

HUD has certain guidelines and protections that regulate the fees, expenses and interest rate you can be charged. You also must attend a counseling session by an approved HUD counselor to give you independent information. Other types of Reverse Mortgages also have similar protections built in.

What are the options for receiving the cash from my Reverse Mortgage?

There are three basic options for receiving your cash or you can do a combination:

  • A one-time lump sum payment after all mortgages or other liens are paid off. id off.
  • Monthly payments based upon a preset amount of time (after which the payments stop) or a lifetime guaranteed payment similar to an annuity.
  • A line-of-credit that you may draw from whenever you wish. The balance in the line-of-credit increases each month to take advantage of your home’s appreciation and your increasing age. The funds from your line-of-credit are not added to your loan balance until you withdraw them.


Contact Mark Today!

Ultimately, my goal is to help our senior clients find the perfect solution for their needs. While the minimum age for a reverse mortgage is 62, this may not be the most advantageous time for you. Education is the key, I believe in educating the borrower fully, with straight forward information and answers.

For more information about a Reverse Mortgage, please contact Mark Lemons, Jr. on his mobile phone at (214) 202-7288 or the office at (214) 937-4455, or complete the Request for Information form below.

Berkshire Lending, a Reverse Mortgage Lender serving Texans. 

Disclosure Statement – Berkshire Lending, LLC is not affiliated with any governmental agency. The material shown on this site is for informational purposes only and is not an offer to lend or extend credit. All applications are subject to underwriting approval and guidelines. Not all applicants will qualify for loan products described.

All loan programs, terms, pledges, guarantees and conditions are subject to the rules and regulations and to change without notice. The products and services shown are not available in all geographic areas. The information and graphics shown are provided "as is" and Berkshire Lending, LLC does not warrant the accuracy or completeness and disclaims any liability for errors, omissions or performance of the stated terms.

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