Texas Senior Care and Housing Directory
Texas Senior Care and Housing Directory


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Open Mortgage 

Melinda Hipp, Branch Manager

NMLS #219085, AZ LO#0944365

Couple happy to be retiring with a reverse mortgage.

1870 W. Bitters Rd. Suite 202
San Antonio, TX 78248
Office 210-493-7332 | Cell 210-602-2603
Toll Free 844-265-5513

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Your home’s value may be the highest it’s been in some time. So why not take advantage of the steady equity growth we have recently had. If your home currently has a mortgage or home equity loan, the Reverse Mortgage could pay off that debt, plus any other debt you wish.

A Reverse Mortgage may be just the solution for homeowners 62 and over who are house rich and cash poor or looking to downsize or upsize to a new home. A Reverse Mortgage is a type of home equity loan that allows 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. (Must comply with the terms of the mortgage) This is all with no monthly mortgage payments and a simple financial assessment. (Must maintain home as primary residence & keep property taxes, homeowner's insurance and HOA dues current).

There is now a financial assessment on all borrowers to review their income, assets and liabilities to insure that future mandatory obligations (such as taxes, insurance, maintenance and HOA dues) continue to stay current. You can take out a partial lump sum, take monthly installments, or set up a line of credit that continues to grow to take advantage of your home value rising. Utilize the Reverse Mortgage for purchase program to downsize or buy your dream retirement home and save funds for a nest egg.


About Melinda Hipp

Melinda Hipp is Branch Manager with Open Mortgage in San Antonio and specializes in working with senior homeowners 62 and over who would like to access the equity in their home through a Reverse Mortgage.Melinda Hipp, Senior Loan Officer - Open Mortgage - TX Reverse Mortgage Lender

Melinda is one of only 2 CRMP's (Certified Reverse Mortgage Professional) in TX designated by the National Reverse Mortgage Lending Association.

She has handled hundreds of satisfied Reverse Mortgage clients over the past ten years with many raving fans. She and her team are dedicated to giving you boutique service and personalized customer experience.

Melinda regularly provides training to local real estate professionals and holds the designation of MBA, CRMP (Certified Reverse Mortgage Professional) and CMC (Certified Mortgage Coach.) Melinda is also an active member of NRMLA (National Reverse Mortgage Lender’s Association). An avid golfer, Melinda was a charter member of the San Antonio Chapter of the Executive Women’s Golf Association. She is currently a member of the National Reverse Mortgage Lender’s Association, Women’s Council of Realtors, San Antonio Board of Realtors, CRS and a board member of Golf San Antonio.

About Open Mortgage LLC

Open Mortgage is a multi-channel mortgage lender. We believe that better is possible, and we are constantly striving to bring a better mortgage experience to everyone. Whether you’re buying a home, looking to refinance, or interested in a reverse mortgage, we do it all. No matter where you are on your journey, we could bring you closer to home. Enjoy your retirement on your terms.

Stability and success are important at every stage in your life. For those exploring reverse mortgages, we understand that your family and your security are paramount. We provide quality customer care you can trust. We’ll guide and educate you through the process to make it manageable, with transparent communication and a commitment to make sure your needs are taken care of before, during and after the loan. We’re dedicated to helping you achieve your financial goals.

Your Reverse Mortgage Professional Melinda Hipp, will educate you about your options, but below are the basic 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. (Must maintain home as primary residence & keep property taxes, homeowner's insurance and HOA dues current)Is a Reverse Mortgage a Safe Product?

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. (Open Mortgage, LLC is not acting on behalf of or at the direction of the federal government)Reverse mortgage loan application

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.
  • 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 Melinda Hipp Today!

Ultimately, our goal is to help our senior clients find the perfect solution for their needs. To do so, we firmly believe in educating our clients to the utmost, and allowing them access to straightforward, objective information and answers. For more information about please contact Melinda Hipp, Branch Manager, or complete the Request for Information form below.

nmlsconsumeraccess.org
melindahipp@openmortgage.com
texasreverse.net
nmlsconsumeraccess.org

Certified Reverse Mortgage ProfessionalEqual Housing OpportunityNational Reverse Mortgage Lenders Association - Logo

 

Open Mortgage

NMLS #2975 - AZ #0920359
Corporate Address

14101 W Highway, 290 #1300
Austin, Texas 78737
Toll Free: 888-602-6626

Disclosure Statement - Open Mortgage 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 Open Mortgage does not warrant the accuracy or completeness and disclaims any liability for errors, omissions or performance of the stated terms.

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