| Welcome to TEXAS REVERSE MORTGAGE NETWORK. The ONLY product we provide is the Reverse Mortgage. Our mission is to set the highest standard in the Reverse Mortgage industry and be the best informed professionals in reverse mortgages. By only providing Reverse Mortgages we are focused on our common goal - to obtain the best program at the best rate that fits your needs. We will always adhere to the highest degree of integrity in all of our business dealings. Being eligible myself for a Reverse Mortgage gives me a unique perspective as to our customers' needs. NEW!!! We now offer a new NO ORIGINATION FEE and NO SERVICING FEE AND NO (OR REDUCED) MORTGAGE INSURANCE Reverse Mortgage. When it comes to Reverse Mortgages, Education is the key. Our pledge to you, is to complete the education process, so you are able to make an informed decision. We always encourage prospective clients to invite family members to be a part of the discussion with us during the education process. We provide Reverse Mortgages only in TEXAS. By this approach we are able to keep current with market conditions and values in most Texas cities and also in rural areas. This also allows us to know and select the best support professionals in Texas such as appraisers, surveyors, and title companies. We fully understand, and are THE EXPERTS in providing Reverse Mortgages for Manufactured and Mobile Homes. If you need a Reverse Mortgage and live in a Mobile or Manufactured Home call us and we can discuss the process for you to obtain a reverse mortgage. Texas Reverse Mortgage Network is not a CPA firm. |
A reverse mortgage is a home loan that lets homeowners convert a portion of the equity in their home into cash. The equity built up over years of mortgage payments can be paid to you. Unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence.
To be eligible for a HUD reverse mortgage, HUD's Federal Housing Administration (FHA) requires that the borrower is a homeowner, 62 years of age or older; own your home outright, or have a low mortgage balance that can be paid off at the closing with proceeds from the reverse loan; and must live in the home.
The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA's mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.