A reverse mortgage gives Texas homeowners age 62 and older a flexible way to access home equity while staying in the home they love. Eliminate required monthly mortgage payments, improve cash flow, and create greater financial security with guidance designed to help you make confident, informed decisions.
A reverse mortgage is a home loan for homeowners age 62 and older that allows you to convert a portion of your home’s equity into cash. There are no required monthly mortgage payments while you live in the home and meet basic obligations like taxes, insurance, and maintenance.
A reverse mortgage can benefit homeowners age 62 and older who want to reduce monthly expenses, access home equity, or improve retirement cash flow. It is ideal for those planning to stay in their home long term, supplement income, pay off an existing mortgage, or create greater financial flexibility and peace of mind in retirement.
A reverse mortgage works by allowing homeowners age 62 and older to convert a portion of their home equity into cash while continuing to live in their primary residence. There are no required monthly mortgage payments as long as loan obligations are met, and the loan is typically repaid when the home is sold or no longer occupied.
Several types of reverse mortgages are available to meet different homeowner needs. These include FHA insured Home Equity Conversion Mortgages, reverse mortgages for home purchase, and jumbo reverse mortgages for higher value homes. Each option offers different features, loan limits, and flexibility depending on your goals, home value, and financial situation.
A reverse mortgage offers several benefits, including eliminating required monthly mortgage payments, accessing home equity as cash, and improving retirement cash flow. Homeowners age 62 and older can stay in their home, maintain ownership, and gain financial flexibility to cover everyday expenses, healthcare costs, or long term planning needs.
A reverse mortgage may be right for you if you are age 62 or older, plan to stay in your home long term, and want to reduce monthly expenses or access home equity. The best way to know is through a personalized review of your goals, home value, and financial situation.
A reverse mortgage can be a smart financial tool for homeowners age 62 and older who want more flexibility and control in retirement. It allows you to reduce or eliminate monthly mortgage payments, access the equity you have built, and stay in your home while improving cash flow and long term financial security.
Ken Andreas helps Texas homeowners understand reverse mortgages in a simple, no pressure way. Explore how to eliminate monthly mortgage payments, access home equity, or purchase a new home, with personalized guidance built around your goals.
Yes. You keep ownership and the home remains in your name. You must continue to live in the home as your primary residence and keep up with taxes, insurance, and maintenance.
No required monthly mortgage payments are due while you live in the home and meet loan obligations. You can choose to make voluntary payments at any time.
Depending on the program, you may receive funds as a lump sum, a line of credit, monthly payments, or a combination. The best option depends on your goals and budget.
The loan is typically repaid when the home is sold, refinanced, or no longer your primary residence, such as moving out long term. Heirs usually have options, including selling the home or refinancing.
If you move out permanently, the loan becomes due and the home is usually sold or refinanced. If you pass away, heirs can sell the home, refinance, or pay the balance to keep the property, depending on their plans and eligibility.
