How A Reverse Mortgage in Texas Can Help You?
Obtaining a Texas reverse mortgage can provide you with the means to enjoy financial freedom. Our clients attain the funds they need in order to pay off bills, go on vacations, pay for medical care, take care of family needs, and more. Your retirement should be as carefree and enjoyable as possible; now you can tap into the equity in your home and receive income from it with a reverse mortgage.
Trinity can help you find a financial solution that will enable you to enjoy many benefits during your retirement. Some of these benefits include:
Using a HECM for Purchase to make it easy to purchase a house and get a reverse mortgage simultaneously.
Acquiring the money with few restrictions.
Your home can be turned into a home pension!
Eliminating your monthly mortgage payments!
Receiving your money quickly, usually within 4-5 days of escrow closing.
If you own your own home in Texas with equity, you’re at least 62 years of age and have at least fair credit, and your home is your main residence, you could qualify for one of these financial solutions. Many people who look for a reverse mortgage in Texas are excellent candidates for programs. Contact Trinity today to find out if you qualify.
What Are The Benefits of a Texas Reverse Mortgage?
There are many benefits for retirees who attain a reverse mortgage. The most valuable benefit is the opportunity to enjoy retirement without the strain and stress of financial burden. This type of solution provides arrangements with no monthly payments due, and there are no restrictions on how you distribute your funds.
A reverse mortgage acts as a popular tool for postponing Social Security payments in order to increase payment amounts later, and it can also be used to supplement existing retirement income. In addition, when you get a reverse mortgage, you can remain in your home, and the disbursements are tax-free (consult your tax professional). If a reverse mortgage doesn’t meet your needs, we will recommend a traditional refinance, a consultation with a financial planner, or trade properties and then do a reverse mortgage. We may also recommend that no changes be made to your current loan.
Options for Receiving Your Funds
Trinity clients enjoy a variety of options pertaining to how they receive their reverse mortgage funds:
- Term payments: Payments made over a period of time, usually months or years
- Tenure payments: Monthly payments over the expected lifetime of the youngest borrower
- Lump sum at closing or whenever you choose
- Equity line (credit line): A line of credit that accrues interest, increasing your available funds at a potentially substantial rate. For example, if a credit line has $100,000 on it and that amount remains in that line, a 3.625% margin interest rate and credit line growth of 6.35% would create a balance of $106,350 after 12 months.
- A combination of any or all of the above options, such as a partial lump sum along with funds to remain in the line of credit, in addition to a small monthly payment.
Why wait any longer to tap into the equity that has built up in your home and put it to good use? Contact Trinity Mutual and start enjoying your retirement now.
*Trinity Mutual is not a lender, but a mortgage broker who looks for the best lender for your loan.