Reverse Mortgages

Join the thousands of Texas Homeowners 62 and older who are using the most powerful financial tool to: stay independent, remain in their homes, supplement their retirement income, pay for health care expenses, eliminate mortgage payments, make home repairs or modifications, purchase a vacation home, travel more frequently, help pay for grandchildrens' education, provide tax-free income, or simply establishing a cash reserve for emergencies; while retaining title and ownership of their homes for themselves and their heirs.

Getting a Reverse Mortgage is a big decision and takes careful analysis of your financial situation. Accordingly, you want to make sure that you are dealing with a person who is fully competent and knowledgeable in the world of finance, as well as being well versed on all aspects of reverse mortgages.

When you choose Mortgage Associates of Texas you will work with someone who will listen to your situation and educate you. We will answer all your questions and will take whatever time is needed to do so. We will earn your trust by telling you not only the positives, but the negatives as well of a reverse mortgage, relative to your situation. Our goal is to provide you with all the information you need to make an intelligent, informed decision.

The History of Texas Reverse Mortgages

Since the first Reverse Mortgage loan was issued in 1961, usage of this powerful financial tool has steadily risen throughout the decades. Today, more Texas Reverse Mortgage loans are obtained than ever before. The U.S. Department of Housing & Urban Development (HUD) endorsed 62,034 Reverse Mortgages the first 10 months of 2006. That’s an 85% increase over the same period last year!

About Texas Reverse Mortgage Products

There are several Texas Reverse Mortgage products on the market today. The Home Equity Conversion Mortgage (HECM) is the oldest and most popular product from the Federal Housing Administration (a division of the U.S. Housing and Urban Development department (HUD).* Fannie Mae Home Keeper Private institutions issue products for higher valued homes.

About HUD Counseling

All HECM borrowers must receive independent third-party counseling. HECM counselors will discuss program eligibility requirements, financial implications and alternatives to obtaining a HECM and provisions for the mortgage becoming due and payable. Upon the completion of HECM counseling, the homeowner should be able to make an independent, informed decision of whether this product will meet their needs.

What about repaying Reverse Mortgage?