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Easy, no hassle qualifying!!
One of the beauties of a Texas reverse mortgage is the borrower does not qualify based upon credit scores or income. Remember, the borrower is not responsible for making a payment. Traditional lending practices require the lender to make a calculated gamble on the borrower's ability to repay the loan. Therefore, the lender has to scrutinize the borrower carefully. Since there is no payment to a lender there is no credit score and income qualifying. This takes out 80% of the hassle of the loan process. Don't worry about bringing in your 1099s, tax returns for the last 3 years, bank statements, etc. etc.
Eligible properties: Eligible properties for the reverse mortgage in Texas include single family residences, 2-4 unit properties in which the borrower lives in at least one of the units, double or triple wide manufactured homes built after 1976 with FHA approved foundation, condominiums, and townhouses. New homes and spec homes are acceptable as well.
Reverse mortgages are NOT available for construction financing.
Frequently asked Texas reverse mortgage questions:
- Can I buy a house even though my spouse is not 62 yet?
Yes. However, the younger spouse will need to disclaim from the note and deed of trust.
- Are my Medicare or Social Security benefits in jeopardy?
No. However, if extra money is available in the reverse mortgage line of credit and money is pulled out and deposited in a bank account, it may negatively affect those with SSI and Medicaid.
- Does the bank own the home?
No. For the reverse mortgage in Texas, the bank has no ownership in the home. It simply has a lien on the property. The home is nothing more than security for the money the reverse mortgage company loans to you.
- Can I write off interest and the origination fee?
Yes. But the borrower can only write these items off in the same year they are paid. This being the case, chances are the borrower won't be able to write the interest off until the end of the mortgage, when the home is sold. The same could be true for the origination fee. If it is financed into the loan, it cannot be written off until it is actually paid, probably at the end of the loan. It can only be written off the same year it is purchased. That being the case, if the borrower desires to write off the origination fee, they have to pay for it out of pocket. PLEASE CHECK WITH A CPA. Tax laws change. What is true today may not be true tomorrow.
- What if I get sick and have to vacate the property?
If the borrower leaves the home, for any reason including illness, and it is vacated for at least 12 months, the lender may call the note due and payable. In this circumstance, the Texas reverse mortgage lender will allow the borrower time to sell the home.
If it is a husband and wife scenario, and one leaves the home, the mortgage is still in full effect.
So, what do you do next??
The next step is to contact us for a free, no obligation consultation and analysis. You may call Matt Borkowski toll free at (866) 594-3521 Monday through Friday. During our consultation we'll talk about your financial goals, questions and concerns regarding the Texas reverse mortgage, and various reverse mortgage options.
What the consultation is not… It is not a sales pitch, nor is it a hard sell for you to do business with us. We would certainly like to work with you, but not at the cost of giving us or this business a bad name. We are extremely interested in word of mouth advertising and referrals. Since we count on our clients to do that for us, they (YOU) must be extremely happy with our service first. Therefore, hard closing is not in our way. It doesn't work with this philosophy. So, when you call in, you can expect education and consultation, not sales and hard closing. If a reverse mortgage is not the best option for your particular situation, we'll tell you and suggest alternatives.
Pick up the phone and call us toll free today! (866) 594-3521.
Best Regards,
Matt Borkowski
American Nationwide Mortgage Company
ReverseMortgageRx.com
P.S. The turmoil in the financial markets is not touching the reverse mortgage industry. It is the only strong area of the mortgage industry. Call today to learn if this could be the right choice for you.