When it comes to reverse mortgages, different homeowners are eligible for different sums. The amount that you receive will depend on your current equity, the appraisal of your home, and on the current interest rates. It may not surprise you that these different factors will affect how much you are offered by a lender. What you may not realize is that a borrower can select from different terms that dictate what they receive and when. Due to recent rule changes for Texas property owners, there are also alternatives to the traditional government-backed HECM option that has been offered to borrowers.
Guidance from FHL Texas can make it easier for you to both confirm that this financial step is right for you and see what terms best suit your needs. Our experience in these matters helps us find the right terms for borrowers. We can also help you confirm that this is the right step for you, and help you determine if this is the right time to move forward with your plans to receive this kind of support. (more…)