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Cecil Biggs
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  • About Reverse Mortgages
    • Top 10 Reverse Mortgage Questions
    • Intro to Reverse Mortgages
    • How It Works
    • Reverse Mortgages FAQs
    • Reverse Mortgage Myths
    • The Reverse Mortgage Process
    • Choosing a Loan Originator
    • HECM For Purchase Guidelines
    • History of Reverse Mortgages
    • FHA-Insured
    • Reverse Mortgage Resources
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Intro to Reverse Mortgages

Information On Reverse Mortgages

Imagine living in your home without a traditional monthly mortgage payment *, or instead enjoying monthly loan proceeds from the years you’ve invested in your home. A reverse mortgage is a unique mortgage designed for older homeowners 62 and older. You may enjoy access to part of the equity in your home and the freedom and comfort of the home you’ve known for so many years. It’s your home, now you can put it to work for you.

Information On Reverse Mortgages

A reverse mortgage may allow homeowners 62 and older to access part of the equity in their home.

Reverse mortgage borrowers retain ownership and title to their home*. It’s yours just as it was before, but now you may benefit from the equity that’s been building in your home for years. In addition, HECM (Home Equity Conversion Mortgage) reverse mortgage loans give you the peace of mind of a loan that is insured by the Federal Housing Administration (FHA) and where your home and property are the only assets which secure the loan. In order to retain the home when the reverse mortgage becomes due and payable, the heirs may choose to keep the home and pay 95% of the home's appraised value, less customary closing costs real estate commissions.

You can get a reverse mortgage on your primary residence and no repayment is due until the home is sold, the last borrower passes away or permanently leaves the home*. Borrowers also must keep the home in good condition, pay property taxes and keep homeowner’s insurance coverage to avoid the loan becoming due and payable.

As a protection, all those seeking a reverse mortgage are required to obtain counseling (from an independent HUD-approved third-party counselor) prior to incurring any costs associated with the loan (other than the counseling fee). While proceeds from a reverse mortgage are not subject to personal income taxation, borrowers should seek tax advice on how proceeds may affect government needs-based programs such as Medicaid and Medi-Cal.

The Facts

  • A Reverse mortgage is a specialized loan for homeowners 62 and older.
  • A reverse mortgage allows older homeowners to access a portion of the equity in their home.
  • Borrowers maintain title and ownership of their home*.
  • Proceeds from a reverse mortgage are not subject to personal income taxation, but borrowers should seek tax advice on how proceeds may effect government needs-based programs such as Medicaid and Medi-Cal.
  • It is not a government grant, but a loan that is repaid in the future when the home is sold or the last borrower dies or permanently leaves their residence.
  • A reverse mortgage is eligible only for the borrower’s primary or principal residence.
  • HUD counseling (from an independent HUD-approved third-party counselor) is required prior to the borrower incurring any costs associated with the loan.
  • A reverse mortgage loan is secured by a mortgage on the home and failure to comply with loan terms could result in foreclosure.

* There are some circumstances that will cause the loan to mature and the balance to become due and payable.

* Borrower is still responsible for paying property taxes, homeowner’s insurance and maintaining the property to HUD standards. Failure to do so could make the loan due and payable.

* Credit is subject to age, income standards, credit history, and property qualifications.

* Program rates, fees, terms, and conditions are not available in all states and subject to change.

* Borrowers should seek professional tax advice regarding reverse mortgage proceeds.

How Does It Work?
Learn how a reverse mortgage could provide you more cash.
How It Works
What Do Family Members Need To Know?
Get informed about how everyone is affected by a reverse mortgage.
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How Much Can You Get?
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Is It Right For You?
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NMLS#: 1062212
NMLS Consumer Access
ADA Notice
This information is not intended to be a substitute for legal, tax or financial advice. Consult with a qualified attorney, accountant or financial advisor for additional legal or tax advice. These materials are not from HUD or FHA and were not approved by HUD or a government agency.
* There are some circumstances that will cause the loan to mature and the balance to become due and payable. The borrower(s) must continue to pay for property taxes and insurance and maintain the property to meet HUD standards or risk default.. Credit is subject to age, minimum income guidelines, credit history, and property qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.

Cecil Biggs 470348
211 Fort Worth Dr
Denton, TX 76201
Phone: 9405661315

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Disclosures & Licensing

Figure: 7 TAC S80.200(b)

"CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMIS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SMLTEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.

THE DEPARTMENT MANTAINS ARECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS.. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENTS WEBSITE AT WWW.SMLTEXAS.GOV."




 

 

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  • Home
  • About Me
    • About Me
    • Disclosures & Licensing
  • About Reverse Mortgages
    • Top 10 Reverse Mortgage Questions
    • Intro to Reverse Mortgages
    • How It Works
    • Reverse Mortgages FAQs
    • Reverse Mortgage Myths
    • The Reverse Mortgage Process
    • Choosing a Loan Originator
    • HECM For Purchase Guidelines
    • History of Reverse Mortgages
    • FHA-Insured
    • Reverse Mortgage Resources
  • Who We Help
    • Seniors
    • Adult Children
    • Special Advisors
  • Testimonials