My Reverse Mortgage Texas

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32 Village Ln. Colleyville TX, 76034

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32 Village Ln. Suite 250, Colleyville TX, 76034

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About My Reverse Mortgage Texas

My Reverse Mortgage Texas specialties are in educating seniors and pre-seniors on the advantages of using a Home Equity Conversion Mortgage (HECM) Loan the most common type of reverse mortgage, as a way to turn a portion of the equity in your home into tax-free* cash without having to make mortgage payments. As long as all loan terms are met. It also has the potential to enhance your quality of life and depending on your situation, may help to extend a retirement plan.
Beckie Shiveley can show you how a reverse mortgage loan has the potential to help you gain financial independence from the increasing cost living expenses.
I am dedicated to responding quickly and compassionately to all parties involved.
~Fairway Reverse Mortgage Texas.

Home Equity Conversion Mortgage loan - A Home Equity Conversion Mortgage loan, or Reverse Mortgage, is a Federally-insured reverse mortgage loan backed by the U. S. Department of Housing and Urban Development (HUD). If you qualify, a HECM loan would enable you to withdraw a portion of your home’s equity. which can be used to pay for unexpected expenses, such as nursing home costs or long-term care. It could also provide you with additional cash flow for all the expenses you have. As long as all loan terms are met, the loan does not require repayment until the last surviving borrower permanently moves out of the home, or passes away. Some of the HECM Reverse Mortgage qualifications include:
• Borrower(s) must be 62 years or older
• Must be a homeowner and either own home outright or have significant equity; must live in the home as a primary residence (live there 6+ months per year)?
• The property must be a single-family home, 2- to 4-unit dwelling or FHA-approved condo?
• Must meet minimal credit and property requirements
?• Must receive reverse mortgage counseling from a HUD-approved counseling agency
• Must not be delinquent on any federal debt

Home Equity Conversion Mortgage For Purchase - (H4P) - The HECM for purchase is a reverse mortgage insured by the Federal Housing Administration (FHA) that allows seniors to use the equity from the sale of a previous residence to buy their next primary home in one transaction. Regardless of how long you live in the home or what happens to your home’s value, you only make one initial investment (down payment) towards the purchase. This may allow you to:
Build a new customized home
Relocate closer to friends and family members
Purchase a home in senior housing community
Downsize to a smaller, easier-to-maintain home
Purchase a primary residence suitable for your current needs
Move into a new home that’s easily accessible with modern amenities

Reverse Mortgage Line Of Credit Loan - (LOC) - A regular home equity line of credit (HELOC) requires monthly payments, does not grow, and can be called due by the lender at any time. A reverse mortgage line of credit has a clear cut advantage over the HELOC, in that it has a growth option that applies to the unused funds. If you take this out at 62 rather than 82, and leave the funds to grow instead of using them, you could have a substantial credit line available in later years when you may need it most.

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