Who is Eligible?
Any person who is 62 or older and owns their own home or condominium qualifies for a reverse mortgage. There are no income or credit requirements to qualify. If you already have a mortgage on your home, that's OK. You qualify as well, but with the reverse mortgage proceeds you will have to pay off your existing mortgage.
The amount of money a person can realize from a reverse mortgage depends on the value of their home ( fair market value of home based on a current appraisal) and the exact age of the person. The prevailing interest rate at the time a reverse mortgage is obtained also affects the amount that a person can receive from a reverse mortgage.
Consumer Safeguards
 In this U.S. Government program, HUD requires that you meet with a HUD approved credit counselor, who is approved to do reverse mortgage counseling. The counselor's job is to educate you about reverse mortgages, to inform you about alternative options available to you given your situation, and to assist you in determining which particular reverse mortgage product would best fit your needs if you elect to get one. This counseling session is at no cost to the borrower and typically takes 45 minutes to one hour.
In most cities, there are numerous counselors so that you can find one that is convenient to you.
State of Texas Disclosures:
Reverse Mortgage of Texas (1st AA Reverse Mortgage, Inc). is licensed under the laws of the state of Texas and by State law is subject to regulatory oversight by the Texas Department of Savings and Mortgage Lending. any Consumer wishing to file a complaint against Reverse Mortgage of Texas should complete, sign, and send a complaint form to the Texas Department of Savings and Mortgage lending, 2601 north Lamar, Suite 201, Austin, Texas 78705. Complaint forms and instructions may be downloaded and printed from the Department's web site located at www.sml.state.tx.us or obtained from the Department upon request by mail at the address above, by telephone at its toll-free consumer hotline at 1-877-276-5550, by FAX at (512) 475-1360, or by e-mail at smlinfo@sml.state.tx.us.
The Department maintains the Mortgage Broker Recovery Fund to make payments of certain tyupes of judgments against a mortgage broker or loan officer. Not all claims are compensable and a court must order the payment of a claim from the recovery fund before the department may pay a claim. For more information about the recovery fund, please consult subchapter F of the Mortgage Broker License Act on the Department's web site referenced above. |
