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of Texas

  Better Business Bureau member Equal Housing Lender
Learn more about reverse mortgage programs.
Learn if you are eligible to receive a reverse mortgage.
Learn the cost involved with a reverse mortgage.
Learn the fact from frequently asked questions.
Learn what is True and what is a Myth.
Learn from examples.
What are customers are saying about our services
Learn more today! Contact us.
Feel financially secure with a reverse mortgage!
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John (J.S.) Mitchell, CPA, President
1-800-617-8994

Offices

Dallas/Ft. Worth - Houston - Austin/San Antonio - El Paso

Spanish Information

Ingreso Suplemental
Disponible Ahora!

Our Headquarters

100 Congress # 2000
Austin, TX 78701

Mortgage Broker ID

#50322 - John S . Mitchell, Mortgage Broker

Reverse Mortgage Calculator

Find out how much money you can get from a Reverse Mortgage.
Learn more...

24 Hour "Educator Hotline"

1-800-398-5720
Call our 24 hour hotline and learn the following:

  1. What is a Reverse Mortgage...in plain English
  2. Myths about Reverse Mortgages
  3. How much can you get from a Reverse Mortgage
  4. Advantages (and disadvantages) versus a regular home equity loan
  5. Differences between lenders - How to choose
  6. Who should not do a Reverse Mortgage
  7. Too good to be true?

Contact Us - Receive a Free Reverse Mortgage Packet

Call 1-800-617-8994 or e-mail us. We will impress you with our personal attention and our focus on making your experience with us great. (See "Customer Testimonials")

What is a Reverse Mortgage?


Through a U.S. government insured program, originally created by AARP, a senior can obtain a loan for approximately 40%-75% of the appraised value of their home. The senior never has to repay the loan in their lifetime. Then, when the last surviving spouse dies, the money received (plus about 6% interest) is repaid by the estate, usually from the sale of the house.


Typically, seniors who do a reverse mortgage get $50,000 - $100,000 cash today and they always retain 100% ownership (and the future appreciation) in the home. Also note that there is no income or good credit requirements. A senior simply must be 62 or older and have equity in their home.

Already Have a Mortgage?

If you do, that's OK. You can still do a reverse mortgage. But with the proceeds, you must payoff the balance of your existing mortgage. By doing so, you then eliminate your monthly mortgage payment - thereby your monthly income goes up by that amount.

Use of Proceeds

The proceeds from a reverse mortgage can be used for anything: daily living expenses, home repairs and home improvements, medical bills and prescription, paying of existing debts, education, travel, long-term health care, etc. Many people use reverse mortgages as a way to give their kids a portion of their inheritance now, so they can see those happy faces while they are still alive. Many seniors feel comfortable doing this since there are no monthly mortgage payments associated with a reverse mortgage.

The proceeds from a reverse mortgage are available as a lump sum, fixed monthly payments for as long as you live in the property, or a combination of both options.

Amount You Can Receive

It ranges between 40%-75% of the appraised value of your home. The older you are , the more you get. If you are 62-65, you will get about 43%. At 70 you get about 49%, at 75 you get about 55%, at 80 you get about 61%, at 85 it's about 67% and as you get into your 90's you get 75%.

 

 
   
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