Robert Reeves, Dallas Area Reverse Mortgage Specialist

For Information on Reverse Mortgage Loans
in Dallas/Ft. Worth
Call Robert Reeves at 214-883-4377

 

A Reverse Mortgage For You

Are you curious about the options available to turn the equity you have accumulated in your home into cash?

You see the ads and read the news, but do you know the facts as they apply to your specific situation? For many Texas seniors aged 62 and older, a reverse mortgage can help you secure your finances and ensure financial stability for many years to come. I help Dallas / Fort Worth area Senior homeowners with information and questions regarding obtaining a reverse mortgage loan.

If you have rejected looking into a reverse mortgage as a credible financial option in the past due to your own preconceived beliefs, or the opinions of those around you, now’s a good time to research them further. Recent changes to the product have resulted in reverse mortgages becoming a safer and more responsible retirement tool.

As an experienced reverse mortgage professional, I will help you determine whether or not a reverse mortgage is a good fit, and if so, what are the best options for you based on your specific circumstances.

Together with Lone Star Reverse Mortgage, Inc., we have helped hundreds of Texans eliminate their monthly mortgage payment by utilizing a reverse mortgage. My goal is to help you determine what is best for you.

Know the Facts About Reverse Mortgages.

There is nothing magic about a reverse mortgage. It is simply a loan whereby you access the equity that you have accumulated in your home. You still own your home, and the loan will be paid off when you move out of the house or pass away. The loan is called a reverse mortgage because instead of making monthly payments to a lender, as you do with a forward or traditional mortgage, the lender makes payments to you the borrower.

Due to new regulations enacted in 2013 by the U.S. Federal Housing Administration (FHA), a reverse mortgage is now recognized by leading financial planners as an effective tool for most seniors, regardless of economic means. That makes sense because a person’s home is usually one of their largest assets.

A reverse mortgage is a tool with great flexibility – it can be used to pay off debt, create monthly income, serve as a line of credit, or a combination of those. For example, the line of credit can be used for large unexpected expenses or for long-term health care in the home. You choose how the funds should be used.

You will still be responsible for paying property taxes, insurance, and any other fees associated with the property.

The FHA name for a reverse mortgage is Home Equity Conversion Mortgage (HECM).

Misunderstandings About the Reverse Mortgage.

There are many misconceptions about reverse mortgages. The facts are that the seniors still own their home. When a senior moves out of the home or passes away, any remaining equity will belong to them or will pass to the heirs. Also, they – or their estate – can never owe more than the home is worth, and there is no personal liability on a reverse mortgage loan. Click here to learn more about the process of obtaining a reverse mortgage.

What Others Are Saying

Wall Street Journal –  Robert Powell, March 20, 2016

“Increasingly, advisers are suggesting that homeowners establish a line of credit through the HECM program whether they need the money immediately or not, because it can be used in several ways, as the need arises to protect savings or even increase income in retirement.”

Kiplinger Personal Finance – Jane Bennett Clark, April, 2016

“You may conclude that staying put (in the home) is a better idea.  In that case, look into a reverse mortgage.  These deals, available to homeowners age 62 or older, give you access to home equity.  The loan does not have to be repaid until the last surviving borrower dies, sells the house or moves out for at least 12 months.”

Forbes – Jamie Hopkins, October 7, 2015

“While there are a variety of ways to utilize home equity as part of a retirement income plan, reverse mortgages deserve special attention and consideration.  Tapping into your home equity through a reverse mortgage HECM line of credit can be an effective way to reduce your sequence of returns’ risk and avoid selling your investments when they drop in value.”

Click Here to See 25 Ways to Utilize a Reverse Mortgage

Please call Robert Reeves today at 214-883-4377 for your no-cost consultation.