A reverse mortgage lets homeowners aged 62 or older turn some of their home equity into cash. In Texas, this helps seniors get extra money without selling their homes. It’s a way to keep living in your house and still get funds for what you need. How Does a Reverse Mortgage Work? You borrow money based on your home’s value. Instead of paying the lender each month like a regular mortgage, the lender pays you. You don’t have to pay back the loan until you sell the home, move away for good, or pass away. Some benefits are: Retirement Income Supplement: Gives you extra cash during retirement. Stay in Your Home: You keep living in your house. Eliminate Monthly Payments: No monthly mortgage bills; payment comes later. Knowing how these loans work helps you decide if they fit your financial goals like keeping your home or gaining financial independence. Eligibility Requirements for Reverse Mortgages in Texas To get a reverse mortgage in Texas, you must meet certain rules: You must be at least 62 years old. You should own your home fully or have good equity. Your home must be where you live most of the time. Lenders check if you can pay property taxes and insurance. These rules make sure only the right folks get these loans and handle their borrower duties well. Types of Reverse Mortgages Available to Texas Homeowners Texas homeowners can choose from several reverse mortgages: Home Equity Conversion Mortgage (HECM): This federal loan offers flexible payments and lets you borrow a good amount depending on your home's value. Proprietary Reverse Mortgages: These come from private companies. They may offer bigger loan amounts but have different rules than HECMs. Single-Purpose Reverse Mortgages: Offered by some local agencies for things like fixing your home or paying off debt. These usually cost less but can only be used for certain things. Each type works differently, so it’s smart to know them before applying. This way, you can pick what fits your needs and follows Texas rules about senior homeowner loans. Home Equity Conversion Mortgage (HECM) Details and Loan Limits in Texas A Home Equity Conversion Mortgage, or HECM, is the most common reverse mortgage in Texas. It’s a loan insured by the Federal Housing Administration (FHA). If you’re 62 or older, you can turn part of your home equity into tax-free cash. You don’t have to sell your home to get the money. Here’s what you should know about HECM loans in Texas: Who qualifies: You need to be at least 62 years old. You either own your home outright or owe very little on it. Plus, the house must be your main place to live. Loan limits: The FHA sets a max loan amount nationwide. In 2024, that limit is $1,089,300. But how much you get depends on your age, home value, and interest rates. Counseling: HUD makes all applicants finish a counseling session before getting approved. This helps folks understand the loan terms and other options. Payback: You don’t make monthly payments while living in the house. The loan is paid back when you sell or move out for good. Texas homeowners get these federal protections plus extra state rules that protect their rights during the process. Understanding HECM Requirements in Texas Be at least 62 years old. Own your main home with enough equity. Take HUD-approved counseling sessions. Keep paying property taxes and homeowner’s insurance during the loan. If you owe other debts, they won’t always stop you from qualifying. But they might lower how much cash you can borrow. Proprietary Reverse Mortgages for Higher Borrowing Amounts Proprietary reverse mortgages come from private lenders and don’t have FHA insurance. These “jumbo” reverse mortgages let Texas homeowners borrow more money than standard HECMs allow. They often offer bigger loan amounts because they don’t follow FHA limits. Interest rates and fees usually change from lender to lender. They tend to cost more since they carry more risk. These loans work well if you want more cash than what an HECM gives. For example, if your Texas home is worth over $1 million, a proprietary jumbo reverse mortgage might suit you better than a regular HECM loan. Single-Purpose Reverse Mortgages Offered in Texas Single-purpose reverse mortgages are special loans given mostly by non-profit groups or local Texas governments. They usually serve one goal only—like paying property taxes or fixing up your home. The loan amount is usually smaller than federal programs like HECMs offer. They’re best if you need help with one specific expense rather than lots of cash. Since these come from non-profits or public agencies, their rules vary depending on who runs them. Reverse Mortgage Services of Texas can help explain these choices so homeowners pick what fits their needs and lifestyle best. Benefits of Taking a Reverse Mortgage in Texas A reverse mortgage can help senior homeowners in Texas get extra money for retirement. You can boost your retirement income without selling your home or paying monthly loan

A reverse mortgage lets homeowners aged 62 or older turn some of their home equity into cash. In Texas, this helps seniors get extra money without selling their homes. It’s a way to keep living in your house and still get funds for what you need. How Does a Reverse Mortgage Work? You borrow money based on your home’s value. Instead of paying the lender each month like a regular mortgage, the lender pays you. You don’t have to pay back the loan until you sell the home, move away for good, or pass away. Some benefits are: Retirement Income Supplement: Gives you extra cash during retirement. Stay in Your Home: You keep living in your house. Eliminate Monthly Payments: No monthly mortgage bills; payment comes later. Knowing how these loans work helps you decide if they fit your financial goals like keeping your home or gaining financial independence. Eligibility Requirements for Reverse Mortgages in Texas To get a reverse mortgage in Texas, you must meet certain rules: You must be at least 62 years old. You should own your home fully or have good equity. Your home must be where you live most of the time. Lenders check if you can pay property taxes and insurance. These rules make sure only the right folks get these loans and handle their borrower duties well. Types of Reverse Mortgages Available to Texas Homeowners Texas homeowners can choose from several reverse mortgages: Home Equity Conversion Mortgage (HECM): This federal loan offers flexible payments and lets you borrow a good amount depending on your home's value. Proprietary Reverse Mortgages: These come from private companies. They may offer bigger loan amounts but have different rules than HECMs. Single-Purpose Reverse Mortgages: Offered by some local agencies for things like fixing your home or paying off debt. These usually cost less but can only be used for certain things. Each type works differently, so it’s smart to know them before applying. This way, you can pick what fits your needs and follows Texas rules about senior homeowner loans. Home Equity Conversion Mortgage (HECM) Details and Loan Limits in Texas A Home Equity Conversion Mortgage, or HECM, is the most common reverse mortgage in Texas. It’s a loan insured by the Federal Housing Administration (FHA). If you’re 62 or older, you can turn part of your home equity into tax-free cash. You don’t have to sell your home to get the money. Here’s what you should know about HECM loans in Texas: Who qualifies: You need to be at least 62 years old. You either own your home outright or owe very little on it. Plus, the house must be your main place to live. Loan limits: The FHA sets a max loan amount nationwide. In 2024, that limit is $1,089,300. But how much you get depends on your age, home value, and interest rates. Counseling: HUD makes all applicants finish a counseling session before getting approved. This helps folks understand the loan terms and other options. Payback: You don’t make monthly payments while living in the house. The loan is paid back when you sell or move out for good. Texas homeowners get these federal protections plus extra state rules that protect their rights during the process. Understanding HECM Requirements in Texas Be at least 62 years old. Own your main home with enough equity. Take HUD-approved counseling sessions. Keep paying property taxes and homeowner’s insurance during the loan. If you owe other debts, they won’t always stop you from qualifying. But they might lower how much cash you can borrow. Proprietary Reverse Mortgages for Higher Borrowing Amounts Proprietary reverse mortgages come from private lenders and don’t have FHA insurance. These “jumbo” reverse mortgages let Texas homeowners borrow more money than standard HECMs allow. They often offer bigger loan amounts because they don’t follow FHA limits. Interest rates and fees usually change from lender to lender. They tend to cost more since they carry more risk. These loans work well if you want more cash than what an HECM gives. For example, if your Texas home is worth over $1 million, a proprietary jumbo reverse mortgage might suit you better than a regular HECM loan. Single-Purpose Reverse Mortgages Offered in Texas Single-purpose reverse mortgages are special loans given mostly by non-profit groups or local Texas governments. They usually serve one goal only—like paying property taxes or fixing up your home. The loan amount is usually smaller than federal programs like HECMs offer. They’re best if you need help with one specific expense rather than lots of cash. Since these come from non-profits or public agencies, their rules vary depending on who runs them. Reverse Mortgage Services of Texas can help explain these choices so homeowners pick what fits their needs and lifestyle best. Benefits of Taking a Reverse Mortgage in Texas A reverse mortgage can help senior homeowners in Texas get extra money for retirement. You can boost your retirement income without selling your home or paying monthly loan