New Limits For Reverse Mortgages...

 Hello!

As of January of 2022 FHA has said that the lending limit for Home Equity Conversion Mortgages (Reverse Mortgages) will be increased from $822,375 to $970,800 in all US counties.

The way property is appreciating in Texas this will allow more seniors to access their equity in their home without having to pay it back.

What Is A Reverse Mortgage?

Reverse Mortgages allow a homeowner to convert a portion of the value in their home into cash.  No repayment is required until the borrower(s) no longer use home as their principal residence.

Some requirements on Reverse Mortgages...

All Borrowers MUST BE 62 years of age, or older.
Must occupy the home as your principal residence.
No credit, income or health requirements to qualify.
Social Security & Medicare benefits are not affected.
No Taxes are paid on Cash from Reverse Mortgages.
Cash may be used for any purpose, no restrictions.
You keep the title and may sell your home at any time.
No repayment for as long as you occupy your home.

If you or someone you know needs a Reverse Mortgage please contact our offices.  We will be delighted to help you!

That's it for today!

Thanks for reading!

Brett

 

Get Pre Approved For A Loan Here
My Previous Blog

How To Buy An Investment Property With No Income Documentation...

 Hello!

Did you know we have a mortgage program that doesn't require any income documentation when purchasing an investment property?

We do!  It's called a Debt Service Coverage Loan.  And, the rent from the property is the only income you need.  No tax returns, or paystubs needed.

It's still possible to get rates in the 3's on this program.

If you are looking to acquire an investment property - contact our offices and we can get you some numbers on your situation.

 

That's it for today!

 

Thanks for reading!

 

Brett

 

Get Pre Approved For A Loan Here
My Previous Blog

Options For Paying Your Property Taxes...

 Hello!

Your property tax bill is most likely out by now.

There are two issues I see every year with regard to property taxes. …Issues that put people in tough spots.

1) Some people who have non escrowed loans just don’t have the money saved up to pay their property taxes. …They might have had the money, but had to use it in an emergency. …or any number of other things.

 

2) Some people have an escrow account on their mortgage – but their mortgage company didn’t collect properly. This often results in an arrearage… Which means your payments go way up until the escrow is caught up.

If you are in either one of these situations – there’s usually an easy fix for it. …Refinancing.

We can often refinance someone in either one of these situations, and we pay the property taxes through the new refinance loan.. …Not only that, but usually at a lower rate and payment than they have now.

Please let us know if you have more questions about how this refinance works.

That’s it for today!

Have a good day today! …and thanks for reading.

 

Brett

 

Get Pre Approved For A Loan Here
My Previous Blog