A reverse mortgage is a loan from the U.S. Government for 50% to 75% of the value of a home owned by a homeowner aged 62 and older. Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to the homeowner. The funds from a reverse mortgage are tax-free. The loan doesn't have to be repaid in the homeowner's lifetime, however, when the homeowner dies, the money received plus approximately 4% interest is repaid by their estate. The loan is repaid when the homeowner ceases to occupy the home as a principal residence, due to the homeowner (the last remaining spouse, in cases of couples) passing away, selling the home, or permanently moving out.
Texas Home Equity Conversion Mortgage - Reverse Mortgage
State:
Multi-State
Control #:
US-01685BG
Format:
Word;
Rich Text
Instant download
Description
Free preview
How to fill out Home Equity Conversion Mortgage - Reverse Mortgage?
You might spend hours online searching for the official document template that meets the federal and state requirements you need. US Legal Forms offers a multitude of legal forms that can be reviewed by professionals.
You can easily download or print the Texas Home Equity Conversion Mortgage - Reverse Mortgage from our platform. If you already possess a US Legal Forms account, you can Log In and click the Obtain button. After that, you can complete, modify, print, or sign the Texas Home Equity Conversion Mortgage - Reverse Mortgage.
Every legal document template you acquire is yours indefinitely. To obtain another copy of the purchased form, navigate to the My documents tab and click the appropriate button.
Complete the purchase. You may use your credit card or PayPal account to pay for the legal form. Choose the format of your document and download it to your device. Make adjustments to your document if necessary. You can complete, modify, sign, and print the Texas Home Equity Conversion Mortgage - Reverse Mortgage. Access and print numerous document templates using the US Legal Forms site, which provides the largest collection of legal forms. Utilize professional and state-specific templates to address your business or personal needs.
- If you are using the US Legal Forms website for the first time, follow the simple steps below.
- First, ensure you have selected the correct document template for the state/city of your choice.
- Check the form outline to confirm you have chosen the right form.
- If available, utilize the Review button to browse through the document template as well.
- To obtain another version of your form, use the Research field to find the template that suits your needs and requirements.
- Once you have located the template you desire, click on Acquire now to proceed.
- Select the pricing plan you prefer, enter your information, and register for a free account on US Legal Forms.
Form popularity
FAQ
Cons of HECM You have to live in your home: When you get a HECM, your property must be your principal residence for much of the year. You'll have to pay back the HECM if you sell the home or want to move.
Reverse mortgages can be expensive, compared to other types of loans. They can also put the borrower at risk of foreclosure and losing their home in certain cases. A spouse who qualifies may be able to remain in the home if their spouse dies or moves into a nursing home.
California Tops List of Most Popular States for Reverse Mortgages California. Florida. Colorado. Texas. Arizona. Washington. Utah. Oregon.
YES! Texans aged 62 and above may qualify for a reverse mortgage loan. This type of loan allows seniors to convert their home's equity into a source of income. This is why reverse mortgages are also known as Home Equity Conversion Mortgages (HECMs).
YES! Texans aged 62 and above may qualify for a reverse mortgage loan. This type of loan allows seniors to convert their home's equity into a source of income. This is why reverse mortgages are also known as Home Equity Conversion Mortgages (HECMs).
A Home Equity Conversion Mortgage (HECM), the most common type of reverse mortgage, is a special type of home loan only for homeowners who are 62 and older. This information only applies to Home Equity Conversion Mortgages (HECMs), which are the most common type of reverse mortgage loans.
The Home Equity Conversion Mortgage (HECM) is the Federal Housing Administration's (FHA) reverse mortgage program which enables borrowers to withdraw some of the equity in their home. The borrower chooses how to withdraw their funds, whether in a fixed monthly amount or a line of credit or a combination of both.
Under Texas state law, 80% of the total appraised value of the property is the maximum amount that you can apply a second mortgage for; You can take out a second mortgage on your primary residence.
