(214) 644-0610 julie@mtpmtgtexas.com

Enhance Your Financial Security With A Reverse Mortgage From MTP

Looking for ways to supplement your retirement income? A reverse mortgage could help you tap into the equity in your home to gain additional funds. Contact MTP Mortgage today for more information:

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BBB A+ rating for MTP Mortgage, your Reverse morgtage lender in Texas

Looking for ways to supplement your retirement income? A reverse mortgage could help you tap into the equity in your home to gain additional funds. Contact MTP Mortgage today for more information:

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BBB A+ rating for MTP Mortgage, your Reverse morgtage lender in Texas
MTP Mortgage has a BBB A+ rating and is an Equal Housing Lender
Miller Texas Properties Mortgage

Things You Could Do With The Funds From A Reverse Mortgage Loan

reverse mortgage and cash flow

Improve your monthly cash flow

payoff your existing mortgage with a HECM loan

Pay off your existing mortgage

continue to live in your home reverse mortgage

Continue to live in your home

do home repairs with a reverse mortgage

Fund necessary home repairs or renovations

reverse mortgages give a safety net

Build a safety net for unplanned expenses

pay medical bills reverse mortgage

Pay off medical bills, vehicle loans and other debts

reverse mortgage and cash flow

Improve your monthly cash flow

reverse mortgages give a safety net

Build a safety net for unplanned expenses

payoff your existing mortgage with a HECM loan

Pay off your existing mortgage

continue to live in your home reverse mortgage

Continue to live in your home

do home repairs with a reverse mortgage

Fund necessary home repairs or renovations

pay medical bills reverse mortgage

Pay off medical bills, vehicle loans and other debts

The Benefits

N

Get rid of your monthly mortgage payments1

N

You get to stay in your home and maintain the title1

N

Your heirs inherit any remaining equity after pay-off

N

Loan proceeds are not taxed2

N

Receive your funds in a lump sum3, regular monthly payments, a credit line, or a combination thereof

N

FHA Insured4

mature woman discussing reverse mortgage options
mature woman discussing reverse mortgage options

The Benefits

N

Get rid of your monthly mortgage payments1

N

You get to stay in your home and maintain the title1

N

Your heirs inherit any remaining equity after pay-off

N

Loan proceeds are not taxed2

N

Receive your funds in a lump sum3, regular monthly payments, a credit line, or a combination thereof

N

FHA Insured4

Are You Eligible?

Applying for a reverse mortgage HECM loan is simple here at MTP Mortgage of Texas. To be eligible, some key requirements are:

Are You Eligible?

Applying for a reverse mortgage HECM loan is simple here at MTP Mortgage of Texas. To be eligible, some key requirements are:

N

Youngest borrower must be at least 62 years old

N

Must have sufficient equity in your home

N

Property must be a single family residence, an owner occupied 2-4 unit home, a condo approved by HUD, or a manufactured home that meets FHA guidelines

N

Must meet financial assessment requirements as established by HUD

How A Reverse Mortgage Loan Works

An FHA insured Home Equity Conversion Mortgage (HECM) is commonly known as a “reverse mortgage.” It is a loan that lets you access your home’s equity to get cash for your retirement funding needs.

In general, the older you are, the more equity you have in your home and the lower your mortgage loan balance; the more money you can expect from a HECM loan.

If you are 62 years of age or older and have sufficient home equity, you may be able to obtain this loan. Contact us to see if you can qualify.

hispanic couple happy in front of their house
mature woman discussing reverse mortgage options

How A Reverse Mortgage Loan Works

An FHA insured Home Equity Conversion Mortgage (HECM) is commonly known as a “reverse mortgage.” It is a loan that lets you access your home’s equity to get cash for your retirement funding needs.

In general, the older you are, the more equity you have in your home and the lower your mortgage loan balance; the more money you can expect from a HECM loan.

If you are 62 years of age or older and have sufficient home equity, you may be able to obtain this loan. Contact us to see if you can qualify.

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Or Dial (214) 644-0610

Case Study for a Reverse Mortgage5

Bob and Mary are a retired couple, aged 71 and 69 who want to stay in their home but would like to boost their monthly income to cover normal living expenses, and build a safety net for unexpected expenses.

They decide to contact MTP Mortgage of Texas to discuss their needs and future goals. An FHA appraiser assesses their home’s value at $400,000. They currently owe $35,000 on their mortgage, which gives them $227,600 in equity. Bob and Mary will have access to $175,860 of their equity from the reverse mortgage loan.

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real chart
Since the initial disbursement at closing and during the first year disbursement period is 60% or less of the principal limit, the mortgage insurance premium is based on a rate of 0.50%, which is a percentage of the lesser of the appraisal value, the purchase price or the maximum lending limit.

Myths and Realities of a Reverse Mortgage

As with many financial products, reverse mortgage loans can be complicated and there may be a number of misconceptions about how the product works. Do you know the myths vs. the realities?

MYTH 1: The lender owns the home.

You will retain the title and ownership during the life of the loan, and you can sell your home at any time (at which time the loan becomes due and payable). The loan will not become due and subject to repayment as long as you continue to meet loan obligations such as living in the home as your primary residence, maintaining the home according to the Federal Housing Administration (FHA) requirements, and paying property taxes and homeowners insurance.1

MYTH 2: Once loan proceeds are received, you pay taxes on them.

Generally, money received is not considered income and should be tax free, though you must continue to pay required property taxes. Consult your financial advisor and appropriate government agencies for any effect on taxes or government benefits.

MYTH 3: The home must be free and clear of any existing mortgages.

Actually, many borrowers use the reverse mortgage loan to pay off an existing mortgage and eliminate monthly mortgage payments.1

MYTH 4: The borrower is restricted on how to use the loan proceeds.

Once any existing mortgage or lien has been paid off, the net loan proceeds from your reverse mortgage loan can be used for any reason. Many borrowers use it to supplement their retirement income, delay receiving social security benefits, pay off debt, pay for medical expenses, remodel their home, or help their adult children. You have worked hard for this asset and prudence along with budgeting should be the proper approach to enjoying proceeds received from your reverse mortgage loan.

MYTH 5: Only poor people need reverse mortgages.

The perception of the reverse mortgage as an assist for the “poor” borrower is changing – many affluent senior borrowers with multi-million dollar homes and healthy retirement assets are using reverse mortgage loans as part of their financial and estate planning, and are working closely in conjunction with financial professionals and estate attorneys to enhance the overall quality and enjoyment of life.
row of happy seniors who got HECM reverse mortgage loans
Miller Texas Properties Mortgage
10185 Custer Rd, #300, Plano, TX 75025
Julie Post, President / 145832

(214) 644-0610 Office

(214) 695-6277 Mobile

MTP Mortgage NMLS #1701920

Contact Us

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julie@mtpmtgtexas.com

+1 (214) 644-0610

MTP Mortgage

10185 Custer Rd, #300, Plano, TX 75025