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:
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:
Things You Could Do With The Funds From A Reverse Mortgage Loan
Improve your monthly cash flow
Pay off your existing mortgage
Continue to live in your home
Fund necessary home repairs or renovations
Build a safety net for unplanned expenses
Pay off medical bills, vehicle loans and other debts
Improve your monthly cash flow
Build a safety net for unplanned expenses
Pay off your existing mortgage
Continue to live in your home
Fund necessary home repairs or renovations
Pay off medical bills, vehicle loans and other debts
The Benefits
Get rid of your monthly mortgage payments1
You get to stay in your home and maintain the title1
Your heirs inherit any remaining equity after pay-off
Loan proceeds are not taxed2
Receive your funds in a lump sum3, regular monthly payments, a credit line, or a combination thereof
FHA Insured4
The Benefits
Get rid of your monthly mortgage payments1
You get to stay in your home and maintain the title1
Your heirs inherit any remaining equity after pay-off
Loan proceeds are not taxed2
Receive your funds in a lump sum3, regular monthly payments, a credit line, or a combination thereof
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:
Youngest borrower must be at least 62 years old
Must have sufficient equity in your home
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
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.
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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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.
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.
MYTH 2: Once loan proceeds are received, you pay taxes on them.
MYTH 3: The home must be free and clear of any existing mortgages.
MYTH 4: The borrower is restricted on how to use the loan proceeds.
MYTH 5: Only poor people need reverse mortgages.
Julie Post, President / 145832
(214) 644-0610 Office
(214) 695-6277 Mobile
MTP Mortgage NMLS #1701920