Reverse Mortgages:the Facts

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In a reverse mortgage loan (sometimes called a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without having to sell their homes. Choosing between a monthly payment, a line of credit, or a one-time payment, you can get a loan amount determined by your home equity. The loan doesn't have to be paid back until the homeowner sells his residence, moves out, or passes away. You or your estate representative is required to pay back the reverse mortgage amount, interest , and other finance charges after your property is sold, or you no longer live in it.

Who is Eligible?

The requirements of a reverse mortgage loan typically are being sixty-two or older, maintaining the property as your main living place, and having a small remaining mortgage balance or owning your home outright.

Reverse mortgages are advantageous for retired homeowners or those who are no longer bringing home a paycheck but have a need to supplement their limited income. Social Security and Medicare benefits can not be affected; and the funds are not taxable. Reverse Mortgages may have adjustable or fixed interest rates. Your residence can never be in danger of being taken away from you by the lender or put up for sale against your will if you live longer than the loan term - even if the property value creeps under the balance of the loan. If you'd like to learn more about reverse mortgages, please call us at 214-300-8756.

F&T Mortgage, Inc. NMLS # 168839 ( can answer questions about reverse mortgages and many others. Give us a call: 214-300-8756.

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