Reverse Mortgages

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With a reverse mortgage loan (sometimes referred to as a a home equity conversion loan), borrowers of a certain age may use home equity for anything they need without selling their homes. Deciding how you'd prefer to be paid: by a monthly amount, a line of credit, or a one-time payment, you can receive a loan amount determined by your home equity. The borrowed money does not have to be paid back until the borrower sells the home, moves away, or dies. After your house sells or you no longer use it as your main residence, you (or your estate) are required to repay the lending institution for the money you obtained from the reverse mortgage plus interest and other finance charges.

Who is Eligible?

The conditions of a reverse mortgage often include being 62 or older, maintaining your home as your main living place, and holding a low balance on your mortgage or having paid it off.

Reverse mortgages can be advantageous for retired homeowners or those who are no longer bringing home a paycheck but must add to their income. Social Security and Medicare benefits will not be affected; and the funds are not taxable. Reverse Mortgages can have adjustable or fixed interest rates. The lender can't take away your property if you live past the loan term nor can you be required to sell your residence to repay your loan even when the balance is determined to exceed current property value. Call us at 214-300-8756 to discuss your reverse mortgage options.

F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) can answer questions about reverse mortgages and many others. Call us: 214-300-8756.



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