No one plans to go broke during retirement. Most seniors fill up their retirement’s gas tank and get ready to cruise. But with today’s longer life spans- seniors often need more cash to help them motor through their golden years. No one can predict the financial roadblocks that may arise- such as the need for expensive prescriptions or medical procedures. Just one major setback could drain more of those hard-earned retirement dollars than anyone expects.
Fortunately- seniors have some options to keep the financial engine running during retirement. One option is the reverse mortgage. This loan allows senior Texans to liquidate the equity in their homes for cash without selling the home or incurring a monthly loan payment. The money can be used to supplement an income- make a purchase- or cover upcoming expenses.
We offer reverse mortgage products regulated by the government. Reverse mortgages are for homeowners 62 years of age or older who have equity in their home. Seniors may turn that equity into cash- helping to make ends meet when investments are not performing as expected. Use the money from your reverse mortgage to repay mortgages- then put any remaining funds in a line of credit or withdraw the money as a lump sum or any combination thereof.
Reverse Mortgage Highlights:
Must be at least 62 years old
House must be primary residence
Mortgage must be either fully paid or have at least 40 to 60% equity in your home
No income or credit score requirements
Payment can be a lump-sum- monthly cash payout- line of credit held in reserve- or combination of all three
iReverse Home Loans partners - your Reverse Mortgage specialist with multiple lenders in the industry to provide Texas Senior homeowners with secure lending at the best rates available for your reverse mortgage. We shop our network of lenders to match the best product available with your unique or individual needs. We strive to find the best rate which provides the highest net loan amount for our customers. We currently have lenders with low fixed rates depending on your situation. And along the way- we provide old-fashioned personalized service that is second to none. Because it’s all about the seniors!
We Will Always Have Time For You!
There are many reasons why a government insured reverse mortgage proves to be a valuable choice
Would you like to speak to a knowledgeable Reverse Mortgage Specialist?
Your Mortgage Expert
My name is Joe Valdez and I specialize ONLY in Reverse Mortgages.
I will subscribe to sound business practices that exhibit honorable values to you- your families and caregivers with clear and confident expectations. I will maintain professional integrity and competence at all times- never knowingly causing harm - fraud - or abuse. All of my services preformed will be held to the highest standards. I will fulfill all contractual agreements of the reverse mortgage with you as a senior- or your family or caregiver in a timely and professional manner. I will treat both you and your family with patience - dignity and respect.
Limits Raised to $625,500
iReverse Home Loans / The Valdez Group - a Texas - based reverse mortgage lender - has announced that reverse mortgage loan limits have increased as a result of the American Recovery and Reinvestment Act of 2009 (ARRA) and signed into law by President Obama on February 17- 2009.
'This is very important information and may come as a relief to many senior homeowners who are concerned about their ability to obtain or access cash or credit in the current economic climate.
Under ARRA- the national FHA loan limit for Home Equity Conversion Mortgage (HECM)- a federally insured reverse mortgage- will increase from $417,000 to $625,500- effective for the remainder of 2011.
The passage of this program allows senior borrowers with higher value homes the ability to potentially receive much more money to use for whatever purpose they need- including retiring higher existing debt. If you have been unsure about a reverse mortgage because your benefit amount would not pay off enough of your existing debt or if you have already received a reverse mortgage but were limited in the amount of funds you could receive because your home was worth more than the HUD limit- you may now want to consider or reconsider a reverse mortgage. Under these new limits- now more than ever- this may be the right time to look at a reverse mortgage. At the very least- you owe it to yourself to be informed about the opportunities and options available to you.
The new legislation will only make the limits available until the end of 2009 and then it would be up to Congress to vote to extend the increased loan limit. So- sooner rather than later is the time to learn about the new limit and how it may benefit you.
If you have questions- seek the help and counsel of a qualified and experienced reverse mortgage specialist. A reverse mortgage is not the same as a traditional forward mortgage and they require the expertise of someone who specializes in reverse mortgage loans. Only work with individuals who are truly experienced in reverse mortgages and have a successful track record in this specialized industry.
Did you know...
No monthly mortgage payments!
A Reverse Mortgage is Tax free!
Consult your financial advisor.
With a Reverse Mortgage a bank does not own your home!
How many of you put off home improvements because you don't want to tap into your savings? It's not uncommon for people- especially seniors- to put off painting their house or re-shingling their roof because their savings is limited. What they have in savings is usually all they will have- so it has to last. Not knowing what the future holds makes it hard to spend money. Regardless- it is necessary to keep up with small home repairs in order to prevent major costs in the future.