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New Mexico and Texas Reverse Mortgages

A Reverse Mortgage (also known as an HECM, a Home Equity Conversion Mortgage) is a mortgage loan, insured by FHA and HUD, that enables homeowners over 62 to convert part of their home into tax free payments or draws without having to sell, give up the title or take on new mortgage payments.

Reverse Mortgage Line of Credit

The reverse mortgage loan amount is calculated by a program managed by FHA/HUD using the home value, the age of the youngest homeowner or borrower, an age expectancy projection and the current reverse mortgage interest rate.
This loan amount can be set up as a line of credit (LOC). The homeowner has the option to withdraw funds as needed. Interest is not charged on the balance in the LOC. Once the homeowner withdraws funds out of the LOC, that balance is added to the reverse mortgage loan balance and is charged interest at that time.
The balance of funds in the LOC or unused funds does expands at the current interest rate of the reverse mortgage loan.

Reverse Mortgage Monthly Payment

The reverse mortgage loan amount is calculated by a program managed by FHA/HUD using the home value, the age of the youngest homeowner or borrower, an age expectancy projection and the current reverse mortgage interest rate.
The reverse mortgage loan amount can be converted to a monthly payment automatically deposited in the homeowners account. This option helps increase the homeowner’s monthly cash flow to meet monthly financial needs.

Reverse Mortgage Replacing and Paying Off an Existing Mortgage

The reverse mortgage loan amount is calculated by a program managed by FHA/HUD using the home value, the age of the youngest homeowner or borrower, an age expectancy projection, and the current reverse mortgage interest rate.
The reverse mortgage can pay off an existing mortgage. This creates monthly cash flow for the homeowner as there is no monthly PI payment.

Reverse Mortgage Purchase

The reverse mortgage loan amount is calculated by a program managed by FHA/HUD using the home value, the age of the youngest homeowner or borrower, an age expectancy projection and the current reverse mortgage interest rate.
In 2009, a reverse mortgage purchase program was added. Seniors can buy a home with a reverse mortgage by coming in with a down payment of 35-50% depending on the age of the youngest borrower.
This gives Seniors plenty of options when downsizing or moving closer to family. This is the only program that will allow seniors to buy a home with no monthly payment other than paying cash for the home. The homeowner will need to pay property taxes, homeowners insurance, HOA dues and maintain the property.
Also, its possible senior homebuyers may be able buy a larger home to fit their needs if they can’t find a house within their cash budget.

Alternative Reverse Mortgage Purchase

This reverse mortgage loan amount is calculated by a program managed by a Reverse Mortgage Company (not FHA/HUD not a HECM) using the home value, the age of the youngest homeowner or borrower, an age expectancy projection and the current reverse mortgage interest rate.
These programs are for higher end homes up to $5 million dollars and other homes that may not fit into the FHA/HUD, HECM program. The minimum age for this program is 60 years of age or less.
This program offers cash out, exiting mortgage payoffs and a purchase program. The LOC or line of credit option will vary by State.

For more detailed information, please contact Bruce Anderson, CRMP® at 505-858-3825

Bruce Anderson – (CRMP) NMLS#237538 -Certified Reverse Mortgage Professional providing seniors with Reverse Mortgages in all areas of Colorado, New Mexico and Texas!

www.AndersonReverseMortgage.com or Call (505) 858-3825.

Guild Mortgage Company; Equal Housing Opportunity; AZ BK #0018883; Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act; MA Mortgage Lender License #MC3274; MA Mortgage Broker License #MC3274; Licensed by the Mississippi Department of Banking and Consumer Finance; Licensed by the N.J. Department of Banking and Insurance; NV Mortgage Company #1141; OR ML-176; Rhode Island Licensed Lender; Rhode Island Licensed Third-Party Loan Servicer; Company NMLS ID 3274. www.nmlsconsumeraccess.org/.

All loans subject to underwriter approval. Terms and conditions apply, subject to change without notice. Guild Mortgage Company is an Equal Opportunity Employer. Guild Mortgage Company 5887 Copley Drive, Floors 1, 3, 4, 5, 6, San Diego, CA 92111; For more licensing information, please visit www.guildmortgage.com/licensing.

*These are brokered loan products. The above material is not from HUD or FHA and was not approved by HUD or a government agency. Consult your tax professional to determine the tax effects of a reverse mortgage loan. Reverse mortgage borrowers must maintain the property and keep current on all property taxes, homeowner’s insurance and HOA dues.

Attn: TEXAS APPLICANTS

“CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING (DOWNLOAD FORM HERE), 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.”