Reverse mortgage loans are a popular financial option for senior homeowners to access a portion of their home’s equity in West Lake Hills, Texas.
This article discusses the Federal Housing Administration (FHA)-insured Home Equity Conversion Mortgage (HECM) loan. Unless stated otherwise, we’ll refer to HECMs when talking about reverse mortgage loans.
Understanding Reverse Mortgage Loans
Reverse mortgage loans allow homeowners 62 and above to access their home equity without the obligation of monthly mortgage payments, as long as the borrower pays property-related expenses such as insurance, taxes and maintenance.
Reverse mortgage loans can boost financial flexibility while the homeowner continues to live in and enjoy their home. Borrowers can use the funds from a reverse mortgage loan however they see fit, such as for medical bills, home enhancements or vacations.
Benefits of Reverse Mortgages
Reverse Mortgage Qualification in West Lake Hills, Texas
To be eligible for a reverse mortgage loan, borrowers must meet the following requirements:
About West Lake Hills, Texas
West Lake Hills, Texas, is a city in Travis County known for its nature trails, lakes, cultural spots and recreational venues.
The city offers a well-rounded lifestyle for seniors looking to enjoy their retirement years. Its proximity to Austin, Texas, allows retirees to enjoy a relaxed pace of life while easily accessing the capital city’s attractions.
Fun Facts About West Lake Hills
- The Eanes Independent School District is known for its high-quality education
- Has a reputation for being a safe and secure place with a low crime rate
- Many local events and gatherings, such as the West Lake Hills Picnic
- Intentionally limits its commercial development, ensuring a peaceful residential feel for residents
Interested in a Reverse Mortgage in West Lake Hills?
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*This advertisement does not constitute tax or financial advice. Please consult a tax and/or financial advisor regarding your specific situation.**There are some circumstances that will cause the loan to mature and the balance to become due and payable. Borrower is still responsible for paying property taxes and insurance and maintaining the home. Credit subject to age, property and some limited debt qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.