Rates      Home      FAQ      Approval      Loans      Loan Officers      Send E-Mail

AARP and HUD/FHA completed a survey of homeowners who took a reverse mortgage.  

Here are the results of what they used their funds toward (respondents could choose more than one response):

Healthcare             67%

Repay loans           55%

Reduce burden

  on children          50%

Home repair          50%

Pay taxes              38%

Daily Expenses     29%

Travel                   14%

Gifts                       3%

"I paid off the existing mortgage and some credit cards.  Now I have a guaranteed income for the rest of my lifetime and enjoy my retirement."

"It was the right decision for me, and my family thinks so, too.  The payments always come on time, and the people are always helpful.  I wish I could say more good things, but you'd think I worked for them if I did."

Reverse Mortgages

Retirement is a time to enjoy family and friends, explore new interests, and enjoy life to the fullest.  A reverse mortgage can allow seniors to live in their home comfortably and securely by turning the equity in their home into extra cash.

We offer reverse mortgage options to suit your individual needs because we understand that your situation is unique.  Decide if a reverse mortgage is right for you is an important decision.  We encourage you to take your time, understand your options, discuss them with your tax advisor and family members.  Feel free to contact us for assistance at any time, because we are confident we can help guide you to the solution that works best for you.

Reverse Mortgage Facts:

• All borrowers must be 62 years or older
• No mortgage payments while loan is in effect
• No repayment until the home is sold, the owner moves out, or passes away
• You will never owe more than the appraised value of your home
• No income or employment verification
• Interest is paid at the time the loan is repaid
• In the event of death of the owner, heirs have the choice to repay the loan and keep the house or sell the home and repay the loan
• Social Security and Medicare benefits are generally not affected by a reverse mortgage, but consult your tax advisor
• You remain the owner of your home--lender does not hold title
• closing costs and fees incurred can be financed as part of the loan

The Process:

1. Contact one of our licensed loan officers to explain the benefits, features, income options, and costs associated with a reverse mortgage
2. Personalized loan application and comparison of different types of reverse mortgage loans will be delivered to you
3. Attend a counseling session by a HUD-certified counselor, a requirement for anyone applying for a reverse mortgage, so that you are certain you understand the process
4. Meet the qualifications:  appraised value of home, borrower's age, equity in home
5. Close your loan

Loan Payment Options:

• You can have a line of credit to access funds at your convenience
• Get a monthly payment for a set term or for life
• Get lump sum cash at time of loan closing
• Or, we can work with you to design a customized plan to meet your needs (such as a lump sum plus monthly payments)

13999 Goldmark Drive, Suite 307A  Dallas, TX 75243

Copyright © 2008 Continental American Mortgage Corp.