Reverse Mortgage Basics from San Antonio Texas

Reverse mortgages are helping older Americans across the country achieve greater financial security. And enjoy their retirement years to the fullest.

Imagine having the income you need to remain living comfortably in your home in retirement - and at the same time make much needed repairs or renovations, afford quality home healthcare, or even vacation with family and friends. Over 70,000 older Americans have done that thanks to the reverse mortgage, a unique financial security tool that gives older Americans the freedom and peace of mind to fully enjoy the retirement years.

A reverse mortgage is a loan that allows seniors to use the equity they've accumulated in their homes over the years to improve their quality of life and knock down the financial barriers to independent living. By converting equity into income, a reverse mortgage is a way to stay in your home and receive cash to use for any purpose - whether it's day-to-day-living expenses, home remodeling or repair, paying off existing debt, earning a college degree, or traveling around the world. Best of all, you retain title and you remain living in your home.

Homeowners who are 62 years and older can qualify and may be eligible even if there is an existing first or second mortgage. There is no income qualification. The size of the reverse mortgage granted depends upon the applicant's age, the type of reverse mortgage sought, the home's value, and interest rates.

For as long as a reverse mortgage is outstanding, no monthly mortgage payments are required. The loan matures when the borrower no longer occupies the home as a primary residence. This typically occurs upon the sale of the home, or if the owner permanently moves or passes away.

Reverse Mortgage Fast Facts

• All borrowers must be 62 years and older
• No repayment is made until the home is sold or the owner is permanently moves out or passes away
• You will never owe more than the value of your home
• No income qualification
• Interest is paid at the time the loan is repaid
• When the loan is due, your heirs have choices - they can repay the loan and keep the house, or sell the home and repay the loan
• Social Security benefits and Medicare are generally not affected by a reverse mortgage - consult your tax advisor
• You own your home - the lender does not take control of the title
• Interest rates are adjustable and can change periodically; however, this DOES NOT affect the amount you will receive
• Closing costs and fees incurred can be financed as part of the loan; there is zero to minimal out of pocket costs to you.

Receiving your Reverse Mortgage Cash

• All at once, in a single lump sum of cash
• As a regular monthly cash advance
• As a “credit line” account that lets you decide when and how much of your available cash is paid to you
• As a combination of these payment methods.
• No matter how this loan is paid out to you, you don’t have to pay anything back until you pass away, sell your home, or permanently move out of your home.

For more information or a free consultation, contact Melinda Hipp at Legacy Mutual Mortgage (210) 602-2603 or melinda@legacymutual.com Web: www.texasreverse.net

Common Questions And Misconceptions About Reverse Mortgages In San Antonio Texas

Misconception #1

REVERSE MORTGAGES ARE ONLY FOR DESPERATE SENIORS, OR FOR THE “HOUSE RICH, CASH POOR.”

INCORRECT.

The reverse mortgage is an excellent financial planning tool that has been used by homeowners from all walks of life to enhance their retirement years. While some have needed the cash from a reverse mortgage more than others, the growing popularity of this product is evidence of its benefit in a wide array of financial circumstances.

Am I eligible for a reverse mortgage?

To qualify for a reverse mortgage, you must:

Be at least 62 years old. In the case of a couple or co-owners, both must be 62 if their names appear on the title to the home.¹

• Be a homeowner with equity in your home. You may qualify even if you have an outstanding balance on your first mortgage. Single-family homes and qualified condominiums, townhouses, manufactured homes, and 1- to 4- family owner-occupied residences are eligible.

¹ If one spouse or co-owner is under 62, that person’s name must be removed from the title so that the other person can qualify for the reverse mortgage.

If you need help with a Reverse Mortgage in the San Antonio TX area, visit me at http://www.texasreverse.net.

Welcome to my new reverse mortgage blog for seniors and families in San Antonio Texas!

Hi, my name is Melinda Hipp- and this is the start of something very new for me. I will be posting tips, information and news for seniors considering using a Reverse Mortgage to meet their cash flow needs. Education about the process is very important. The Reverse Mortgage product has made such a positive difference in so many lives across the country. My hope is that with the right information you too will see how helpful and rewarding this process can be.

To start things off, here's a little about me:

Melinda Hipp is a native Texan who graduated from Texas Tech University with a Bachelor’s Degree in Music Education and from Southern Methodist University with an MBA and an MA in Arts Administration. Since entering the mortgage business in 1998, Melinda has established herself as a complete full-service mortgage lender with top customer service skills and innovative marketing ideas.

Currently, Melinda Hipp is Senior Loan Officer with Legacy Mutual Mortgage in San Antonio and assists home buyers all over Texas with purchasing or refinancing their homes. She also specializes in working with senior homeowners 62 and over who would like to access the equity in their home through a Reverse Mortgage.

Melinda regularly provides training to local real estate professionals and holds the designation of CSA (Certified Senior Advisor.) An avid golfer, Melinda was a charter member of the San Antonio Chapter of the Executive Women’s Golf Association and currently a member of the National Reverse Mortgage Lender’s Association, Women’s Council of Realtors, San Antonio Board of Realtors and the San Antonio Women’s Chamber of Commerce. Melinda’s husband, Lee, is a professional musician with the San Antonio Symphony and Eastern Music Festival.