Houston Texas Reverse Mortgage | All Reverse Mortgage Company®
Texas Reverse Mortgages
by All Reverse Mortgage
Lic/Reg #: 84280
We specialize in Houston Reverse Mortgages and have helped hundreds of homeowners with their reverse mortgage needs throughout Houston, TX.
Our family owned team has over 100yrs of combined experience in mortgage banking, and has been instrumental in educating some of the largest financial institutions about the nuances of the reverse mortgage products, and their benefits to Houston homeowners.
Because the reverse mortgage is all we do, our goal is exceed your expectations in finding you the very best terms, as well as providing a truly no-hassle experience and timely close. We are dedicated to this product and our customers. We firmly believe in the rights of our senior borrowers to receive quick and honest answers to all your questions, and so we commit to you that we will never pressure you to make a decision which is not right for you, we will never try to cross sell you another product and we will listen to you and your concerns and then proceed as you see best.
- A+ Exemplary rating by the Better Business Bureau
- We are proud members of the National Reverse Mortgage Lenders Association and strictly adhere to its Code of Conduct.
- We often offer lower interest rates and fees than your local Credit Union or Bank which may amount to thousands of dollars of retained equity through the life of your loan.
- Our goal is exceed your expectations in finding you the very best terms, as well as providing a truly no hassle experience and timely close - Call us Toll Free (800) 565-1722 or start with a no-obligation quote & analysis
Houston Reverse Mortgages: New for 2011
New Lower Closing Costs
Lenders are paying more fees for Houston County homeowners making reverse mortgages more affordable than ever before. Reverse Mortgages that only a year ago could have financed costs as much as $15,000 to $20,000 or more can now be made at a fraction of that cost and many times at little or no cost. Lenders' ability to pay closing costs for borrowers is dependent on the value these loans bring to them upon their sale in the secondary market so no one can say how long the lenders can continue to pay costs for borrowers, or to what extent. There are other things that bring borrowers more money than borrowers have historically gotten and recent circumstances like the elimination of servicing fees on most products (which also means no servicing fee set asides) means more money in the borrowers' pockets. (Take a look at our reverse mortgage calculator to see these changes)
New HECM Saver Program
There is some very good news to report for HUD HECM loans for 2011. HUD released the HECM Saver in October of 2010. This is a good program for Houston County borrowers who looked at the reverse mortgage loans and just didn't like the excessive costs, especially the single largest cost in most transactions, the Up Front HUD Mortgage Insurance Premium. HUD's Up-Front Mortgage Insurance Premium of 2% (.02) of the appraised value of the property or the HUD lending limit, whichever was less, and could run as much as $12,510 alone on the standard program. On the HECM Saver, the Up Front Premium runs just .01% (.0001) or a maximum of $62.55 . For Houston County borrowers who did not want the maximum funds from the standard program anyway, this represents a huge savings.
Extension of $625,500 Lending Limit
Congress also passed the extension of the temporary increase in the lending limit which is a big reverse mortgage benefit for all Houston County homeowners with properties valued at more than $417,000. Prior to 2008, HUD had limits set by lending areas with all but special higher cost areas coming in at $362,790 or lower which meant that Houston County borrowers with home values in excess of $362,790 would not receive any further benefit from their home value in reverse mortgage proceeds.
The Housing and Economic Recovery Act of 2008 set a national limit of $417,000 and then we have been working under a temporary increase of that limit to $625,500 since February of 2009 under the American Recovery and Reinvestment Act. To sum it up, Houston County homeowners seeking reverse mortgages in 2011 will receive the highest benefit and lowest cost in the history of the reverse mortgage program while rates remain low. The new and improved features allows people to finally put the word "affordable" or "low cost" with the phrase reverse mortgage.
Houston Links of Interest:
- According to the Housing and Urban Development there were 1,106 Houston seniors who benefited from the reverse mortgage in 2010
- According to Trulia the averaged medium sales price for 2010 Houston real estate was $252,396
Houston Reverse Mortgage Facts
|City||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in Houston (est)||Avg. Home Value|