|
E-mail this page to a friend!
Texas Seniors Now Have Full-Fledged Reverse
Mortgages
March 23, 2006 - Texas senior citizens now have the same
options as seniors in the rest of the nation to convert a portion of
their equity in their homes into tax-free income with a reverse
mortgage.
"A 15-year battle is over, with financial companies
now able to sell the same package of reverse mortgage loans as in the
rest of the nation," reports business writer David Hendricks in the San
Antonio Express-News today.
"Texas voters overwhelmingly approved a
constitutional amendment allowing reverse mortgage lines of credit in
November. But the U.S. Housing and Urban Development Department and
Fannie Mae had to review the new law before agreeing to insure and buy
the loans sold through banks, credit unions, mortgage companies and
other brokers."
On March 17, the U.S. Department of Housing and
Urban Development released a long awaited mortgagee letter that
announces the availability of a line of credit option for FHA reverse
mortgages along with the ability to fund on any business day of the
month in Texas.
The line of credit option, which has been available
in every state in the nation except Texas until now, allows a way for
seniors to request a specific amount of money as needed while the
balance benefits from a growth rate. The growth rate allows for the
credit line balance to grow at a rate that is competitive.
Texas has been the only state that mandates that
reverse mortgages are only allowed to fund on the first business day of
the month. With the change of this mandate, seniors no longer have to
wait sometimes up to a full month to receive payment from a reverse
mortgage. Senior Texans will now be able receive their funds four
business days after they close on a loan bringing quick and much needed
relief to senior homeowners.
In addition to greater flexibility of how and when
borrowers can receive money, F.H.A. has raised the minimum lending limit
to $200,160 in Texas. This increase allows some seniors with higher
value homes to receive a substantial amount of more money from their
homes equity compared to last years lending limit.
Some of this report was provided by Griffin
Financial Mortgage, LLC, headquartered in Fort Worth, Texas. The company
says it has nationwide loan officers to assist the needs of the senior
market. GFMLLC also says it has closed more reverse mortgages in the
Southwest than any of its competitors for the past three years. For more
information,
www.griffinloans.com.
Read the full report by David Hendricks in the San
Antonio Express-News -
Click Here
Click here to Search SeniorJournal.com for more on
this subject
Click to More Senior News on the
Front Page
Copyright: SeniorJournal.com |
