Your Reverse Mortgage Expert
My name is Chris Valdez and I specialize ONLY in Reverse Mortgages.
I will subscribe to sound business practices that exhibit honorable values to you, your families and caregivers with clear and confident expectations.
I will maintain professional integrity and competence at all times, never knowingly causing harm, fraud, or abuse.
All of my services preformed will be held to the highest standards.
I will fulfill all contractual agreements of the reverse mortgage with you as a senior, or your family or caregiver in a timely and professional manner.
I will treat both you and your family with patience, dignity, and respect.
TEXAS REVERSE MORTGAGE SPECIALIST
Essential Facts about Reverse Mortgages
No one plans to go broke during retirement. Most seniors fill up their retirement’s gas tank and get ready to cruise. But with today’s longer life spans, seniors often need more cash to help them motor through their golden years. No one can predict the financial roadblocks that may arise, such as the need for expensive prescriptions or medical procedures. Just one major setback could drain more of those hard-earned retirement dollars than anyone expects.
Fortunately, seniors have some options to keep the financial engine running during retirement. One option is the reverse mortgage. This loan allows senior Texans to liquidate the equity in their homes for cash without selling the home or incurring a monthly loan payment. The money can be used to supplement an income, make a purchase, or cover upcoming expenses.
We offer reverse mortgage products regulated by the government. Reverse mortgages are for homeowners 62 years of age or older who have equity in their home. Seniors may turn that equity into cash, helping to make ends meet when investments are not performing as expected. Use the money from your reverse mortgage to repay mortgages, then put any remaining funds in a line of credit or withdraw the money as a lump sum or any combination thereof.
Reverse Mortgage Highlights
- Must be at least 62 years old
- House must be primary residence
- Mortgage must be either fully paid or have at least 40 to 60% equity in your home
- No income or credit score requirements
- Payment can be a lump sum, monthly cash payout, line of credit held in reserve, or combination of all three
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A reverse mortgage is a home loan that lets homeowners convert a portion of the equity in their home into cash. The equity built up over years of mortgage payments can be paid to you. Unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence.
To be eligible for a HUD reverse mortgage, HUD’s Federal Housing Administration (FHA) requires that the borrower is a homeowner, 62 years of age or older; own your home outright, or have a low mortgage balance
that can be paid off at the closing with proceeds from the reverse loan; and must live in the home.
The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA’s mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.