Best Reverse Mortgage Companies in Austin, TX
Finance of America Reverse
As a member of the National Reverse Mortgage Lenders Association (NRMLA), Finance of America Reverse has retailers licensed in 43 states and a wholesale division licensed in 42 states and Puerto Rico. Its goal is to help you optimize your retirement, help ease financial worries and diversify your investments through a reverse mortgage.
American Advisors Group (AAG)
American Advisors Group puts its sole focus on reverse mortgage lending, so it's focused on helping you access your home’s equity.
Magnolia Bank offers personalized service for reverse mortgages and quick closing. Magnolia Bank offers FHA-backed Home Equity Conversion Mortgage and offers various fund distribution schedules.
Rhonda A. Jenkins - Security National Mortgage Company
Offers a full line of mortgage products. Loan originator for Security National Mortgage Company. Apply online or contact the business for a personalized loan solution.
Hill Country Mortgages LLC
Compare reverse mortgage options from various lenders. Choose lump sum, partial payout, monthly payments, line of credit, or a combination. Change your disbursement method at any time.
Lennar Mortgage, LLC Austin
Part of the Lennar homebuilding company. Offers a full range of mortgage products, including reverse mortgages. Finance the down payment, so you don’t owe any money upfront.
Lone Star Financing
Direct lender offering a full line of home loan products, including HECMs. In-house underwriting expedites the loan process to close in 30 days or less. Apply online or call.
Austin Mortgage Lending
Offers a variety of home loan products, including reverse mortgages for single-family homes, townhomes, condos, multi-family homes, and manufactured or mobile homes. Choose from six different disbursement options.
Reverse Mortgage Costs in Austin, TX
Homeowners in Austin can borrow up to $970,800 for a reverse mortgage, the 2022 HECM maximum nationwide claim amount. In Texas, this amount covers most homes. When budgeting for your reverse mortgage costs, remember to account for interest, lender servicing fees, the annual mortgage insurance premium, and other housing expenses like flood insurance or property taxes.
Reverse mortgage origination fees are capped at $6,000. Other fees include servicing, closing costs, mortgage insurance, and interest. Several factors impact the cost of a reverse mortgage in Texas:
- Age of borrower
- Home equity
- Lender fees
- Market interest rates
- Credit history
- Type of loan
The most common type of reverse mortgage is a Home Equity Conversion Mortgage, or HECM, which is backed by the FHA. Many lenders also offer a HECM for purchase option, which allows the borrower to take a reverse mortgage to purchase a new home.
How a Reverse Mortgage Works
You can take out a reverse mortgage on single-family homes, condos, townhomes, certain manufactured homes, and two- to four-unit multi-family homes in which the borrower occupies one unit. Vacation homes, rental homes, and investment properties do not qualify. HECMs also have a lending limit that adjusts annually, but homes over the FHA limit might qualify for a proprietary reverse mortgage from a private lender.
A reverse mortgage allows borrowers to leverage their home equity for cash. Then, they’ll use the money to supplement retirement income, make necessary aging-in-place improvements or home repairs, or reduce their monthly housing expenses. Reverse mortgage holders don’t make monthly payments. Instead, the lender pays the borrower via a monthly disbursement, lump sum payment upfront, a line of credit, or a combination of these payouts.
You can decide how to spend the funds from a reverse mortgage, but if you cannot keep up with property taxes, homeowners insurance, and home maintenance costs, the lender will require you to set aside funds from the loan to cover those expenses.
Austin, TX Reverse Mortgage Eligibility Requirements
A reverse mortgage is a good financial tool for Austin retirees 62 and over who:
- Have paid off their homes
- Have significant equity but haven’t hit social security age yet
- Plan to stay in their homes
More than 45% of Austin, TX, residents own their homes, according to the U.S. Census. A reverse mortgage could be a sensible choice for borrowers over the age of 62 who own their homes but don’t have a lot of income to meet their needs in retirement. Proceeds from a reverse mortgage can supplement retirement savings or help bridge the gap between early retirement and the onset of social security payments.
However, a reverse mortgage does not make sense for homeowners who plan to sell their homes or move to a retirement community, as the loan becomes due when the home is no longer the borrower’s primary residence. Homeowners who qualify for another type of home equity loan or line of credit won’t need a reverse mortgage.
Before applying for a reverse mortgage, you must meet with a reverse mortgage counselor to discuss how the loan works, your qualifications, and the responsibilities you incur when taking out a reverse mortgage.
Austin, TX Reverse Mortgage Company Reviews
Rhonda A. Jenkins – Security National Mortgage Company
Rhonda A. Jenkins is a Security National Mortgage Company loan originator focused on personalized loan solutions for your situation and your financial goals. She offers a full line of loan products, including reverse mortgages, and provides follow-up service during the life of your loan. Clients give Jenkins and her team five stars for their dedication, work ethic, and timely responses to customer questions. Customers were impressed by Jenkins’ knowledge and how she navigated challenges during the loan process.
- Top 50 lender award
- Green mortgage company
|Rhonda A. Jenkins – Security National Mortgage Company|
|Address||9737 Great Hills Trail Ste 200 & 220, Austin, TX 78759|
|Phone Number||(512) 808-4677|
Hill Country Mortgages LLC
You can get a free rate quote online with Hill Country Mortgages by completing the Reverse Mortgage Qualifier. Compare lender options based on your criteria and choose the offer that best fits your needs. Borrowers can choose from partial or lump sum, line of credit, monthly payments, or a combination of all three. You can change the disbursement method at any time. Clients enjoy excellent rates, quick responses, great outcomes, and efficient service.
- Track loan progress through an app
- Licensed across the state of Texas
|Hill Country Mortgages LLC|
|Address||231 Baldovino Skyway, Lakeway, TX 78738|
|Phone Number||(512) 487-4503|
Lennar Mortgage, LLC Austin
Lennar Mortgage is a lender offering a full line of mortgage options, including reverse mortgages. You can talk with a loan officer specializing in reverse mortgages to determine if it’s right for your financial situation. Reviewers who gave five stars said Lennar’s rates were competitive, and loan officers were helpful and informative throughout the process. One client said she was impressed how a business of this size could make her feel like she mattered.
- Creative financing solutions
- Fast “digital mortgage” option
|Lennar Mortgage, LLC Austin|
|Address||13620 N FM 620 Building A Suite 170, Austin, TX 78717|
|Phone Number||(512) 418-0550|
Lone Star Financing
Lone Star Financing offers HECMs with a choice between lump sum payment, line of credit, or guaranteed monthly income. Contact the company to discuss which option best fits your situation. Reviewers who gave five stars experienced timely updates, excellent rates, and caring loan officers. Customers said that Lone Star Financing’s process was seamless, and agents got things done as fast as possible.
- Apply online
- Several service locations throughout Central Texas
|Lone Star Financing|
|Address||1150 Lakeway Dr #100, Austin, TX 78734|
|Phone Number||(855) 868-8825|
Taylor Gardner – Austin Mortgage Lending
Taylor Gardner is a mortgage broker who offers reverse mortgages with six choices for disbursement: term payments, lump sum, line of credit, monthly payments, or a combination. Homeowners need as little as 50% equity to qualify. Clients gave this business five stars for responsiveness, fast turnaround times, and low rates. Reviewers said Gardner was fantastic to work with, and he worked hard to get deals done.
- Easy online qualifier
- Weekend availability
|Taylor Gardner – Austin Mortgage Lending|
|Address||1301 N Capital of Texas Hwy Ste 340B, Austin, TX 78746|
|Phone Number||(512) 998-9440|