Best Reverse Mortgage Companies in Austin, TX

Best Reverse Mortgage Companies in Austin, TX

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.

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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

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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

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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

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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

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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

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