Best Reverse Mortgage Companies in Fort Worth, 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.
Texas Mortgage Finance
Offers full line of mortgage products from various lenders, including reverse mortgages. Choose lump sum or monthly payments. Call to find out more or prequalify on the website.
DFW Mortgage Advisors
Mortgage broker offering a range of loan options, including HECMs. Apply online or contact a specialist to start the process. Free quotes in less than one minute.
Colonial Banking & Home Loans
Call to speak to a dedicated reverse mortgage specialist. Services are available in Spanish. Retains servicing on most loans they make to ensure personalized experience.
Offers full line of mortgage products and customized loan solutions. No income or credit requirements, but consult with one of the licensed financial professionals to learn about the costs of a reverse mortgage.
Joanne M. Tucker
Specializes in finding low-rate loans with no hassle. Works with seniors seeking reverse mortgages. Clear communication, quick closing, and support throughout the process. Call or email to get started.
Full-service mortgage broker offering reverse mortgage loans. Choose a lump sum, monthly cash, line of credit, or a combination. Use the Loanzify app to streamline the process.
2023 Reverse Mortgage Costs in Fort Worth, TX
The 2023 HECM maximum nationwide claim amount——also known as the reverse mortgage lending limit—is $1,089,300 for all Texas borrowers. In Fort Worth, the cost of a reverse mortgage depends on:
- Borrower age
- Home equity
- Lender fees
- Market interest rates
- Credit history
- Type of loan
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.
Borrowers might not need to meet a certain credit score, but they will need to demonstrate the ability to keep up with homeowners insurance payments, mortgage insurance payments, property taxes, and maintenance of the home.
Missouri borrowers have several options for how the proceeds are disbursed:
- Lump sum: All proceeds are disbursed upfront, but the lender will charge fees on the entire amount. Option for a fixed interest rate.
- Term: Monthly payments for a predetermined period
- Tenure: Monthly payments for the life of the loan
- Line of credit: Withdraw funds as needed. Pay interest and fees only on the portion of the loan you withdraw.
- Combination: Receive monthly payments plus use a line of credit, or choose partial lump sum plus monthly payments or line of credit.
Some lenders also offer HECMs for purchase; this allows borrowers to take out a reverse mortgage and buy a new home in one transaction.
Fort Worth, TX, Reverse Mortgage Eligibility Requirements
A reverse mortgage is a good financial tool for Fort Worth,TX, retirees who:
- Are 62 and over
- Plan to stay in their homes as a primary residence
- Have significant equity but haven’t hit social security age yet
- Plan to stay in their homes
- Own their home
- The home must meet Federal Housing Authority (FHA) minimum property standards and flood requirements
- Own a single-family home; a two-to four-unit home with one unit occupied by the borrower, or a HUD-approved condominium
According to the U.S. Census, more than 57% of Fort Worth residents own their homes, and nearly 10% of the population are seniors. Many of these seniors qualify for reverse mortgages. A reverse mortgage makes sense for homeowners who know they are going to stay in their homes, such as older adults who are choosing to age in place. An HECM can provide extra income to renovate the home and add accommodations for safety and accessibility. A reverse mortgage line of credit or term option could be appropriate for those who retire before social security payments begin and who need to supplement retirement income for a set amount of time.
However, older adults with good credit and plenty of equity in their homes who qualify for a traditional home equity loan might find they do not need a reverse mortgage.
Before you can apply 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.
Fort Worth, TX, Reverse Mortgage Company Reviews
Texas Mortgage Finance
Texas Mortgage Finances is a broker agency offering a portfolio of mortgage loans, including HECMs. Contact the company to learn more about reverse loan options with payout options that include lump sum and monthly payments. Reviewers rate Texas Mortgage Finances services as five star quality and note that loan officers saved them money on closing costs and cut interest rates in half. Customers experienced fast, thorough, and comprehensive service.
- Prequalify with no hard credit check
- 20+ years of experience
|Texas Mortgage Finance|
|Address||8517 Hidden Meadow Dr, Fort Worth, TX 76179|
|Phone Number||(817) 236-2934|
DFW Mortgage Advisors, LLC
DFW Mortgage Advisors provides an online resource for personalized mortgage solutions and free, fast, customized quotes. Ask the mortgage professionals about financing options. Customers can choose from several disbursement options: full or partial lump sum, line of credit, monthly payments, or a combination, and disbursement methods can be changed at any time. DFW Mortgage Advisors has a five-star rating from customers who said the process went quickly and smoothly and that loan officers presented them with multiple options.
- Free quotes in less than 60 seconds
- Home value finder
|DFW Mortgage Advisors, LLC|
|Address||5049 Edwards Ranch Rd Floor 4, Fort Worth, TX 76109|
|Phone Number||(817) 456-2922|
Colonial Banking & Home Loans
Colonial Banking & Home Loans offers in-person service at its Fort Worth branch. Mortgage options include conventional, adjustable rate, FHA, VA, USDA, condo, construction, jumbo, HECM and more. Customers can contact the company’s dedicated reverse mortgage specialist for a free consultation or apply online. Services are available in Spanish. Reviewers appreciated the responsive, informative loan officers who provided personal service they don’t outsource. They also like Colonial Banking & Home Loans’ competitive rates and flexible options.
- Free consultation
- Retain servicing on 90% of loans they make
|Colonial Banking & Home Loans|
|Address||2600 West Fwy, Fort Worth, TX 76102|
|Phone Number||(817) 390-2380|
Efinity Mortgage finds custom mortgage solutions to fit your needs. Reverse mortgage disbursements are available as a lump sum, line of credit, monthly payment, or a combination. Contact a licensed financial professional at Efinity Mortgage to learn about the costs of a reverse mortgage and to see if it’s right for you. Customers say that Efinity found good deals on mortgage solutions that fit their financial circumstances. Reviewers gave high marks for outstanding service from patient, honest loan officers who made the mortgage process enjoyable.
- No income or credit requirements
- Online chat feature available
|Address||1901 Central Dr Suite 612, Bedford, TX 76021|
|Phone Number||(817) 581-8878|
Joanne Tucker, Eroica Financial Mortgage Services
Joanne Tucker at Eroica Financial Mortgage Services specializes in making it easy to get low rates. As a broker, Ms. Tucker is able to offer various options to find the best fit for your needs. She focuses on outstanding communication, support throughout the process, and quick closing. She earns high customer ratings for finding her clients the best financing and rate available, being transparent about the loan process, and always being prompt and patient. Customers also liked that they can upload paperwork digitally.
- 50+ positive reviews
- Consistent communication and follow-up
|Joanne Tucker, Eroica Financial Mortgage Services|
|Address||1431 Greenway Dr #800, Irving, TX 75038|
|Phone Number||(817) 329-3487|
Acquest Lending is a full service mortgage company offering a range of reverse mortgage loan options from various lenders. Chose a lump sum, monthly payments, line of credit or a combination of payouts. Acquest offers the Loanzify app to guide you through the loan process and connect you directly to a loan officer. Customers especially appreciate quick closings and said loan officers kept them updated throughout the process. Reviewers give five stars for responsive live agents, great rates, and efficient service.
- Free quote
- Fast, easy application and approval process
|Address||2000 E Lamar Blvd #600, Arlington, TX 76006|
|Phone Number||(817) 382-5331|