Best Reverse Mortgage Companies in San Antonio, TX

Best Reverse Mortgage Companies San Antonio, TX

Reverse Mortgage Costs in San Antonio, TX

Homeowners in Texas can borrow up to $970,800 for a reverse mortgage, the 2023 HECM maximum nationwide claim amount. 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. A borrower’s age and home value impact the cost of a reverse mortgage in Texas the most, followed by your home equity and the loan amount. San Antonio interest rates, credit history and fees charged by the lender will also affect the cost of a reverse mortgage. 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. You’ll choose to receive loan funds via one of the following disbursement methods:

• Lump sum: All proceeds are disbursed upfront. 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.

Lump sum disbursement is more expensive because the lender will charge fees on the entire loan amount at once. A line of credit could be more affordable because fees and interest are charged only on the portion of funds you withdraw.

San Antonio, TX Reverse Mortgage Eligibility Requirements

A reverse mortgage is a good financial tool for San Antonio 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

Over 53% of San Antonio 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. 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 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.

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San Antonio, TX Reverse Mortgage Company Reviews

Melinda Hipp Mutual of Omaha Reverse Mortgage

Melinda Hipp of Mutual of Omaha Reverse Mortgage specializes in educating homeowners over age 62 about their options and then securing the right loan for each borrower’s situation. No income or credit requirements exist, so those nearing bankruptcy or foreclosure may still have options. All loan costs can be financed into the loan. Reviewers give Melinda Hipp five stars for making the loan process easy, her communication skills, and her willingness to go the extra mile to secure competitive loan rates.

Melinda Hipp Mutual of Omaha Reverse Mortgage
Address	1870 W Bitters Rd Suite 202, San Antonio, TX 78248
Phone Number	(210) 493-7332

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San Antonio Mortgage LLC

San Antonio Mortgage offers a wide selection of mortgage products, including reverse mortgage HECMs. Get a quote during your free consultation or use the online FHA loan qualifier tool on the company website to determine eligibility. Receive tax-free, lump sum monthly payments or a line of credit. Reviewers said the company’s loan officers were reliable and fast and made the experience super easy with their exceptional customer service standards.

San Antonio Mortgage LLC
Address	8000 I-10 Suite 630, San Antonio, TX 78230
Phone Number	1 (800) 674-1474

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Mortgage of Texas & Financial LLC

Mortgage of Texas & Financial claims to be San Antonio’s most creative mortgage lender. The company offers all types of reverse mortgage loans and has a Reverse Mortgage Specialist on staff to help guide and educate you. Loan officers work hard to provide a quick closing time. Customers said the team advocated for them throughout the loan process. Reviews award Mortgage of Texas & Financial five stars for friendly and knowledgeable loan officers, good deals, and fast closing.

Mortgage of Texas & Financial LLC
Address	6609 Blanco Rd #100, San Antonio, TX 78213
Phone Number	(210) 858-2425

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Rubiola Realty & Mortgage

Rubiola Realty & Mortgage is a full-service broker offering a variety of loans from multiple lenders, including reverse mortgages. This company employs a Reverse Mortgage Specialist to help San Antonio seniors find the right solution for their financial needs. Ask for an in-home meeting to discuss your options. Reviewers said the company explained the process thoroughly and could close deals quickly with competitive rates.

Rubiola Realty & Mortgage
Address	1600 NE Interstate 410 Loop Suite 222, San Antonio, TX 78209
Phone Number	(210) 828-6007

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Vision Mortgage Company, Ltd.

Vision Mortgage Company is an independent broker offering a wide variety of home loans, including HECMs. Access the equity in your home with minimal income and credit requirements. Talk with a loan officer to decide if a reverse mortgage fits your financial situation or start the application process online. Reviewers called this company a truly professional firm with amazing customer service and savvy loan approval strategies. Clients liked that representatives answered their questions quickly and in plain language, which helped them understand the process better.

Vision Mortgage Company, Ltd.
Address	7800 W I-10 #112, San Antonio, TX 78230
Phone Number	(210) 348-0077

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Fairhaven Mortgage

Fairhaven Mortgage offers a wide range of home loans, including niche programs. You can contact a loan officer to talk about which option best fits your financial needs or fill out a brief form online to prequalify for a reverse mortgage rate. Reviewers said this amazing team worked beyond business hours to get deals done.

Fairhaven Mortgage
Address	814 Arion Pkwy Suite 204, San Antonio, TX 78216
Phone Number	(726) 201-3151