Find Reverse Mortgage Specialists Near You in McAllen, TX
Browse reverse mortgage specialists serving McAllen, Texas. Contact information and addresses listed below.
Important: Listings are compiled from publicly available sources and have not been independently verified by BeforeMortgageUSA.com. We do not endorse any broker or guarantee outcomes. Verify licensing and disciplinary status with the
State Mortgage Licensing Authority of Texas before hiring.
Showing 20 reverse mortgage specialists in McAllen, TX
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Reverse mortgage specialists in McAllen Texas help homeowners aged 62 and older convert home equity into cash. Under Texas law reverse mortgages are regulated by the Texas Constitution and require mandatory counseling from a HUD-approved agency. Specialists guide clients through the process of a Home Equity Conversion Mortgage or HECM which is the only federally insured reverse mortgage.
What Does a Reverse Mortgage Specialist in McAllen Cost?
Typical costs for a reverse mortgage in Texas include an origination fee up to 2 percent of the homes value capped at 6000 dollars. Closing costs such as appraisal title insurance and recording fees range from 2000 to 5000 dollars. The upfront mortgage insurance premium is 2 percent of the homes value. Annual mortgage insurance premiums are 0.5 percent of the loan balance. All costs are added to the loan balance and are not paid out of pocket. This is general information not mortgage or financial advice.
* Cost estimates are general ranges based on publicly available data and compiled using automated research tools. Actual fees vary by agent and case complexity. This is not mortgage or financial advice — consult directly with an agent for fee specifics.
Frequently Asked Questions
What are the age requirements for a reverse mortgage in McAllen Texas?
Borrowers must be at least 62 years old. If there are two borrowers both must meet this age requirement. The home must be the primary residence of all borrowers.
Do I need to own my home free and clear to get a reverse mortgage in Texas?
No you do not need to own the home free and clear. You can use a reverse mortgage to pay off an existing mortgage. The loan amount depends on your age the homes value and current interest rates.
What counseling is required before getting a reverse mortgage in Texas?
Texas law requires all borrowers to complete a counseling session with a HUD-approved counselor. This session covers loan terms costs and alternatives. The counselor must be independent from the lender.