Find Reverse Mortgage Specialists Near You in Waxahachie, TX
Directory of reverse mortgage specialists in Waxahachie, Texas. Verify credentials with the state state mortgage licensing authority before hiring.
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 16 reverse mortgage specialists in Waxahachie, TX
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A reverse mortgage specialist in Waxahachie Texas helps homeowners aged 62 and older convert home equity into tax-free funds without monthly payments. Texas law requires borrowers to complete HUD-approved counseling before obtaining a Home Equity Conversion Mortgage. Local specialists guide clients through the unique Texas homestead protections and loan limits that apply in Ellis County.
What Does a Reverse Mortgage Specialist in Waxahachie Cost?
In Texas reverse mortgage costs include an origination fee capped at 2 percent of the first 200 thousand dollars of home value plus 1 percent of amounts above that. The upfront mortgage insurance premium is 2 percent of the appraised value. Third-party fees for appraisal title insurance and recording typically range from 2 thousand to 5 thousand dollars. Annual mortgage insurance premiums are 0.5 percent of the loan balance. These costs are often financed into the loan. 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 eligibility requirements for a reverse mortgage in Waxahachie Texas?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The property must be the primary residence and a single-family home or approved condominium. Texas law also requires a mandatory counseling session with a HUD-approved counselor before application.
How does Texas homestead law affect reverse mortgages in Waxahachie?
Texas has strong homestead protections that limit the amount of equity you can borrow. For a reverse mortgage you can access up to 80 percent of the appraised value of your home. These protections also ensure your spouse can remain in the home after your death if they meet certain requirements.
What costs are associated with a reverse mortgage in Waxahachie Texas?
Typical costs include an origination fee up to 2 percent of the home value and a mortgage insurance premium of 2 percent of the loan amount. Appraisal and counseling fees usually range from 300 to 600 dollars. Closing costs vary by lender and loan size.