Reverse Mortgage Specialists in Seabrook, TX
Looking for a reverse mortgage specialist in Seabrook? Review the directory below to compare your options.
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State Mortgage Licensing Authority of Texas before hiring.
Showing 3 reverse mortgage specialists in Seabrook, TX
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A reverse mortgage specialist in Seabrook, Texas helps homeowners aged 62 and older convert home equity into tax-free funds without monthly payments. Texas law requires borrowers to complete a counseling session with a HUD-approved agency before obtaining a Home Equity Conversion Mortgage (HECM). Seabrook residents can use these funds for home improvements, healthcare, or supplementing retirement income while continuing to own and live in their home.
What Does a Reverse Mortgage Specialist in Seabrook Cost?
Typical costs for a reverse mortgage in Texas include an origination fee of up to 2 percent of the first $200,000 of the home value plus 1 percent of the amount above $200,000, capped at $6,000. Other costs include an appraisal fee ($400 to $800), a counseling fee ($125 to $150), and third-party closing costs such as title insurance and recording fees, which can total $2,000 to $5,000. These costs are usually financed into the loan rather than paid upfront. 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 Seabrook Texas?
You must be at least 62 years old, own your home outright or have a low mortgage balance, and live in the property as your primary residence. Texas law also requires that the home be a single-family residence, a HUD-approved condominium, or a manufactured home that meets FHA standards. You must also complete a mandatory counseling session with a HUD-approved counselor before applying.
How does Texas law affect reverse mortgage terms?
Texas has specific homestead protections that limit the amount you can borrow based on the appraised value of your home. The maximum claim amount for a HECM in Texas is the lesser of the appraised value or the FHA lending limit, which is $1,089,300 for 2024. Texas also prohibits lenders from requiring you to purchase other financial products with a reverse mortgage.
What happens to the reverse mortgage when the borrower dies or moves out?
When the last borrower dies, sells the home, or permanently moves out, the loan becomes due. Heirs have 30 days to decide whether to pay off the loan or sell the property. If the home is sold for less than the loan balance, the FHA insurance covers the difference, and heirs are not personally liable for the shortfall.