Corpus Christi Reverse Mortgage
According to Wikipedia, Corpus Christi is a coastal city in the South Texas region of the U.S. state of Texas. The county seat of Nueces County, it also extends into Aransas, Kleberg, and San Patricio counties. The population was 277,454 at the 2000 census; in 2006 the US Census Bureau estimated the city’s population at 285,175, making it the eighth-largest city in the state. It is the principal city of the three-county Corpus Christi Metropolitan Statistical Area as well as the larger Corpus Christi-Kingsville Combined Statistical Area. The translation from Latin of the city’s name is Body of Christ, given to the settlement by the Spanish, in honor of the Blessed Sacrament (Eucharist). The city has been nicknamed The Sparkling City by the Sea, particularly in literature promoting tourism.
The city is home to the Naval Air Station Corpus Christi and is served by the Corpus Christi International Airport.
Reverse Mortgage Limits in Corpus Christi
Getting a Texas reverse mortgage in Corpus Christi, TX, may be just what you need to fill in the possibility of not having enough to live on once you are retired. The extra money it supplies you with can enable you to live in your home comfortably and allow you to continue to own it as long as you need it to live in.
A reverse mortgage also gives you the option of choosing how you want to use the money that is currently tied up in your home’s equity. You can receive your money as a lump sum, as monthly payments for as long as you live, or get a line of credit which allows you to draw out cash as you need it. Even better, though, is the additional option of being able to get some kind of combination of these plans.
A great feature of getting a HUD reverse mortgage is that you can get one very easily. You do not need to meet any kind of income requirement, or any kind of credit score requirement, either. Since the lender is going to be paying you, your income level does not matter at all. There are two simple requirements, however, and that is that you must be at least 62 years old and that you must have more equity in the home than what you owe the bank.
The amount of money you get will be determined by your age and how you want to access the money. If you get monthly payments, you should know that they will be larger if you are older. This is because it is a larger sum of money that will get distributed over a shorter period of time.
Recent legislation in Congress has extended the limits on lending for a Home Equity Conversion Mortgage (HECM – or, reverse mortgages). It is still set at $625,500, which means that you can get a senior reverse mortgage for a home up to that amount. If your home is worth more than that, you need to be aware that you cannot receive a total value of any more than that amount.
Right now, reverse mortgage rates are very low and it could be the perfect time for you to get the one you need. When you get a reverse mortgage it will first pay off your existing mortgage, and then you will be able to receive the balance of money according to your prearranged choices. Fees will need to be removed, as well as costs, and then your money becomes is on the way. A reverse mortgage calculator can help you determine how much money will be available.
Corpus Christi Links:
Corpus Christi City, Corpus Christi Seniors
