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El Paso Reverse Mortgage
According to Wikipedia, El Paso is a city in and the county seat of El Paso County, Texas, United States, and part of the American Southwest. According to the United States Census Bureau’s 2006 population estimates, the city had a population of 606,913. It is the sixth-largest city in Texas and the 22nd-largest city in the United States. Its metropolitan area covers all of El Paso County. The metropolitan area has a population of 736,310.
El Paso stands on the Rio Grande (Río Bravo del Norte), across the border from Ciudad Juárez, Chihuahua. The two cities form a combined International Area with Juarez being the significantly larger of the two. Together they have a combined population of 2,049,648, with Juárez accounting for 2/3 of the population.
El Paso is home to the University of Texas at El Paso (founded in 1914 as The Texas State School of Mines and Metallurgy). Fort Bliss, a major United States Army installation, lies to the east and northeast of the city, with training areas extending north into New Mexico, up to the White Sands Missile Range. The Franklin Mountains extend into El Paso from the north and nearly divide the city into two sections, with downtown connecting the two sections at the south end of the mountain range.
El Paso Reverse Mortgage Limits
If you have been concerned about how you will be able to retire on your little income, you should know that a reverse mortgage may be the perfect answer. An FHA reverse mortgage can provide you with a much more comfortable cash flow every month and it will enable you to keep your home and live in it, too.
Texas reverse mortgage loans are the perfect tool because it does not matter how much income you have or what your credit score is right now. In fact, neither one of these will even be considered because they do not apply. Instead, it is you that will be receiving a regular check each month from the reverse mortgage lender.
Once you have agreed to the terms of the reverse mortgage, you are then able to receive your money in three different ways. You can choose the lump sum, monthly payments, or a line of credit. Even better, though, is that you could get a combination of these methods, too. For instance, you could take a lump sum of 20%, and get monthly payments equaling another 50%.
As far as the requirement for a new reverse mortgage goes, there are only two. You must be at least 62 years old, and you must also have more money in equity than you still owe on your home. The reason for the equity requirement is because the balance of your debt on the home will be paid off first, and then you can receive money from the balance.
Just this year, Congress has decided to pass legislation that extends the lending limits on Home Equity Conversion Mortgage (HECM – or, reverse mortgages). The lending limit is set at $625,500 until the end of the year, December 31, 2009. This means that the maximum amount you can receive for a reverse mortgage is $625,500. Right now, legislation is being worked on to determine the limits for next year, which will either be the same, or drop down to 2008′s previous limit of $417,000.
There may never be a better opportunity to get a Texas reverse mortgage than now. With interest rates being low, and the lending limits high, you have an excellent opportunity to talk with a professional about the terms you can get. Why not talk to us today and see how it can secure your future for you.
El Paso Links:
El Paso City, El Paso Seniors
