A Reverse Mortgage is a Mortgage loan to borrowers over the age of 62, using the equity in their homes as collateral.

Reverse mortgages are designed for older homeowners who want to access their home equity (the wealth stored in their homes).

  • Lenders loan the borrower’s funds against the equity in their home.

  • Borrowers can choose to receive a single up front lump sum payment, most often this is the payoff of an existing mortgage.

  • Borrowers can also choose to take out a Reverse Mortgage line of credit.

  • Using the equity in the house, borrowers may receive monthly payments for a specified term (Term Note) or for as long as they live in the home (Tenure Note/Payments).

  • Borrowers are responsible for paying the taxes, insurance, any HOA dues and maintaining the physical integrity of the home annually.

  • All disbursed principal (equity distributions), monthly accrued and compounded interest, and accruing and compounding mortgage insurance is not due until the last borrower leaves the home permanently.

  • The amount that can be borrowed is based upon the age of the youngest borrower, the value of the home, the type of Reverse loan program chosen and the interest rate.

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Sue LeBlanc | Home Equity Retirement Specialist | NMLS# 2078168 | (469) 441-2846 | [email protected]

1402 S Custer Rd, Suite 901, McKinney, TX 75072 | Licensed in TX, FL, OK, LA, NE, AR, VA, AL

Monica Bishop | Home Equity Retirement Specialist | NMLS# 2578590 | (813) 203-1676. | [email protected]

1402 S Custer Rd, Suite 901, McKinney, TX 75072 | Licensed in TX, FL, OK, LA, NE, AR, VA, AL

Ark-La-Tex Financial Services, LLC, 5160 Tennyson Pkwy STE 1000, Plano, TX 75024. NMLS ID #2143 (www.nmlsconsumeraccess.org) 972-398-7676. This advertisement is for general information purposes only. Some products may not be available in all licensed locations. Information, rates, and pricing are subject to change without prior notice at the sole discretion of Ark-La-Tex Financial Services, LLC. All loan programs are subject to borrowers meeting appropriate underwriting conditions. This is not a commitment to lend. Other restrictions may apply. Ark-La-Tex Financial Services, LLC is a licensed Mortgage Banker in the State of New York and Oregon. No mortgage solicitation activity or loan application for properties in the State of New York and Oregon can be facilitated through this site or advertisement. (https://benchmark.us)