Texas and Non-Borrowing Spouses

As of August 8th 2014, the state of Texas is not allowing the new HUD rules on Non-Borrowing Spouses (NBS) regarding reverse mortgages.  The good news is that the spouse issue is not a constitutional issue and is expected to be resolved in the next month or two.  The National Reverse Mortgage Lenders Association (NRMLA) is currently working with HUD to amend Texas loan documents to allow for the implementation of the new NBS rules.  We will keep you posted as developments unfold.

Reverse Mortgage For Purchase In Texas

Lenders are beginning to offer the HECM Purchase program in Texas.  Previously, the state of Texas did not allow these transactions due to homestead laws.  Texas is currently the 2nd largest producing state of HECM loans, so this program should be well received by Texans.  The HECM Purchase program (a.k.a. Reverse Mortgage Purchase program) allows a homebuyer over the age of 62 to use a reverse mortgage to cover approximately 50% of the purchase price, in which they will never be required to make a payment for as long as they live in the home.  By using the HECM Purchase program, a homebuyer can leverage themselves to buy a home they desire while still maintaining assets for retirement.  Instead of completely paying cash for a property, use this program to help increase cash flow and add security to your retirement.

Find out more at:
www.reversemortgagebenefit.com