Texas-purchase reverse mortgage. Who does them? I have realtors that want this product.

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Texas-purchase reverse mortgage. Who does them? I have realtors that want this product.


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It’s pretty well known that reverse mortgages have a minimum “youngest borrower” age of 62. Texas has some rather unique restrictions on mortgages, not sure who, if anyone writes reverses there.

Answered 3 months ago
Ted Rood
1304 6

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According to the Office of Consumer Credit Commissioner (http://www.occc.state.tx.us/pages/consumer/education/RevMortArt.htm) “To be eligible for a reverse mortgage, a borrower must be 62 or older, own the home outright (or have a low loan balance), and have no other liens against the home.”

Texas Lending (http://www.texaslending.com/reverse-mortgages/) states that: “All borrowers must be 62 or older. Subject property / home must be the primary residence.”

I believe that the age requirements will exclude quite a few of the buyers.

Answered 3 months ago

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