Reverse mortgages can be used for a variety of purposes, including supplementing retirement income, covering healthcare expenses, funding home improvements, or simply increasing financial flexibility. The funds can be received as a lump sum, monthly payments, or a line of credit, depending on your needs and long-term plans.

The most common type of reverse mortgage is the Home Equity Conversion Mortgage (HECM), which is insured by the Federal Housing Administration (FHA). HECM loans offer consumer protections and flexible options, making them a safe choice for many retirees seeking to access home equity responsibly.

Other reverse mortgage options include Jumbo Reverse Mortgages for high-value properties and Proprietary Reverse Mortgages, which are private programs that provide additional flexibility in loan amounts, payout structures, and property eligibility. These options allow homeowners with unique situations to benefit from reverse mortgage solutions tailored to their needs.

Eligibility for a reverse mortgage requires that at least one borrower be 62 years or older and occupy the home as their primary residence. The home must meet program-specific requirements, including property type, condition, and insurance obligations. We assist homeowners in evaluating eligibility and ensuring all criteria are met.

Reverse mortgages are repaid only when the borrower sells the home, permanently moves out, or passes away. Any remaining equity beyond the loan balance can be inherited by heirs, making it a flexible tool for financial planning while preserving the family home.

At Tom Spaniel Reverse Mortgage, we focus on education, transparency, and personalized guidance. By providing clear explanations and step-by-step support, we help Texas homeowners understand their options and choose a reverse mortgage program that aligns with their retirement strategy and lifestyle goals.