Patrick O'Neil Has Been Helping Seniors With Texas Reverse Mortgages Since 2002"



Patrick O'Neil:

NMLS: 262854





How A Flexible Reverse Mortgage

Can Help Senior Homeowners


Providing Help When It Is Needed Most!


A Flexible Reverse Mortgage is an FHA insured loan for senior homeowners who are 62 or older, and live in their home. As the name implies, it is often considered the "reverse" of a typical mortgage. The Lender allows seniors to utilize part of the equity in their home, but are not required to make monthly payments on the loan!  There are modest income, credit and tax & insurance payment history requirements, and once funded, there is no loan repayment required as long as borrower lives in the home, pays property taxes, and maintains hazard insurance! Borrowers have the FLEXIBILITY to make payments if they choose, and doing so will increase any available line of credit which is a lifeline when the need arises. Borrowers cannot lose their home under normal circumstances, but please understand foreclosure may occur if property taxes and insurance are not paid, or for failure to otherwise comply with the loan terms. Money from a Flexible Reverse Mortgage can be used any way that the homeowners choose and is non-taxable.  YOU NEVER owe more than the original value of your home!!, regardless of property values or loan balance.

Who Can Apply For A Reverse Mortgage?


Homeowners 62 or older can apply for a reverse mortgage. The youngest borrower in the home must be at least 62 on their nearest birthday.


Use The Money For Anything, Even For A Home Purchase!


Seniors who do a Flexible Reverse Mortgage may use the money they receive for any purpose. Use the money to pay off debts, pay taxes, make home repairs, pay for children's education, pay off  an existing mortgage, pay for medical expenses, or just spend the money for enhanced retirement. It's easy to see how a Flexible Reverse Mortgage has made dreams come true for hundreds of thousands of American Seniors! And now, seniors can utilize a reverse mortgage to make a home purchase in Texas!


It's Still The Borrower's Home.


Doing a Reverse Mortgage does not change the title to the home. Seniors still own their home and still make all the decisions concerning the disposition of that home. Seniors have the same rights as a homeowner they always had.


Making the Equity in A Home Work For The Homeowner!


Homeowners who have equity in their home gain nothing from that equity. It just sits there. It does not earn income for them like other investments. In fact, paying taxes on a home means that the unused equity in the home is actually costing money! A Flexible Reverse Mortgage allows senior homeowners to access some of their equity and put it to use. The proceeds from a Reverse Mortgage could be put into income producing investments that could actually create additional cash flow! Taxes on the assessed value and hazard insurance still have to be paid, however, a portion of the equity can now be accessed. Plus, although not guaranteed, home values have traditionally increased over time as well.


The "Flexible" Part Of A Reverse Mortgage!


Homeowners who have remaining cash available to them in the Reverse Mortgage after paying off a mortgage or closing their loan, can utilize that remaining money in the form of a line of credit. Borrowers have the "Flexibility" of making payments on their principal loan balance if they want to and doing so will increase the available Line of Credit. The line of credit also grows every year even if payments are not made. As an example, often seniors cannot qualify for loans for larger items, such as a car. The Line of Credit can be used to purchase a car for cash and make repayment to the reverse mortgage, thereby rebuilding the line of credit for future use.


Interest Rates on Mortgages Are Very Attractive Now!


There could possibly never be a better time to consider a flexible reverse mortgage! Interest rates are near historic lows on all mortgages!!  To find out how a flexible reverse mortgage can help improve your life or the life of a loved one, Call Patrick O'Neil today at 512-748-4669, or email for more information!


Some of the Key facts and Features of a Reverse Mortgage (HECM) You Need to Know.


    • FHA insures fixed interest rate reverse mortgages, as well as annual and monthly adjustable interest rate reverse mortgages.


     • Borrrowers have the ability to change the way they receive payments from their HECM at any time, provided funds are available.


     • Fixed interest rate reverse mortgages are limited to a Single Disbursement Lump Sum Payment option where there is a single,

       full draw at loan closing and the mortgage does not provide for future draws by the borrower under any circumstances.


     • Adjustable interest rate reverse mortgages provide for five, flexible payment options, all allow for future draws of available funds.


    • The amount of funds available to the borrower is currently determined by the age of the youngest borrower

       (or Non-Borrowing spouse for FHA case numbers assigned after August 4, 2014).   


     • The disbursement of mortgage proceeds during the first twelve-month disbursement period is subject to an initial

       disbursement limit as determined by requirements set by the Secretary of HUD in Mortgagee Letter 2013-27.


    • The borrower has the statutory right to select his or her interest rate (fixed or adjustable) at the time the mortgage is originated.


    • For borrowers who select an adjustable interest rate loan, the borrower has the ability to change payment plans at

       any time throughout the life of the loan, provided funds are available to be withdrawn.


    • The borrower has the right to determine what amount, if any, to draw from the loan, over and above what is necessary

       for the payment of mandatory obligations and subject to the draw limits.



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Patrick O'Neil

Reverse Mortgage Expert

NMLS: 262854


Mid America Mortgage, Inc. - 15301 Spectrum Dr  #405 - Addison, TX 75001 - NMLS: 150009




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