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Reverse Mortgage Loans
Alliance Mortgage Group
Reverse Mortgage Loans Frisco, TX
At Alliance Mortgage Group we are committed to assisting our clients with the highest quality home loans combined with the lowest mortgage rates available. We are located in Frisco and are available to serve anyone throughout the great state of Texas.
Honest Answers, Stress-Free Closings
What are The options for reverse loans?
An FHA Reverse Mortgage, officially known as a Home Equity Conversion Mortgage (HECM), is a loan insured by the Federal Housing Administration (FHA) designed to help homeowners aged 62 or older convert part of their home equity into cash. There are two main uses for a HECM: for refinancing an existing mortgage or to purchase a new home.
FHA Reverse Mortgage for Refinancing:
This option allows homeowners to refinance their existing mortgage and access a portion of their home’s equity without having to make monthly mortgage payments. Instead, the loan balance increases over time as interest and fees accrue. Borrowers remain responsible for property taxes, homeowner's insurance, and maintenance of the home. The loan is typically repaid when the borrower sells the home, moves out, or passes away.
Key Features:
- No monthly mortgage payments (but borrowers must cover taxes, insurance, etc.)
- Eligibility based on the age of the youngest borrower (62 or older)
- Loan amounts are influenced by the home's appraised value, current interest rates, and the age of the borrower
- Can be taken as a lump sum, line of credit, or in monthly installments
FHA Reverse Mortgage for Purchase (HECM for Purchase):
This allows seniors to buy a new home using a reverse mortgage. It’s particularly helpful for those who want to downsize or relocate to a more suitable property without the burden of monthly mortgage payments. In this case, the homeowner makes a down payment using proceeds from selling their previous home or other savings and takes out a reverse mortgage to cover the rest.
Key Features:
- No ongoing mortgage payments (same responsibilities for taxes and insurance)
- The down payment typically needs to be large enough to meet FHA requirements, which means using savings or proceeds from selling a previous home
- Suitable for seniors looking to buy a home that better suits their needs while leveraging equity without monthly payments
Honest Answers, Stress-Free Closings
What should I take into account when considering a reverse loan?
General Benefits:
- Helps seniors age in place while maintaining homeownership
- Access to tax-free cash from home equity
- Flexible disbursement options (lump sum, monthly payments, or line of credit)
Important Considerations:
- The loan balance increases over time since payments aren’t being made, reducing the home equity.
- Failure to maintain property taxes and insurance can lead to foreclosure.
- It's a non-recourse loan, meaning neither the borrower nor heirs will owe more than the home's value when sold, even if the loan balance exceeds that value.
Richard Sarey was one of the most helpful people I've received services from--from all fields. He was extremely quick in communicating, open to help us, answered all questions without assumptions or judgements, and was entirely honest from start to finish of our experience. It was quick (literally took about 2 weeks from start to finish, from my first email to completing our closing papers), easy, clearly defined and communicated, and a great deal! We couldn't pass it up. I would HIGHLY recommend Richard--I even did to my own parents, and THEY also worked with him! We just couldn't say more fantastic things about this company and Richard in his role. We appreciated everything he did. So, yes--go with this group! They're amazingly helpful, informative, kind, and of course: do a spectacular job.
Laura LawsonWhat Clients Say
I just closed on my very first house and I don't think the process could have gone any smoother with the guys at Alliance. Richard was so quick with responding to every single one of my questions & stayed in close contact with my realtor throughout the entire process. I hear that a 30 day close is unheard of nowadays and Richard and his team had us closed within 24 days!! I cannot speak highly of Richard and his team and will continue to recommend him to my friends & family! Thanks guys for everything you did to make my home buying dreams come true!
Holly HazelwoodWhat Clients Say
Richard made this a very easy process. He explained everything and was very fast to respond to any questions we had. We liked having a local lender to help navigate friscos market. We would highly recommend!
Kelly WarrenWhat Clients Say
We found Richard when we were looking for a local lender near our area because we felt we needed to find someone who knew how to navigate through the process locally given the unusual pandemic landscape. We are eternally grateful for how he guided us through the whole process, made us understand everything we were looking at and also providing us the best rate even compared to all of the online lenders. Richard was patient and supportive throughout the whole process right up to the end. I would recommend anyone looking to purchase a home in the North Texas area to consider Richard Sarey and the Alliance Mortgage Group as their provider. You won't regret it! We still can't thank Richard enough for helping us own our home.
Vincent R.What Clients Say
Working with Richard was great, he guided us through the entire process (which was largely unknown to us). Having him on our side was a huge asset and helped our ability to understand and navigate a complex process full of confusing documents - he even sent us a simple video walking us through every detail. Would highly recommend to anyone else!!
Eddie PesinaWhat Clients Say
Richard was great throughout the entire process. I was referred by a family member and it took less than a month from start to finish. Everything was up front and bottom line which made everything easy and stress free. Questions were answered extremely fast with nothing left out. Highly recommend!!!!!
William MacDonaldWhat Clients Say
Richard was great to work with. Never felt rushed and he took time to explain and answer all my questions. Thank you!
Nish KWhat Clients Say
Richard has helped us with three mortgage loans over the years and we can’t imagine the process without him! He always provides exceptional, fast, and friendly service. We would highly recommend Richard Sarey, Alliance Mortgage.
Jennifer EltingWhat Clients Say
We were looking for someone that was open on Saturday. After reading reviews, we knew Richard would be the perfect person to process our mortgage. Hands down, best lender I've ever worked with! Integrity, knowledgeable, responsive... all qualities necessary for a home buying experience. Thanks, Richard!
Pam M
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Contact The Lending Professionals at
Alliance Mortgage Group
LOCATION
2770 Main St., Suite 221 , Frisco, TX, 75033
LICENSED IN
Serving Clients Throughout Texas & Oklahoma
Mon - Fri: 8:00 AM - 6:00 PM
Sat: 9:00 AM- 2:00 PM
Sun: Closed
