In United States of America, there mortgage refinancing basically three types of Reverse Mortgage; namely, federally insured, single purpose, and proprietary. To know which one will be helpful to you let's discuss them one by one.
Federally Insured Reverse Mortgage
This type of loan is commonly known as Home Equity Conversion Mortgages (HECM). This type of loan is costlier type of loan. It is suitable for homeowners who prefer to stay in home for longer duration. If owner is planning to stay in home for shorter duration, then upfront cost can be really very high. These types of loan do not have any special requirement and are available anywhere.
Single-Purpose Reverse Mortgage
This type of credit is being offered by the state government, local governing bodies and non-profit society. This type of loan is not easily aware and there are possibilities that it is not prevalent in your city also. Hence, check for it once. The single-purpose reverse mortgages are of very low cost and are good for people with low or moderate income. These funds are used for
* Home improvement
* Property taxes
* Health expenses
Proprietary Reverse Mortgage
This type of credit can be availed from a refinancing mortgage bank or any company offering this service. They do not include any type of social security or medical benefit. It is the easiest form of getting the loan against home.
As per your requirement you should take the loan. But still if you are in dilemma of knowing which one will suit your needs better call a reverse loan advisor. Especially in Texas, you can find various Texas reverse mortgage agents take their help. But it always wiser to go for an experienced Reverse mortgage Texas mortgage advisor. He will guide you in the right direction by telling which type of loan is suitable for you. Further they will tell you the eligibility criteria, advantages and disadvantage of taking the credit.
For more information on Texas reverse mortgage, visit http://www.reversemortgagerx.com
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