You decide whether to sell, stay, or leave the home to family, subject to the loan.
You can still make voluntary payments if you want the balance smaller.
The lender has a lien. The lender does not become the owner.
You still handle
Property taxes.
Homeowners insurance, and flood insurance if it applies.
HOA dues when the community charges them.
Ordinary maintenance so the home stays in reasonable condition.
If those obligations are not met, the loan can become due. That is why a useful conversation includes a plan for taxes, insurance, and upkeep, not only the cash at closing. A reverse mortgage is one option among others. It is not a fit for every Texas homeowner.
Here is the shape of it for a Texas homeowner, and for the family member sitting beside them. Your file still has to pass review. Nothing below is a commitment to lend.
“May” is the honest word. Reverse mortgage requirements start with age, a primary residence, and enough equity. Credit, property charges, and the house itself are part of the review. Meeting a description on this page does not approve a loan or set an amount.
I will not guess at proceeds, savings, or an outcome from a phone call alone. If the guidelines or the Texas homestead rules get in the way, I will tell you before you spend time on an application.
A HECM, or Home Equity Conversion Mortgage, is the reverse mortgage insured by the Federal Housing Administration. It is the program most people are asking about when they search for a reverse mortgage in Texas. The insurance is part of the cost. It is also what lets a HECM stay generally non-recourse, so repayment is tied to the home rather than to your other savings, when the program rules are followed.
In the first year, a HECM usually limits how much of the available proceeds you can take, unless more is needed to pay off an existing mortgage or other required costs. Proprietary reverse mortgages for some higher-value homes follow different rules, and they are not available for every property. Texas homestead requirements still apply.
Yes. Staying is the reason most people ask. You keep ownership, you keep living there as your primary residence, and you do not make the usual monthly principal-and-interest payment while you meet the loan obligations.
You can travel, spend weeks with family, or recover from a hospital stay. The home needs to remain your principal residence. If a move becomes permanent, or if every borrower is away for more than 12 consecutive months, the loan generally becomes due. That rule is there so families can plan a move to assisted living with their eyes open, not so anyone has to rush a decision overnight.
You also keep the ordinary duties of a homeowner: property taxes, homeowners insurance, applicable HOA dues, and maintenance. Meet those, and the loan is designed to let you stay. Miss them, and it can be called due, the same as falling behind on a traditional mortgage’s escrow obligations.
If you are helping a parent, you can sit in on the call or fill out the note at the bottom of this page. You do not become a borrower by asking questions. Useful things to bring up: who is on the title, whether a spouse is under 62, whether anyone else lives in the house, and whether a move is likely in the next few years.
Your parent keeps the decision. My job is to make the loan, the costs, and the later steps understandable to both of you.
A reverse mortgage is usually a first lien. An existing mortgage, and other liens that would stand in front of it, are typically paid off at closing. The payoff can come from the reverse mortgage proceeds. If the current balance is high compared with the equity the program will allow, there may be no leftover cash, the homeowner may need to bring funds, or the loan may not work.
Homeowners use proceeds for living expenses in retirement, to pay off a current mortgage, for home repairs, for health costs, or for another goal they can name. The way the money arrives depends on the program. I will not quote a dollar figure until a real file supports one, and a figure is still not an approval.
The loan is repaid when the last borrower sells, permanently moves out, or passes away, or if the loan obligations are not met. The house is not automatically signed over to the lender. The family chooses a path, and any value left after the loan is paid belongs to the homeowner or the estate.
Heirs can refinance or otherwise repay the loan and keep the home, sell the home and keep what is left after payoff, or, if the balance is higher than the value, satisfy the debt under the program rules. HECM reverse mortgages are generally non-recourse when program requirements are followed, meaning borrowers or their estates generally aren't responsible for a qualifying shortfall beyond the value of the home. A HECM works in that same spirit because of FHA insurance: when the family follows the rules, they are generally not asked to pay a shortfall from other assets. Heirs who want to keep the house still pay the balance or the payoff amount the program allows.
Servicers generally allow time to make that choice, especially when the family is actively selling or arranging financing. Call the servicer promptly so the timeline stays clear. This page is education, not estate or tax advice. If a child lives in the home, if someone on the title is under 62, or if a spouse would want to stay, tell me before anyone applies. Those facts change the plan.
Borrowers must continue meeting the loan obligations. That means paying property taxes, keeping homeowners insurance, paying applicable HOA dues, and maintaining the home. Those duties stay in place for as long as the loan does. They are not optional, and they are not paid by the lender unless a specific set-aside was included.
If taxes, insurance, HOA dues, or basic maintenance fall behind, the loan can go into default and become due. I would rather talk about that on the front end, while there is time to decide whether the payment plan for those bills is comfortable.
I focus on Texas homeowners, especially in Central Texas. If the house is in Whitney, Hill County, Waco, Hillsboro, Cleburne, or Granbury, you are in the middle of the map I work every week. If it is anywhere else in Texas, I can still help an eligible homeowner, and I can include the family members who want to understand the loan with them.
Straight answers for homeowners and for the adult children who are reading this beside them. A short answer here is a start. Your home and your family still need their own conversation.
Mortgage Broker
Homeowners and family members can call, book a conversation, or send a note about the house and what you hope to accomplish. I will help you understand the options. I will not promise an approval, a proceeds amount, savings, or any financial outcome.
9:00 AM–7:00 PM · seven days a week
For homeowners and for family members helping a parent. Share how to reach you, the city, the youngest homeowner’s approximate age, whether there is a mortgage now, and what you would like to accomplish.
Phone or email — include at least one.
If a spouse or co-owner is younger, use that person’s age. An estimate is fine.
Got it — thank you.
I will follow up about your reverse mortgage question. Sending this note does not apply for a loan or approve one.
Add a name, a phone number or email, and what you would like to accomplish.
That note did not send.
Try once more, or call Krissi at 254-479-2434.
Please do not include a Social Security number, a date of birth, account numbers, or other sensitive financial details. This form does not pull credit, lock a rate, or promise proceeds. You keep ownership of your home. Borrowers must still pay property taxes and homeowners insurance, pay applicable HOA dues, and maintain the home.
Krissi Ebbens, Mortgage Broker. Ebbens & Co Mortgage Group powered by Xpert Home Lending. Reverse mortgage, purchase, and refinance conversations for Texas homeowners — without the runaround.
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Equal Housing Opportunity. A reverse mortgage is a loan secured by your home. You remain the owner. It is not free money, a government benefit, or forgiveness of a debt. Interest and, on a HECM, mortgage insurance are added to the balance and reduce remaining equity over time. Borrowers must pay property taxes and homeowners insurance, pay applicable HOA dues, and keep the home in reasonable repair. If those obligations are not met, the loan can become due. Not every homeowner will qualify. Available proceeds, if any, depend on age, home value, existing liens, interest rates, and program rules, and are not guaranteed. This page is general education, not tax, legal, or estate advice, and not a commitment to lend.
This is not a commitment to lend. Any rates, payment figures, or examples shown on this site are illustrative only and may not include Annual Percentage Rate (APR). Actual rates and APR vary based on credit, loan program, property, and other factors, and may change without notice. Contact us for a personalized quote.