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Reverse mortgages (also referred to as “home equity conversion loans”) enable older homeowners to use their built-up equity without the necessity of selling their home. The lending institution pays out money based on the equity you’ve accrued in your home; you receive a one-time amount, a monthly payment or a line of credit. Paying back your loan isn’t necessary until when the homeowner sells the property, moves (such as into a retirement community) or dies. At the time you sell your home or is no longer used as your primary residence, you (or your estate) are required to pay back the lender for the funds you got from your reverse mortgage as well as interest among other finance charges.
Most reverse mortgages are offered to borrowers at least 62 years of age, have a low or zero balance in a mortgage and use the house as your main residence.
Reverse mortgages are appropriate for homeowners who are retired or no longer bringing home a paycheck and have a need to add to their limited income. Interest rates can be fixed or adjustable while the money is nontaxable and does not interfere with Medicare or Social Security benefits. The lending institution cannot take the property away if you outlive your loan nor will you be made to sell your home to pay off the loan amount even when the balance is determined to exceed current property value.
Licensed in Colorado as Maestro LLC (DBA Mortgage Maestro Group) is an Equal Housing Lender.
Consumers wishing to file a complaint against a company or a residential Mortgage loan originator should complete and send a complaint form to the Texas department of savings and mortgage lending, 2601 North Lamar, suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the Department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.
Home Mortgage Disclosure Act Notice. The HMDA data about our residential mortgage lending are available online for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, age and income of applicants and borrowers; and information about loan approvals and denials. HMDA data for many other financial institutions are also available online. For more information, visit the Consumer Financial Protection Bureau’s website.
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