Lone Star Reverse Mortgage

In Texas, the reverse mortgage business is primarily the business of originating and servicing reverse mortgage loans for older homeowners, usually through the federally insured Home Equity Conversion Mortgage, or HECM, program. HECMs are the most common reverse mortgages in the U.S. and are available to homeowners age 62 or older. Unlike a traditional mortgage, the borrower typically does not make monthly principal and interest payments; instead, the loan balance generally grows over time and is usually repaid when the borrower dies, sells the home, or no longer lives there as a principal residence. Homeowners are responsible for paying property taxes, homeowner’s insurance, and home maintenance.