Reverse Mortgages Texas

Longbridge Financial is proud to be a top-rated reverse mortgage lender in Texas with an A+ rating from the Better Business Bureau. Our Houston reverse mortgage office is located at 945 Bunker Hill Road, Suite #500, Houston, TX 77024. You can reach our team of reverse mortgage loan experts by calling (855) 523-4326.

As a HUD approved reverse mortgage provider, we at Longbridge are proud to offer both Home Equity Conversion Mortgages (HECMs) and Jumbo Reverse Mortgages (Longbridge Platinum). HECM loans are available to Texan homeowners aged 62 and above, and Jumbo Reverse Mortgages are available to those with high-value homes or condos.

Top 5 Questions About Texas Reverse Mortgages

YES! Texans aged 62 and above may qualify for a reverse mortgage loan. This type of loan allows seniors to convert their home’s equity into a source of income. This is why reverse mortgages are also known as Home Equity Conversion Mortgages (HECMs).

A Longbridge Financial reverse mortgage loan officer will review the current market value of your home as well as any liens which may be on the property. We are then able to assess your home’s equity which helps determine if you are a good candidate for a reverse mortgage.

Reverse mortgages are governed by a set of laws overseen by the U.S. Department of Housing and Urban Development (HUD). As in any state, reverse mortgage applicants in Texas need to be at least 62 years of age, own the home outright or have paid down your mortgage a considerable amount, have no federal debt delinquencies, live in the home as their primary residence, and be financially able to keep up on property taxes, insurance, as well as any HOA fees and property maintenance.

Currently the FHA allows four types of housing to be eligible for a reverse mortgage in Texas. These include single family homes (or 2-to-4-unit homes with one unit occupied by the borrower), manufactured homes meeting FHA requirements, HUD-approved condominium projects, and individual condominium units meeting FHA Single Unit Approved requirements.

Great question! This is the number 1 question we get asked every day. People generally have an idea or specific need in mind when applying for a reverse mortgage. Some want to enhance their retirement with additional funds for travel or recreation while others simply want the security of a larger nest egg. Whatever your reason, you’ll be happy to know that the U.S. government has raised the lending limit to $970,800 for 2022. With the median Texas home value over $270,000, many seniors will find that they have plenty of equity available to supplement their retirement income.

Seniors in Texas

The 2021 U.S. census places the population of Texas at 29,527,941 with 3.65 million of their citizens aged 65 and older. This is, surprisingly, the third-lowest population of seniors in the U.S. With roughly 54 million adults aged 65 and older in the United States today, Texans only make up 6.8% of all American seniors. 

For those choosing to retire in Texas, whether native or via transplant, there are plenty of benefits to take advantage of. First off, people over the age of 65 are allowed to defer their property taxes, or receive an exemption, for their primary homestead. With an average home value of $271,172, this can save thousands of dollars each year, helping a fixed income last that much longer. Texas also offers an additional $25,000 homestead exemption for school taxes, for seniors aged 65 and above. 

How Are Retired Texans Using Reverse Mortgage Proceeds?

Funds from a reverse mortgage can be used to pay for anything you choose. There are no restrictions on what you can use the money for. This is your money – and you can use it for anything you need. Here are a few of the most common uses of reverse mortgage proceeds2 among senior homeowners.

  • Home Improvements

    Knocking out DIY projects and making much-needed repairs to your home can help it better fit your needs as you age. This can help you stay in your home longer while living more comfortably in the process. A Home Equity Conversion Mortgage can help make it easier to afford these upgrades while improving your qualify of life. After all, there’s no place like home – especially in The Lone Star State!
  • Paying Bills

    Inflation is on the rise – and everyone could use a little more money to help with those monthly bills. With no monthly mortgage payments required1, a reverse mortgage helps you to redirect the money you would use to pay the mortgage toward other things, like everyday expenses, credit card balances, bills, and other debts.
  • Planning for the Future

    A reverse mortgage loan lets borrowers establish a line of credit to help them feel better prepared for unexpected expenses, or to help finance long-term care. This financial “safety net” can help provide peace-of-mind today, and financial protection in the future.
  • Helping Loved Ones

    Many seniors choose to use the equity in their home to help friends and family members. For example, you could use the proceeds from a reverse mortgage to help a child or grandchild with major expenses, such as a down payment on their first home or college tuition.

Why Retire in Texas?

Along with senior-friendly taxes and incredible weather, there is plenty for retirees to do in the Lone Star State. With more than 80 state parks and 2 national parks, Texas is an outdoor enthusiast’s dream! Hiking, horseback riding, kayaking, hunting, golf – you name it, and you can find it in Texas. Speaking of golf, Texas is home to several of the nation’s most beautiful golf courses! lists the top 5 as Whispering Pines in Trinity, Dallas National in Dallas, Bluejack National in Montgomery, Colonial in Fort Worth, and Preston Trail in Dallas. Texas is unique in that it offers fantastic lifestyle options whether you enjoy urban or rural life. Houston, Dallas, Austin, and San Antonio are some of the nation’s most vibrant and active cities with many active adult communities catering to those 55 and above. And for those looking to escape the hustle and bustle, small towns and quiet ranches flourish throughout the Lone Star State. Regardless of where you choose to settle down, Texans enjoy a considerably lower cost of living than residents of other states. This includes paying less for housing, entertainment, groceries, and health care. Regarding health care, retirees in Texas are rarely far from high-quality medical facilities as the state is home to more than 600 hospitals. Many of these are top ranked nationally for specialties including cardiology, gastroenterology, and cancer.

Texas Retirement Housing

Seniors have ample housing options for retirement in Texas. Whether you’re a native Texan looking to downsize in retirement or are moving to the state for the first time, the real estate market in Texas could be the home of your retirement haven. With upscale condominiums, modern townhomes, spacious ranches, and several 55+ communities readily available, there’s no doubt that you’ll find the perfect home to fit your needs. 

More and more Americans are choosing to move to active adult communities than ever before. Once the kids leave home, many want an escape from the busyness (and noise) that can come from living in a traditional suburban neighborhood. Today’s 55+ retirement communities are far different from those of the past and shouldn’t be confused with assisted living facilities or nursing homes. They are simply age-restricted neighborhoods which offer independent living and help retirees enjoy a more maintenance-free lifestyle. Many people enjoy the social aspect which can come with retirement communities such as social functions, planned group activities, numerous amenities, and more. The added sense of community is one of the top factors most residents list for deciding to relocate to an active adult neighborhood.  

Entertainment in Texas

One of the most popular pastimes in Texas is attending major sporting events. Texas is home to several professional sports teams including the Dallas Cowboys, Houston Texans, Houston Astros, Texas Rangers, Texas Stars, and a whopping three NBA teams, namely the Dallas Mavericks, Houston Rockets, and San Antonio Spurs. Texas truly is a sports lover’s paradise!

In-state travel is also extremely popular. With 268,597 square miles to explore, one could easily spend their entire retirement traveling and visiting the sites in Texas. Some of the most popular travel destinations in Texas include:

  1. South Padre Island

    Fantastic for a coastal getaway, this popular relaxation haven sits at the southern tip of Texas, just a few miles from the Mexico border. This gorgeous island is the perfect place to get out and enjoy the sun, jet ski, fish, and more. Just across the Queen Isabella Causeway near the Port Isabel Lighthouse State Historical Park, South Padre Island features luxury beachfront hotels, condos, and vacation homes.

  2. Six Flags

    If you’re a thrill-seeker who loves rollercoasters, Texas is one of the few states to feature multiple Six Flags amusement parks. Six Flags Over Texas is located in Arlington, TX at the southwest corner of I-30 and Highway 360. Along with several family rides and incredible shows, this park features plenty of DC Comics themed rides for rollercoaster enthusiasts including Aquaman Power Wave, Batman The Ride, Mr. Freeze Reverse Blast, and the Superman Tower of Power. If you live closer to San Antonio, you’ll find Six Flags Fiesta at the northwest corner of I-10 and Highway 1604. This popular park has its own list of incredible rides including Superman Krypton Coaster, The Joker Carnival of Chaos, Wonder Woman Golden Lasso Coaster, and Goliath.

  3. Big Bend National Park

    Coming in at 1,252 square miles, Big Bend National Park is the 15th largest in the national park system. This incredible park is suitable for people of almost every mobility level with 100 miles of paved roads, 150 miles of dirt roads and roughly 200 miles of hiking trails for those wanting to see the park on foot. Scenic drives, day hikes, river trips, and impeccable stargazing all await the retired nature enthusiast.

  4. History and Science

    Texas has a rich history dating back to 1716 when it was governed by Spain. History lovers can visit sites such as the Alamo in San Antonio, the JFK Museum in Dallas, the San Jacinto Battleground State Historic Site, and the San Antonio Missions National Historic Park. However, if science is your passion, you’ll definitely want to stop by the Space Center Houston, or visit the Houston Museum of Natural Science, or explore the Perot Museum of Nature and Science in the heart of Dallas.

  5. The Rodeo

    Any list of Texas attractions would be remiss if the rodeo wasn’t included. Texas has a deep-rooted cowboy culture and is home to many of the nation’s most popular rodeos including the Houston Livestock Show and Rodeo, San Antonio Stock Show and Rodeo, WRCA World Championship Rodeo in Amarillo, Fort Worth Stock Show and Rodeo, and Rodeo Austin at the Travis County Expo Center.

Funding your Texas Retirement

While there is plenty for retirees to do in Texas, like most things in life, these activities cost money. Today, many retirees find themselves in a situation where they have saved enough to cover the necessities, but don’t have the finances to retire the way they had imagined years ago. Some choose to increase their retirement income by getting a part-time job. Others reduce their expenses and downsize as much as possible. If neither of these options appeal to you, perhaps you should consider a reverse mortgage.

By accessing your home’s equity, you may supplement your retirement income by several hundreds of thousands of dollars. This depends on how much equity you have in the home along with the other factors required to obtain a Home Equity Conversion Mortgage.

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Longbridge’s Military Discount Program is subject to change or cancellation at any time and without notice. This program offering is valid for an appraisal credit of up to $500.00 off allowable closing costs. This program offering can only be redeemed with Longbridge Financial LLC, and is available to U.S. military veterans, their spouses, and the spouses of deceased veterans. Documentation of military service is required; acceptable documents include DD214 Discharge papers, VA / military identity card, VA benefits summary/award letter for income, and the VA benefits letter. Loans must close and be funded with Longbridge Financial LLC as the lender in order to receive credit. The credit will be applied to the overall cost indicated on the HUD-1 Settlement Statement at the time of the closing. This offer is not available for Home Equity Conversion Mortgage for purchase transactions. This is not an offer to make you a loan, does not qualify you for a loan, and is not an official loan disclosure. Loan disclosures, including a Good Faith Estimate of closing costs, are provided upon receipt of a completed application. All loans are subject to approval. Program, rates, and additional terms and conditions apply and are subject to change without notice. Offer is not transferrable. This offer is not redeemable for cash or cash equivalents. Void where prohibited, taxed or restricted by law. Restrictions apply.

  1. Real estate taxes, homeowners’ insurance, and property maintenance required. 
  2. The loan balance increases over time as interest on the loan and fees accumulate.