- What is a reverse mortgage?
- It’s a loan through a U.S. Government insured program, available only to homeowners 62 and older. The loan is for 50% to 75% of the value of your house; and you never have to pay back in your lifetime. When you die, the money received plus approximately 4%-6% interest is repaid by your estate.
- What are the requirements to get a reverse mortgage?
Age — must be 62 or older
Be a homeowner (credit rating or income doesn’t matter)
- What’s the negative about reverse mortgages?
- While there are no upfront fees, there are costs associated with the loan that are added to the loan. If a person intends to sell their home in the near future and can’t spread those loan costs over more than two years, it makes the reverse mortgage expensive.
- What’s the advantage of using Reverse Mortgage of Texas?
- 1.) We educate
2.) We communicate (we call every Friday)
3.) We get you the most money possible (Ask us how?)
- Founding Company in Industry
- As you can tell from our name, we are one of the founding companies in the reverse mortgage industry in Texas. Reverse mortgages are all we do. We are blessed to be the top company in the state of Texas in terms of number of reverse mortgages originated.
Reverse Mortgage of West Texas is the leader in helping folks over 62 years of age acquire a reverse mortgage to meet their financial needs and desires in retirement. Tim Gristy and his staff have assisted hundreds of customers determine if reverse mortgage is right for them, and if so, work carefully to lead them by the hand to see that every “i” gets dotted and every “t” gets crossed. “We treat our customers like family,” says Margaret Smith, Tim’s administrative assistant.
We have helped homeowners in Lubbock, Amarillo, Abernathy, Abilene, Amherst, Big Spring, Brownfield, Crosbyton, Earth, Floydada, Hale Center, Happy, Hereford, Idalou, Kress, Lamesa, Levelland, Littlefield, Lorenzo, Midland, Muleshoe, New Deal, New Home, Odessa, O’Donnell, Olton, Petersburg, Plainview, Post, Ralls, Ransom Canyon, San Angelo, Shallowater, Slaton, Spur, Sudan, Tahoka, and Wolfforth. We serve the entire state of Texas with pride in “a job well done” for our customers.
We think you will really appreciate our “common sense” way of doing business… that’s so rare in American society today. Read on to learn what we mean by this.
Reverse Mortgage of West Texas Advantage
1.) Why We Are a Better Option than the Big Banks
We specialize in Reverse Mortgage! We don’t make any other types of loans, so we know this business inside out.
The big banks that offer reverse mortgages only offer their own reverse mortgage product. They don’t commit to offering the best product available in the market. But we do, and that’s the advantage of doing business with us.
Also, Tim Gristy is a financial advisor who will look at your total financial situation and help you determine if a reverse mortgage is right for you. This will help you make a wise financial decision. A big bank just wants to make a loan, but we want what’s best for you.
2.) Our “Common Sense” Way of Doing Business
When you call us, you talk to a live person, not an automated phone menu. Then when we send you information to help you understand reverse mortgages, we make it simple to understand. We don’t send you too much information, we don’t send you too little information. Additionally, we personalize it to your situation (and highlight the really important things), rather than sending you a generic brochure. Additionally, we don’t exaggerate what we can do for you, and we really tune into your own particular unique needs and concerns. And we tell you what the negatives are, relative to your own unique situation. Most other companies don’t want to address the negatives. Then, when you become a customer, we get the loan done quickly.
3.) Quickest Cycle Time in the Industry
The industry average, from the time an application is taken to when it closes, is 63 days. That’s too long. We typically can get our loans done in 38 days, often times even quicker than that. We are proud of the fact we have the shorter cycle time in the industry
4.) Better Business Bureau A+ Rating
We are proud of the fact we have earned the coveted A+ rating by the Better Business Bureau.
State of Texas Required Disclosures:
See “Eligibility” for required state of Texas disclosures, which includes information on how to file a complaint.