Meet our Reverse Mortgage Specialists
At Rubiola Mortgage, we are honored to serve as your Reverse Mortgage Specialists. We work tirelessly to help seniors living in Texas find the right solutions for their financial needs. If you’re 62 or older and looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses, a reverse mortgage may be right for you.
Rubiola Mortgage is committed to helping residents throughout the entire state of Texas with all their reverse mortgage needs, including Austin, San Antonio, Corpus Christi, Houston, Kerrville, Waco, Laredo, Lubbock TX, El Paso, Dallas and Fort Worth. Trust is important to us so we will make the time to come to you, whenever possible, to meet face-to-face to provide the highest quality of service.
Contact us today for more information on reverse mortgages in Texas!
Reverse Mortgage: a product that allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills.
We pride ourselves on educating our clients on the Pro’s and Con’s of a reverse mortgage and understand that it is not right for everyone. Our goal is to help you, the client, make the right decision for your situation and will never sell a product to someone who is not a good fit.
Use the form below to get a quick quote from one of our Reverse Mortgage Specialists.
You can also read through our scenarios to see what a Reverse Mortgage could do for you.
Reverse Mortgage SCENARIO EXAMPLE #1
Paying off existing mortgage
John is a widower who lives at home alone. He would like to keep his home, but is having trouble making payments and meeting expenses. His monthly mortgage payment is $611. Even with both Social Security income and pension, he is still short by $187 per month after other expenses
John, Age 68
Home Value – $250,000
Home Equity – $210,000
Approximate Mortgage Balance – $40,000
John takes out an initial reverse mortgage for $51,673. He takes a lump sum of $40,000 and applies it to his existing mortgage and the balance in lifetime monthly payments of $326.09. After paying the mortgage off entirely, John’s monthly income rises to $938. That’s $611 per month for the mortgage payment, plus another $326.09 from the reverse mortgage.
Reverse Mortgage SCENARIO EXAMPLE #2
Help with increased medical costs
Craig and Sylvia both take medication to stay in good health. The cost of monthly meds and treatments makes it difficult for them to find the money needed to maintain the quality of life they once enjoyed.
Craig, Age 82, and Sylvia, Age 79 (Reverse Mortgages are calculated using the age of the youngest home owner.)
Home Value – $375,000
Home Equity – $375,000
They take out a reverse mortgage with the option of either one lump sum totaling $120,825, or a monthly income of $1,,175. The extra cash flow from their reverse mortgage more than covers their monthly cost for medication, and allows Craig and Sylvia more freedom with much less stress.
Reverse Mortgage SCENARIO EXAMPLE #3
Traveling in Retirement
Kathy and Rinaldi would like to spend their retirement traveling around the U.S. in their RV, but don’t have extra money they would need to help pay for rising gas prices, repairs on the RV, and other added travel expenses.
Kathy, Age 63, and Rinaldi, Age 71 (reverse mortgages are calculated using the age of the youngest home owner.)
Home Value – $310,000
Home Equity – $310,000
They decide to utilize the Line of Credit Reverse Mortgage of $114,227. They request an upfront draw of $20,000 to do RV repairs and leave the remaining $94,227 in a growing line of credit they may draw from at any time, and more than supplements their need for gas and travel expenses.
Reverse Mortgage SCENARIO EXAMPLE #4
Gordon and Joanne have no real debts, and their monthly income is adequate for them to live life as planned, but they would like to help out with the cost of college tuition for a grand child. For that, their income monthly and savings do not suffice.
Gordon, Age 62, and Joanne, Age 65 (reverse mortgages are calculated using the age of the youngest home owner.)
Home Value – $850,000
Home Equity – $726,525 (this is the 2019 maximum claim amount for Reverse Mortgages)
Gordon and Joanne take out a tax free* reverse mortgage credit line allowing up to $258,390. Each grandparent can now bestow a monetary gift to the grandchild, the amount being that which is currently allowed by law, based on current IRS tax laws for family gifts.