Below are some of the questions we hear most often about Reverse for Purchase Mortgages. Have a question you don’t see answered here? Please feel free to call us at 972-784-8400, and we’ll be happy to help.

Can I borrow the money to make a down payment for a Reverse for Purchase Mortgage?

No. The money for your down payment may not be borrowed. However, you can use proceeds from the sale of your current home, or money from a savings account, or money that has been given to you.

What is the interest rate on a Reverse for Purchase Mortgage?

We offer both fixed rate and adjustable rate mortgages. You can choose the product that works best for you. Fees are set by the government, and interest rates are overseen by the FHA. Please give us a call, and we will be happy to quote an accurate rate for you.

I’m over 62, but my spouse isn’t. Can I still get a Reverse for Purchase Mortgage?

In the state of Texas, both spouses must be over 62 to qualify.

Why should I get a Reverse for Purchase Mortgage?

No future mortgage payments. Two of the biggest reasons our clients obtain Reverse for Purchase Mortgages are to move closer to their children, or to buy a new home that is worth more than the one they currently own. It can be difficult for seniors to get approved for traditional loans due to strict lending requirements. Most lenders require homebuyers to have enough monthly income to make a mortgage payment on their new home. If you are living on a fixed income, this may be very difficult, if not impossible. And, even if you are approved, you will be required to make regular payments on your loan. In contrast, with a Reverse for Purchase Mortgage, you put down 40 to 52 percent of the home’s purchase price, and never make another mortgage payment as long as you live in the home. This allows you to buy your dream home, without incurring any additional mortgage expenses. Homebuyers are still required to pay property taxes, homeowner’s insurance, and any applicable HOA fees.

Is this a government-insured loan? Is it legal in Texas?

Yes. A Reverse for Purchase Mortgage is an FHA (Federal Housing Administration) insured loan product. The Texas Reverse Mortgage Loan Amendment, Proposition 5, was on the November 5, 2013 ballot in Texas as a legislatively referred constitutional amendment. It was approved.


HighTechLending, Inc., Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. NMLS #7147. Licensed in AZ# 0912577, CA# 4130937, CO #7147, FL #7147, HI #7147, IL #MD-6761112, MD #21762, NC #L-165611, NJ #7147, OR #ML4386, PA #49892, TX #7147,UT #8874117, VA #MC-5962, WA #7147. 2030 Main Street #350, Irvine, CA 92614. For Consumer Complaints please click on the "Consumer Complaints" link for more info.

All consumer complaints are handled by Lender Support Services, LLC. Should you have a complaint, for any reason, please email Stuart Scull at or call 855-554-6155. Lender Support Services, LLC will follow up with you for resolution.

Pursuant to the requirements of Texas administrative code, Title 7, Section §81.200(c),You are hereby notified of the following: Consumers wishing to file a complaint against a Mortgage Banker or a licensed Mortgage Banker 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 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 mortgage banker 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