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Many senior citizens are considering Texas reverse mortgage loans thanks to the intense marketing efforts made by lenders. With most seniors not having jobs or receiving regular sufficient income, it makes sense for them to sell their homes, which are their main assets. However, there is a better alternative financial option in form of reverse mortgage loans.

Over 90 percent of senior homeowners in Texas apply for a HECM. This common financial product accommodates most homeowners' home equity but comes at higher fees.Your mortgage advisor can recommend good lenders to work with. Only work with HUD approved lenders.

In Texas, seniors can take advantage of single purpose reverse mortgage loan which is administered through the local government. Seniors can also apply for Texas Tax Deferral for the Elderly. To qualify, you have to be 65 years or over, have proof of a minimal income, hold the title to a home or be disabled. The annual interest charged on the loan is 8 percent. However, the loan will not be due unless you decide to sell the property or you die. In the latter case, your heirs or the estate executors will be tasked with the responsibility of settling with the local tax district.