Gapital

Unlock Your Home Equity with no monthly mortgage payments.

Watch the Video
Discover how a reverse mortgage can enhance your financial stability and contribute to a more fulfilling retirement without having to sell your home or make monthly mortgage payments.

​​Press the play button to start the video.
​↓↓↓

Book a FREE 30 Minute Home Equity Access Discussion

What is a Reverse Mortgage?

Eliminate Monthly Mortgage

Without the burden of a monthly mortgage payment, you can free up cash to cover other important expenses.*

Access Cash
​

The proceeds are tax-free** and can be used in various ways, like paying health care costs or financing home renovations.

Stay in Your Home
​

With a reverse mortgage loan, you can afford to stay in the home you love and age in place.*

Have Questions? Check out our Reverse Mortgage Loan FAQ's, or talk to a pro by calling 972-777-9820.

*You cannot lose your home under normal circumstances and so long as you pay your property taxes, homeowner’s insurance, maintenance costs and otherwise comply with the loan terms.
**Consult your financial advisor.

Our process is designed for you.

Constant online access makes creating your rental property financing convenient and easy.

1. Answer some questions

Answer some basic questions, and securely upload your financial info with the click of a button.

2. Tailor your options

Have a specialist help you make a decision that’s perfect for you.

3. Close your loan

Our team will take you through our stress-free closing process.

Who is a Reverse Mortgage Good for?

Reverse mortgage loans have helped more than one million Americans nationwide access their home equity to find greater security in retirement. The loan can be used in a number of ways, many of which are helping older adults achieve their financial goals and have a much better retirement.

Planners

Convert your home’s equity into monthly payments to supplement income and maintain your standard of living in retirement.

Income Maximizers

Use the monthly or lump sum payments from a reverse mortgage to supplement your social security and other income without tapping into your investment portfolio.

Traditionalists

Love your home and want to stay there? Get rid of your monthly mortgage payment and finance renovations so your home continues to meet your needs.*

Homebuyers

Buy a new home that meets all your needs with a Reverse Mortgage Purchase Loan.

Retirees

Ready to start writing a new chapter of life? Get rid of monthly mortgage payments, and supplement your savings or income, so you're set up for success after retirement.

Safety-Seekers

Establish a standby reverse mortgage line of credit that will grow over time and help cover you if unforeseen expenses arise.

Transparency is our strategy.

A quote from Gapital is one you can trust. We'll show you side by side rates and programs, so your comparison is easy to understand. 

Our pros also factor in all closing costs, so there are no surprises, and you can trust the number when comparing them to others on the market.
Schedule a Call

​​Frequently Asked Questions

How does a reverse mortgage loan work?
With a traditional reverse mortgage loan, borrowers can access their home equity without having to pay principal and interest.* It’s called a “reverse mortgage” because, unlike a traditional loan where the borrower makes payments to the lender, the lender makes payments to the borrower. The loan is repaid when the last borrower or eligible non-borrowing spouse passes away or leaves the house.
  • The borrower remains the owner of the home and retains title.*
  • The amount you can borrow depends on your age, property value, and interest rate. The older you are, the more equity you’ll have access to.
  • The borrower must continue to pay property taxes and homeowner’s insurance, and must keep the house in good repair.
  • As a non-recourse loan, the borrower will never owe more than the house is worth. If the loan balance exceeds the home’s value, the Federal Housing Administration will cover the difference.
  • There are different types of reverse mortgages and the funds can be disbursed in a number of ways.
Who qualifies for a reverse mortgage loan?
As a government-insured loan, there are several important requirements borrowers must meet to qualify.
  • You must be at least 62 years old.
  • You must own your home.
  • The home must be your primary residence.
What are some of the features and safeguards?
The HECM reverse mortgage product has been improved over the years so that it can better meet the needs of older adults. Today, there are important safeguards in place to ensure that it can continue to help consumers for years to come.
  • You must complete reverse mortgage counseling with an independent counseling agency.
  • You must undergo a financial assessment to ensure you are able to meet the financial obligations of the loan, which includes the ability to pay your property taxes and homeowners insurance.
  • If your spouse is younger than 62, they can qualify as an eligible non-borrowing spouse and remain in the home even if you leave or pass away, so long as they continue to meet all loan obligations.*
Does the bank own my home?
No. A reverse mortgage allows homeowners to retain the title and ownership of their home for as long as they live in the home and the loan remains in good standing. Like other loans, this requires the borrower to keep up with property taxes, insurance and maintenance.
How much money can I qualify for?
The amount of money you can receive from a reverse mortgage depends on four factors:
  • Your age
  • Your home value (based on an appraisal that will be part of the loan process)
  • The interest rate of your loan
  • Your current mortgage balance (You must use the proceeds to pay off your existing mortgage.)
Will a reverse mortgage affect my Social Security, Medicare or pension benefits?
No, Social Security, Medicare or pension benefits will not be impacted. Funds from a reverse mortgage are considered loan proceeds and not income. In fact, a reverse mortgage could increase your Social Security benefits. A reverse mortgage can help delay the time you need to begin accessing Social Security, therefore increasing the amount of benefits you are eligible to receive each month. However, in some cases need-based benefits could be affected, such as Medicaid or SSI, since the proceeds from a reverse mortgage improve your monthly cash flow.
How does my loan get repaid?
A reverse mortgage is repaid when the last borrower (or even the last eligible non-borrowing spouse) leaves the house or passes away. Typically, the home is sold and the proceeds from the sale are used to pay back the loan. The heirs will receive any remaining equity. If your heirs decide to keep the home, they can pay back the loan in other ways such as by refinancing into a conventional loan.
Is there any risk of losing my home with a reverse mortgage?
Not if you fulfill the obligations of the loan, which include paying your property taxes and homeowners insurance and keeping up with basic maintenance and repairs. If you do not uphold these responsibilities, the loan may become due, and the house may be sold to pay off the loan. If you fulfill these obligations, your loan remains in good standing.
How do I receive my funds?
Reverse mortgage loan funds can be disbursed in a full or partial lump sum, as a line of credit, through monthly payments, or as a combination of any of these.
Over what time period are loan proceeds distributed?
The length of the loan depends on the way in which you choose to access the loan proceeds. You can access proceeds in one lump sum, in monthly installments for a set term or for as long as you live in the home, or in a line of credit. A Gapital home equity solutions professional will walk you through your options to determine the best fit for you.
Can I have a reverse mortgage loan on a mobile home?
In general, mobile homes are not eligible. However, some HUD-approved manufactured homes that meet FHA guidelines are eligible. You must have a HUD seal affixed to the outside of the home, which confirms that the home meets Federal Manufactured Home Construction and Safety Standards. A Gapital Pro can help you determine if your mobile home is eligible.
What can I use the funds for?
You can use the proceeds of your reverse mortgage loan for almost anything. Common uses include:
  • Paying off an existing mortgage (a requirement of the loan)
  • Paying medical bills
  • Paying off a large bill
  • Financing home repairs and renovations
  • Paying for in-home care
  • Spoiling the grandkids
Where can I receive reverse mortgage loan counseling?
Before obtaining a reverse mortgage, you must undergo reverse mortgage counseling, which can be completed over the phone in some cases. You can find a list of HUD-approved counseling agencies near you here. You may also call Gapital for a list of agencies near you.
What happens if I pass away during my loan before I receive the full amount of the loan?
If you pass away while you have a reverse mortgage loan, any funds that have not been accessed will be applied to your estate (they remain as equity in the home). When a borrower dies, heirs are given six months to either repay the loan or agree to the sale of the home. The proceeds from the sale are used to repay the loan and any remaining funds belong to the heirs.
How are my reverse mortgage fees and interest rates calculated?
The fees and interest rates of your reverse mortgage loan are tied to fixed or variable rates and based on an index and a margin. A Gapital Pro can calculate your exact fees and rates based on the loan options you choose.
Are reverse mortgages only an option of last resort?
No, this is a common misconception. In fact, when used properly as part of an overall retirement income strategy, reverse mortgages can be a smart financial planning tool. In the last several years, retirement researchers and financial advisors have begun to embrace the use of reverse mortgages in retirement income planning.
What happens if my home gains value?
If the value of your home increases, your equity increases. When you have a reverse mortgage, this means that if the home is sold to repay the loan after you pass away or decide to leave, more funds will be left over for you or your heirs. If there is a significant increase in value, you can refinance to withdraw more of the equity in the home.
What if I outlive the loan?
The loan can last for the rest of your life so long as you uphold your obligation to pay taxes and insurance and keep the home in good repair.
Can I change my mind after I close the loan?
If you change your mind within three days of closing the loan, you can cancel it. This is called the rescission period, and it gives borrowers the ability to cancel the loan without penalty. If you decide to cancel the loan after the rescission period, you can do so by paying back any proceeds you received plus the accrued interest.
*You cannot lose your home under normal circumstances and so long as you pay your property taxes, homeowner’s insurance, maintenance costs and otherwise comply with the loan terms.

Real feedback from our customers

Get started with a Gapital pro.

Schedule a Call

At Gapital, we're all about keeping things human. We're here to make buying real estate a breeze and help folks grow their wealth through ownership.

Company
Contact Us

972-777-9820

Legal    

NMLS #1553267 – Gapital Mortgage, Inc. is a mortgage broker with its main office at 2770 W First Street, Suite 20, Prosper, TX 75078. Telephone Number (972) 777-9820. Loans made or arranged pursuant to a California Finance Lenders Law License. – Not available in all states. © Gapital Mortgage, Inc. All rights reserved.

Texas Mortgage Company Disclosure

In compliance with the Texas Dept. of Savings & Mortgage Lending


Gapital Mortgage, NMLS 1553267

Duties and Nature of Relationship: 

We will submit your loan application to a participating lender which we may from time to time contract upon such terms as you may request or a lender may require. In connection with this mortgage loan, we are generally acting as an independent contractor and not as your agent. 


How we will be compensated: 

The retail price we offer you – your interest rate, total points, and fees – will include our compensation. In some cases we may be paid all of our compensation by you or by the lender or investor. CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A 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 WWW.SML.TEXAS.GOV. 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 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 WWW.SML.TEXAS.GOV