If you have been looking for a way to increase your retirement portfolio, you might have heard about reverse mortgages. These are loans that are available to seniors at the age of 62 and older, and they include FHA-backed HECM loans. Reverse mortgages can be a beneficial financial tool for people who own their own home, but are looking to increase their liquid portfolio. Using your home equity can be a great way to free up some available funding for your next investment, or just to have some extra cash for your daily expenses.
With FHL Texas in Frisco, TX, we can help you to understand all of your options, including an FHA-insured HECM loan reverse mortgage. With this form of loan, you can do more with your money, in however you see fit. Another important benefit to this form of loan is that you do not have to repay it on a monthly basis as with a traditional home loan. Keep your house and then pay off the balance when you decide to move!
Reverse Mortgages Can Be A Helpful Tool In Freeing Up Capital
For those looking to make a change, a reverse mortgage could be your next step in financial flexibility. Talk to a financial advisor about whether a HECM loan is right for you and your needs, and learn about the advantages of this approach. While you may have heard about the limitations of reverse mortgages, you might not be aware of the benefits it can bring to your investment portfolio. Many seniors are now using this approach to purchase a second home, either for passive income or as a retirement getaway.
Work To Manage Your Financial Security With A HECM Loan
Reverse mortgages convert your home equity into cash, and this form of loan is only available to those people aged 62 or older. HECM loans are particularly helpful, as they have the financial backing of the FHA. With these loans, you can continue to live in your home for as long as you would like, while using your cash how you see fit.
When you leave the house, the debt will be repaid through proceeds of the sale of the house, or if your heirs should so choose, they can pay off the remaining portion of your loan. This means that you can use your home equity to benefit you now, without changing your current living situation or losing control of your house.
Ask Our Team Of Financial Advisors In Frisco, TX About HECM Loans
If you want to know more about how an HECM loan can help you to turn your home equity into cash, give us a call! Speak with our team at FHL Texas at 1-800-990-LEND(5363).