When you own your home, you have a powerful financial tool at your disposal. For seniors who have reached the age of 62, you have the opportunity to convert your home equity into liquid capital for a variety of uses. This money can help you to increase your retirement savings or even purchase a second home. If you have been searching for a way to do more with your money, a HECM loan can help you to have more retirement flexibility.
Learn more about your choices with our team of local loan originators and financial advisors at FHL Texas in Frisco, TX. HECM loans are a form of reverse mortgage that is backed by the federal government through the Federal Housing Administration. These are only available to seniors, created to provide financial relief and flexibility for those age 62 or older. With an FHA-backed reverse mortgage, you can take advantage of your existing home equity and turn it into cash, giving you the opportunity to decide how and when you use your money. Learn more about HECM loans with a call to our team today!
How Does A Reverse Mortgage Work, Exactly?
One of the first questions that people often have about HECM loans is about the details of reverse mortgages. There are many myths and misconceptions about these loans, so it is important to speak with a trusted financial advisor about their usefulness in order to see if they are right for your situation. These are different than traditional home loans in a few key ways.
FHA-Backed HECM Loans Help You Achieve Retirement Flexibility
Unlike with a standard form of loan, the homeowner receives payment, rather than the lender. In return, the lender holds some of your home equity until certain conditions are met. If you decide to pay back your loan, it will complete the process. You will also need to pay it back in the event that you decide to move out of your home permanently. Talk to our team about your options in repaying your loan.
With an FHA-backed reverse mortgage, you can take advantage of your home equity and use your cash how you would like. This could take many forms, including boosting your current retirement savings account. One popular choice is to use this capital as a way to purchase a second home, either for investment or personal use. If you have been thinking about real estate, a HECM loan could be a positive step!
Learn More About Your Reverse Mortgage Possibilities
When you are looking for more flexibility in retirement, talk to our team of local loan originators and financial advisors about an FHA-backed HECM loan. Find out more about reverse mortgages with FHL Texas in Frisco, TX by calling 1-800-990-LEND(5363)!