When you reach the age of 62, more possibilities become available to you, including an FHA-backed HECM loan. This is commonly called a reverse mortgage, and it can help you by converting your existing home equity into cash. Unlike traditional home loans, you do not have to pay these off on a standard schedule. Instead, you can pay it off when you decide to leave your home. HECM loans can be used for a variety of purchases, including buying a second home, either for investment or personal use.
If you are ready to explore your reverse mortgage options, reach out to our local Frisco, TX team at FHL Texas. Our staff of expert financial advisors and loan originators can help you to make sense of this form of loan and see if it is right for your family. This could be your way to expand your real estate portfolio, so talk to our team today!
HECM Loans Help You To Have More Flexibility With Your Savings
If you are like many seniors, a significant part of your net worth is tied up in your home. While this can be a very stable place to keep your investment, it can also limit your freedom to do what you would like with your capital. An FHA-insured HECM loan can help you by converting your existing home equity into money that you can actually use. From padding your retirement account to making improvements on your current home, there are some positive ways that a reverse mortgage can be beneficial for retired individuals. There are some myths and misconceptions about what a reverse mortgage can do, so be sure to talk with a trusted local financial advisor about whether this is right for your family.
Always Wanted To Explore Real Estate?
Many seniors are currently turning to property ownership as a form of passive income. Through either renting out to a leased tenant or with a short-term rental property, there may be an opportunity to expand your portfolio. FHA-backed HECM loans are helping people who have reached the age of 62 to purchase a second home, either for personal use or as an investment vehicle. Whether you are looking for a vacation home or a rental property, talk to our team about how a reverse mortgage can help you to buy another home.
Learn More About Financing A Second Home With FHL Texas
When you are ready to explore the world of reverse mortgages, give us a call and discuss your options. To learn more about how an FHA-insured HECM loan can help you to purchase a second property, give us a call at FHL Texas in Frisco, TX by calling 1-800-990-LEND(5363)!