You Have Possibilities With HECM Loans

possibilities Frisco TX

For many people, owning a home is a stable way to manage their money. When your net worth is tied up in your home, it can also feel limiting. Once you reach the age of 62, you have an additional tool at your disposal to manage your money in a different way. HECM loan reverse mortgages give you the ability to convert your home’s equity into cash, and you can use this in a variety of ways.

At Family Home Loan Texas in Frisco, TX, we are here to help you fully understand your options with HECM loan reverse mortgages. Whether you are looking for a more traditional use as a supplement to your income or if you are thinking about buying a second home, our team can help you to learn about the possibilities that can home with a reverse mortgage. Give us a call to schedule a time to talk!

How Do HECM Loan Reverse Mortgages Work?

With a reverse mortgage, your loan operates in a different way than with traditional home loans. Rather than paying it off over time, you can pay it off when you decide to leave your primary residence. This is a tool that has become a popular option for seniors looking to boost their retirement income.

Reverse mortgages are available only to those who have reached the age of 62. There are also some limitations on the use of the proceeds, but you will find that there is a wide variety of possibilities available to you. Talk to our team to learn more about all of the options, as well as how a reverse mortgage may be a solution for you and your family to achieve more in your retirement.

What Are My Possibilities With HECM Loans?

A HECM loan is a specific form of reverse mortgage that is insured by the Federal Housing Administration, which gives you the backing of the federal government. By converting your home equity into capital, you can have more flexibility in how you manage your money.

HECM loans can be used to supplement retirement income, which is one of the most popular possibilities. These can also be the capital you need to purchase a second home closer to the grandkids. Or if you are wanting to pay off your traditional mortgage, HECM loans can even be useful in that situation.

Find Out More With Family Home Loan Texas!

When you want to learn more about reverse mortgages, talk to our trusted local team, right here in North Texas. To schedule a time to meet and discuss HECM loan reverse mortgages, call FHL Texas in Frisco, TX at (214)447-7575 and set up a time to talk about your options!