With all of the discussion about reverse mortgages these days, it can be hard to know the truth. If you have heard about them, take some time to talk to your financial advisor about whether one is right for you. These have become a popular solution for those who have reached the age of 62, but it is important to know some of the specifics on how they work before you make a decision, and uncovering reverse mortgage myths can help you to do that.
At Family Home Loan Texas in Frisco, TX, we have seen some of the ways that reverse mortgage loans can benefit seniors looking for more flexibility in their retirement. HECM loan reverse mortgages operate in a different way than traditional home loans by converting home equity into capital that can be used for a variety of purposes. With a HECM loan, you can remain in your home for as long as you’d like, and you retain the title for the life of the loan. Find out more about reverse mortgages with our trusted Metroplex team!
Learn The Ins And Outs Of HECM Loans
When you start looking into reverse mortgages, it is important to learn the facts. These loans can help you to convert home equity into cash, but you want to make sure that it is the right decision for you and your family.
A HECM loan allows you to continue to own your home for the lifetime of the loan, which is intended to last as long as you need it. You can still remain in your home for as long as you would like, assuming you continue to pay for your homeowner’s insurance and property taxes. Talk to our team to learn more about the truths behind reverse mortgages.
Uncovering Reverse Mortgage Advantages For Seniors
With a reverse mortgage, you can continue to reside in your home for as long as you wish, and you will never owe more than the market value of your home. This means that while you remain in your home, your loan is not due. Payment occurs should you decide to leave your home, upon which your loan can be paid either by you or your heirs.
HECM loans are becoming a popular solution for those who have reached the age of 62 due to the financial flexibility that they can provide. Whether you are looking to boost your retirement savings, pay for medical expenses, or pay off your current mortgage, these can prove to be helpful. Some seniors are even using their proceeds to purchase a second property.
Learn More With FHL Texas!
If you are ready to find out more about HECM loans, talk to our team about uncovering reverse mortgage myths so that you fully understand how they work. To schedule a time to talk, give us a call at FHL Texas in Frisco, TX at (214)447-7575!