If you are like many North Texas families, much of your net worth is tied up in your home. While this can be a stable and secure way to grow your money, it also means that you do not have access to it whenever you need it. For people who have reached the age of 62, there is an option that can help you to convert your home’s equity into cash that you can use to enjoy a more flexible retirement. Seniors across the country are taking advantage of this for a variety of reasons, from purchasing a second home to paying off their first mortgage.
At Family Home Loan Texas in Frisco, TX, we want to make sure that you know all of your options when it comes to using your home equity. HECM loans are a specific type of reverse mortgage that is backed by the Federal Housing Administration, giving you the security of a loan that is insured by the federal government. If you want to learn more about reverse mortgages, talk to our team to discover how they may be able to help you enjoy a more comfortable retirement.
HECM Loans Are Helping Dallas-Fort Worth Families Access Their Funds
Here in North Texas, many families have a disproportionate amount of their wealth tied up in their homes. With the recent explosion in the housing market here, it is no surprise, but this means that many seniors are left without the ability to use their money when and how they see fit.
A reverse mortgage helps to free up some of that capital. These operate a little differently than do traditional home loans, and it is important to understand the difference. With a reverse mortgage, you do not pay your loan back over time, and instead, you pay it back when it comes time to sell the home.
Can A Reverse Mortgage Help Me To Enjoy A Flexible Retirement?
One of the primary reasons that seniors look to HECM loans is because they want to enjoy their money during retirement. If their capital is housed in their property, it can feel like a struggle whenever you need to dip into your savings. A reverse mortgage can help you to supplement your income, and HECM loans are a federally insured form of these loans. The proceeds from a HECM loan reverse mortgage can be used as spending cash, and it can also be used for other reasons, including the purchase of a second home.
Find Out More With Family Home Loan Texas!
Want to learn more about the advantage of a HECM loan reverse mortgage? To schedule a time to discuss how these can provide a flexible retirement, call us at FHL Texas in Frisco, TX at (214)447-7575!