Finding Possibilities With A Reverse Mortgage

uses for a reverse mortgage frisco tx

If you are like many people in North Texas, then you have a significant portion of your net worth tied up in the value of your home. While this has historically been seen as a stable and effective way of keeping your finances growing, it does not leave you with a lot of flexibility in how you manage your own money. A reverse mortgage is a way for people who have reached the age of 62 to convert their home equity into capital that they can use when and how they would like.

At Family Home Loan Texas in Frisco, TX, we understand the value that can come with making your own personal money decisions. We also know that a HECM loan form of a reverse mortgage can be a secure and stable way of making that happen. Talk to our team to learn more about the uses for a HECM loan and discover why seniors are turning to this approach to find more financial flexibility in retirement.

How Can A Reverse Mortgage Help?

Home prices have started to soar after the COVID-19 pandemic, and you might have noticed this shift when paying your property taxes here in Texas. This is helpful when looking to sell your home, but if you plan on staying there for a while, it may leave you with questions. When it comes to your personal net worth, how much of it is currently sitting in your home equity?

For those who have reached the age of 62, there is a financial option that is specifically designed to help you to boost your retirement savings. A reverse mortgage converts your existing home’s equity into cash that can be used for a variety of reasons.

HECM Loans Can Be A Powerful Financial Tool

There are some common misconceptions and myths about reverse mortgages, and things can get confusing on your own, so it is important to start your journey with a discussion with your financial advisor. With different forms of this type of loan, you want to know that you are making the right choice for you and your family.

HECM loans are a specific form of reverse mortgage that is backed by the Federal Housing Administration. This gives you the backing of the federal government in your loan. HECM funds can be used for a variety of purposes, including home repairs or the purchase of a second property!

Find Out More With FHL Texas

If you want to know more about the uses of a federally insured HECM loan, talk to our team about your possibilities. To learn more about the uses of a reverse mortgage loan, give us a call at FHL Texas in Frisco, TX at (214)447-7575!