If you are like many families here in the Metroplex, then you have a significant portion of your money tied up in your home. This can be a stable way to grow capital, but it also means that you cannot simply access it whenever you need to. For people who have reached the age of 62, there is an additional financial tool to help seniors to experience a more flexible retirement. HECM loan reverse mortgages convert your home equity into cash that can be used for a variety of purposes, including the purchase of a second home or simply to boost a retirement account.
At Family Home Loan Texas in Frisco, TX, we understand that reverse mortgages are an important tool for seniors looking to do more with their money. HECM loans are a federally insured form of reverse mortgage, giving you an added level of security in your loan with backing from the Federal Housing Administration. Find out more about how reverse mortgages convert your home equity by calling our team today!
Reverse Mortgages Convert Your Home Equity
As reverse mortgages grow in popularity, it is helpful to have an understanding of how they operate. With a reverse mortgage, you can convert your home’s equity into usable capital, and this option is starting to play an important role in the finances of many seniors. This type of loan is only accessible to those who have reached the age of 62, and can be a way to boost your retirement account.
There are some myths and misconceptions about how reverse mortgages operate, so be sure to speak with your financial advisor and a loan originator about the process. With a reverse mortgage, you can pay off your loan whenever you decide to move out of your home, and you continue to hold the deed throughout the entire time.
A More Flexible Retirement With A HECM Loan
HECM loans are specific reverse mortgages that are insured by the Federal Housing Administration, giving you the security of the backing of the federal government. The proceeds from these loans can be used for a variety of purposes, making them a popular solution for those who have reached the age of 62. Some seniors are even using these proceeds to purchase a second home or to pay off their existing mortgage, so there are even more options than just boosting a retirement account!
Learn About HECM Loans With Family Home Loan Texas
If you want to boost your retirement savings, a reverse mortgage could be a helpful tool. To find out more about how HECM loans are giving seniors the opportunity to do more in retirement, give us a call at FHL Texas in Frisco, TX at (214)447-7575!