Are you looking for a way to do more with your money? For many families in North Texas, that can mean researching into your options in a reverse mortgage. This non-recourse loan helps you to convert your current home’s equity into capital that you can use for a variety of purposes, and they are rapidly becoming a staple in the world of finances for retired individuals. When you want to retire on your own terms, talk to your financial advisor about whether a HECM loan is the right solution for you and your family.
With Family Home Loan Texas in Frisco, TX, you have a helpful and local guide to the world of reverse mortgages. HECM loans are a specific form of these that have the backing of the Federal Housing Administration, giving you an added level of security from the federal government. If you have been searching for a way to retire in place, a reverse mortgage could be a powerful tool to help you remain in your home as you age. To find out more about reverse mortgages, give our team a call today to schedule a time to talk.
How Do Reverse Mortgages Actually Work?
Over the last few years, there has been a lot of discussion about reverse mortgages, but when you are looking into them, it is important to understand the details. These are non-recourse loans that help to convert a home’s equity into usable capital, and they are only available to individuals who have reached the age of 62.
Unlike with traditional home loans, you do not need to repay your reverse mortgage loan with a monthly payment. Instead, you can pay off the balance with the proceeds from the sale of your house once you decide to move out. Throughout the life of your loan, you retain the deed, keeping ownership until you decide to leave.
Convert Your Home Equity With An HECM Loan
There are multiple forms of reverse mortgage loans, so you want to make sure that you find the solution that is right for you and your family. For many, that means looking at a HECM loan version of a reverse mortgage. These are insured by the Federal Housing Administration, giving you additional peace of mind. HECM loan proceeds can be used for a range of purposes, from boosting your retirement account to the purchase of a second home!
Retire On Your Own Terms With Family Home Loan Texas
When it’s time to talk about your financial options in retirement, take some time to learn about the benefits of a reverse mortgage. To find out more about how a HECM loan may be able to help you to retire on your own terms, talk to our local team at FHL Texas in Frisco, TX by calling (214)447-7575 today!