Enjoy Your Retirement With A HECM Loan

enjoy your retirement frisco tx

If you are like many retirees in North Texas, then a significant amount of your net worth is housed in your house. This has historically been a stable and secure way of growing money, but it can mean that you do not have access to your funds when you need them. Many seniors are turning to a reverse mortgage to help convert their home equity into capital that they can use for investments like the purchase of a second home, or as a way to boost a retirement account.

At Family Home Loan Texas in Frisco, TX, we want to help you to find a financial solution that works for you and your family. For many North Texans, that means using a reverse mortgage as a means to increase retirement savings, and this can be a significant help by converting home equity into cash. Not all reverse mortgages are created equal, however, so it is important to talk to a trusted local loan originator about all of your options. To find out more about the advantages of HECM loans, give us a call today to schedule a time to talk!

I’ve Heard About Reverse Mortgages. How Do They Work?

A reverse mortgage is a type of loan that is specifically designed to help those who have reached the age of 62. With this form of loan, you can convert your home’s existing equity into usable cash, and some seniors are taking advantage of these to do more in their retirement. Reverse mortgages can be helpful for those looking to increase their retirement savings without the need for a monthly loan payment. There are many myths and misconceptions about reverse mortgage loans, so it is important to speak with your financial advisor about whether one is right for you and your family.

You Have Choices With Your HECM Loan Proceeds

Since HECM loans give you a cash infusion by converting your home’s equity, it can give you a little more flexibility in your retirement. For most, the goal is to boost a retirement account through a simple non-recourse loan, but some people are becoming crafty with how they use theirs.

For example, FHA-backed HECM loan proceeds can be used to purchase a second home, either for personal use or for investment purposes. If you see the need for more rental housing in your area, this could be an opportunity to develop a passive income stream.

Discover Your Possibilities With Family Home Loan Texas!

If it is time to talk about your financial options in retirement, our team is here to help. To find out more about HECM loan reverse mortgages, give us a call today at FHL Texas in Frisco, TX by calling (214)447-7575!