For many seniors, net worth is housed in housing. This has always been seen as a stable place to grow your money, and for the most part, it is one of the most secure ways to keep your investment safe. And since it has the added benefit of being your home, personal real estate is an amazing thing. Our team loves homeownership, but sometimes, it means that you cannot access your capital when you need it, and reverse mortgages serve to convert home equity for people looking to make their own decisions and control their finances.
At Family Home Loan Texas in Frisco, TX, we are here to help you explore your options in reverse mortgage lending. These are non-recourse loans that are designed to help you to boost your retirement account by converting your home equity into capital that you can use how you’d like. There are certain limitations on the use and availability of reverse mortgage loans, so make sure to talk to a trusted neighborhood team of loan originators to learn more about HECM loans, and see if they are right for you and your family. Give us a call today!
What Is A HECM Loan, And How Does It Work?
HECM loans are a federally-insured non-recourse loan, and they convert home equity into cash. These are a type of reverse mortgage, and they are the most popular form of these loans. Reverse mortgages are only available for people in certain instances, and in order to qualify, you must have reached the age of 62. Talk to your financial advisor about whether a reverse mortgage can help you to do more with your money and age in place or do more with your investments through additional capital.
When You Convert Home Equity, You Have Options
With your HECM loan proceeds, you have choices in what you decide to do with them. For some, the idea is to boost a retirement account to help continue living in the home after work. For others, this is a key to another world of investment.
HECM loan proceeds can be used for the purchase of a second home, whether for personal or investment purposes. If you have been thinking about buying a home for passive income as a rental property, reverse mortgages can be a help. If you are looking for a place closer to your grandkids, talk to our team about whether a HECM loan form of reverse mortgage is right for you.
Learn More About HECM Loans With FHL Texas!
Reverse mortgages convert home equity into cash that can be used for a variety of purposes. Speak with our local team of loan originators at FHL Texas in Frisco, TX by calling (214)447-7575 today!