For many families in North Texas, their net worth is housed in their housing. While there are some benefits to this approach, it also means that these families are unable to access that capital when they need to make improvements around the home or make an important investment. For those who have reached the age of 62, there is an option that helps you to convert your home equity into cash that you can use in a variety of ways, including paying off a traditional mortgage loan. Unfortunately, there are some myths and misconceptions surrounding HECM loan reverse mortgages, so we will dive into them today.
At Family Home Loan Texas in Frisco, TX, we understand that the financial landscape of North Texans is shifting, and we are here to help older individuals to navigate these changes in retirement. One of your options is a simple non-recourse home equity conversion loan, commonly called a HECM loan, which is a specific type of reverse mortgage that is insured by the Federal Housing Administration. It is important to gather all of the information before you make a decision, so if you have questions about reverse mortgages in the Dallas-Fort Worth Metroplex, give us a call today!
Talk To An Experienced Professional About Your Reverse Mortgage Options
Since reverse mortgages have become a helpful tool for many seniors to achieve more financial flexibility, there has been more discussion surrounding the topic over the last few years. When you want to know more about how these loans work, take the time to talk to someone who has the right experience and knowledge of the topic. These loans can be useful for some individuals, and they may not be the right choice or everyone, but you want to know the information from a source that you can trust.
There Are Many Myths And Misconceptions About Reverse Mortgages
When you speak with a financial planner or loan originator about a HECM loan, make sure that you as all of your questions. There are some myths and misconceptions about reverse mortgages, starting with the idea that you lose your title during the life of the loan, and you want to learn about the process to find out if it is right for you. You retain your title throughout the course of the loan, and your heirs can still inherit the property if they should choose to, they will simply need to pay off the remainder of your loan balance. And it is important to remember that this is a non-recourse loan, meaning that you can stay in your home for as long as you need, and you will not owe more than the value of your home.
Find Out More With Family Home Loan Texas!
Have more questions about reverse mortgages? We are here to help. To learn more about HECM loan reverse mortgages, give us a call at FHL Texas in Frisco, TX at (214) 447-7575 today!