For many people in North Texas, a significant portion of their net worth is tied up in their own personal property. While this can certainly have its advantages, it can also mean that you do not always have access to capital when you need it, and that can make a real impact on the lives of those near or at retirement. A HECM loan reverse mortgage might be your solution to help you enjoy a more flexible future, but you want to learn about them before you make a decision.
At Family Home Loan Texas in Frisco, TX, we know the world of reverse mortgage loans, and our team is here to help you to understand whether they are right for you and your family. If you would like to learn more about how these non-recourse loans are helping some North Texans at or above the age of 62 to achieve a more flexible retirement, reach out and schedule a time to talk. To discover FHA-insured HECM loans, call us today!
A Reverse Mortgage Loan Converts Home Equity Into Usable Cash
When you look to retirement, you might be focusing on staying where you are. Retiring in place is a strategy that highlights all the benefits of remaining in your home, including an increased level of comfort and the familiarity of neighbors and friends. While this is a popular option, many Americans struggle to keep up with the rising costs associated with owning a home or outfitting one for the needs of an older resident.
Reverse mortgages help by converting a home’s equity into cash. This is a simple, non-recourse loan that you or your heirs can pay whenever you decide to leave the home, or it can be paid off using the proceeds from its sale. You can never owe more than the home is worth, and you retain the deed throughout the life of your loan.
A HECM Loan Can Provide More Flexibility For Those In Retirement
So, what is a HECM loan, and does it differ from a traditional reverse mortgage? HECM loans are a specific form of a reverse mortgage that is backed by the Federal Housing Administration, and they have become increasingly more popular with North Texans who have reached the age of 62. The proceeds from these loans can be used to fund improvements to your existing home, to pay off an existing mortgage, and more.
Learn More About Reverse Mortgages With FHL Texas!
To find out more about HECM loan reverse mortgages and how they are helping North Texans to achieve more flexibility in their retirement, give us a call. Talk to our team at FHL Texas in Frisco, TX at (214)447-7575 today!