If you are like many homeowners in North Texas, then a significant part of your net worth is housed in your housing. While this can sometimes be beneficial, especially long-term, there might be things that you want to do right now. for those who have reached the age of 62, there is an option that works to convert an existing home’s equity into usable capital, which can be spent in a variety of ways. A HECM loan can be a part of a successful retire in place strategy, used to purchase a second home, and more, so you have possibilities.
At Family Home Loan Texas in Frisco, TX, we understand how HECM loans operate, and we help people to discover their options. Reverse mortgages provide a way to use your home equity how you would like, and they are increasingly becoming a solution for our aging population. HECM loans are insured by the Federal Housing Administration, giving you an added level of security in your decision. To find out more about whether a reverse mortgage is right for you, call our office today!
What Is A HECM Loan Reverse Mortgage?
In short, a HECM loan is a form of reverse mortgage that is backed by the federal housing administration. These loans are only available to those who have reached the age of 62, and they can only be used in certain circumstances. They are quickly becoming an integral part of the lives of many seniors, but it is important to speak with your financial advisor to find out if they are right for you.
How Can a HECM Loan Be Used?
HECM loans can be used in a range of ways, making them helpful in a variety of instances. For example, those looking to retire in place might need a little extra cash to make necessary repairs or improvements to their home. A HECM loan reverse mortgage is there to help by converting home equity into capital that can be used to install a ramp, handrails, and more.
For others, a HECM loan can be a helpful pathway toward a second home. There are rules related to this process, including that you still must keep your original home as your primary property. But if you are thinking about buying a place closer to the grandkids or the beach, a reverse mortgage may be an option to help.
Find Out More With Family Home Loan Texas
If you are ready to learn more about home equity conversion through a reverse mortgage, call our team to learn more. To schedule a time to talk about HECM loans, call FHL Texas in Frisco, TX at (214)447-7575 today!