If you’re like many in North Texas, then a significant portion of your net worth is housed in your housing. While that has historically been seen as a stable place to grow your family’s net worth, it can also become an issue, particularly for older Americans. With no sign that property taxes will come down any time soon, it may be time to look into your options; for those looking to retire in place, a HECM loan form of reverse mortgage might be the answer.
When you’re ready to talk about reverse mortgages, come see Family Home Loan Texas in Frisco, TX. We understand the complex landscape of North Texas real estate, and we also know that HECM loans are increasingly becoming a part of seniors’ lives. If you’re ready to explore your options, talk to a trusted name in Frisco; we’re here to help you understand your possibilities.
Learn more about HECM loans. Call Family Home Loan Texas today!
What Is A Reverse Mortgage, Actually?
You might have heard about reverse mortgages through TV commercials or online ads. They seem to be everywhere these days, and that’s because more and more seniors are turning to them to find a more flexible retirement. But even though they’re present everywhere, have you ever really taken the time to figure out how they work?
For many seniors, reverse mortgages are helpful tools that allow them to convert their home equity into usable capital, which brings numerous possibilities. Some are using these proceeds to improve their house to make it more livable as they age, and that can be a real helpful way to retire in place. Others are making the most of their HECM loan by purchasing a second property, either for personal use or as an investment vehicle.
How Does A HECM Loan Work For Me?
HECM loans are specific types of reverse mortgage loans that have been backed by the Federal Housing Administration. These convert your residence’s existing home equity into cash that can be used in a variety of ways. Reverse mortgages can be paid off monthly, or more commonly, they are paid back when you decide to leave your home.
Since HECM loans allow you to use the proceeds in a number of ways, different families are finding different ways to benefit from their reverse mortgage. If you have questions about the process, or if you just want to know a little bit more, reach out. We’re here for you.
Find Out More With FHL Texas
Are you making plans to retire in place, and need some more options? When you want to know more about reverse mortgages, give us a call at Family Home Loan Texas in Frisco, TX, today at 214-447-7575.