As more and more of our population ages, it’s important to take a look at what we’re doing to help older people navigate this shift. One of the ways that seniors are finding a more comfortable retirement is through the use of a HECM loan, which is a reverse mortgage that has the backing of the Federal Housing Administration. By converting home equity into usable capital, they are providing real solutions for those looking for an easier way to retire in place, but that’s not all; they are also becoming a tool to help older individuals purchase additional property, spend more time with their family, and more.
With our team of reverse mortgage professionals at Family Home Loan Texas in Frisco, TX, you have the opportunity to uncover your options. If you have reached the age of 62 and you own your own home, then a HECM reverse mortgage loan may be your key to a more comfortable retirement. Start the conversation with your trusted financial advisor, and when you’re ready to have the discussion, we are, too.
Uncover your HECM loan opportunities. Call Family Home Loan Texas today.
What Are Reverse Mortgage Loans, Anyway?
If you live in America, then you’ve probably heard about reverse mortgages. But if you’ve never had the need for one, then you might have never taken the time to really sit down and figure out how they work. And if that’s the case, then we’re here to help you understand what they are and why so many seniors have begun turning to them to achieve a more flexible retirement.
With a reverse mortgage loan, you receive a payment for a portion of your home’s equity. As long as you continue to live in the home, you do not need to pay back your loan; however, when you decide to move out, then that’s when payment becomes due. Most people choose to use the proceeds of the sale of the home to pay back their loan.
How A HECM Loan Can Help You Retire In Confidence
For Texas homeowners who have reached the age of 62, a HECM loan helps by adding a cash infusion to a retirement account. The proceeds from a HECM loan reverse mortgage can be used in a variety of ways, and seniors are getting pretty creative with their ideas. Along with making necessary improvements to their homes, some older folks are choosing to purchase additional property, either for personal use or as an investment.
Find Out More With Family Home Loan Texas
If you’re ready to learn more about reverse mortgages, we’re here to help you understand how they work, what they do, and why seniors across the country are choosing a HECM loan for a comfortable retirement. To find out more, call Family Home Loan Texas in Frisco, TX today at 214-447-7575.