For many seniors, their primary asset is their home; while this has historically been a solid and stable investment, it can also mean limitations when you want to use your capital for a new investment such as another property or to use for your retirement. That’s why reverse mortgages were designed, helping those who have reached the age of 62 to convert the home equity in their current home into cash that can be used in a variety of ways.
At Family Home Loan Texas in Frisco, TX, we understand the world of reverse mortgage loans. We also understand the ways that North Texas seniors have been using these simple nonrecourse loans to their advantage. By converting home equity into capital that can be used to better the home or boost a retirement account, it can give you more control over your finances. To find out more about FHA-insured HECM loan reverse mortgages, talk to our team today!
What Is A HECM Loan, And Why Choose A Reverse Mortgage?
A HECM loan is a form of a reverse mortgage that has been insured by the Federal Housing Administration. These loans help people who have reached the age of 62 to convert their home equity into cash that they can use how they see fit. There are some restrictions on the amount and use available with a HECM loan, so be sure to talk with a trusted loan originator about your options before making a decision.
Your Home Equity Can Provide Possibilities With A HECM Loan
With a federally-insured HECM loan reverse mortgage, you can have more freedom and flexibility in your retirement. Since this loan provides upfront capital, it can be a great way for seniors to make an investment, either into a business endeavor or into their own home. Aging in place can take some home modifications, and a reverse mortgage could be a way for you to update the house.
Some homeowners are taking advantage of reverse mortgages in order to purchase a second property, as well. This can provide additional income through a short-term rental or a longer tenant, or it can just be a place closer to the grandkids.
Find Out More With Family Home Loan Texas!
If you are ready to learn more about reverse mortgages, we are here to help. To schedule a time to discuss the advantages of converting home equity into capital with a HECM loan, call FHL Texas in Frisco, TX at (214)447-7575 today!