For many here in North Texas, a significant part of their financial future is tied up in their housing. While this has historically been seen as a way to reliably and safely improve net worth, it can also mean that you do not have access to that capital when you need to make home repairs, purchase a second property, or simply enjoy your retirement with less worry. That’s just one of the reasons why seniors are turning to HECM loans, which are an FHA-backed way to convert your home equity into cash that can be used in a variety of ways.
With our team of reverse mortgage professionals at Family Home Loan Texas in Frisco, TX, you can learn more about HECM loans. These are a specific form of reverse mortgage, and they bring distinct advantages, while being insured by the Federal Housing Administration. If it is time to talk about your financial future, ask about whether this approach is right for you and your family. To find out more about HECM loan reverse mortgages, call us today!
Does A HECM Loan Differ From A Reverse Mortgage?
When seniors learn about reverse mortgages, the first step is gathering the right information. There are many myths and misconceptions about these loans, and so you want to take the time to find out what is accurate, and hat is not. Reverse mortgage loans are designed to help people who have reached the age of 62 to convert their home equity into capital to be used for a number of reasons, including necessary home repairs, second home purchases, and more.
An HECM is a particular form of reverse mortgage, one that has been insured by the Federal Housing Administration. Talk to your financial advisor and a trusted loan originator to understand how these work, and how they could potentially be a benefit for you and your family’s financial future.
Converting Your Home Equity Can Bring Advantages
Reverse mortgages are not for everyone, but for some savvy seniors, they can be a real help. Traditionally, you might think of these as a way to boost a retirement account to make the remaining years of life comfortable, but HECM loan reverse mortgages can bring other advantages, as well. For example, if you have been wanting to purchase an additional property closer to your grandkids, or even to rent out as a way to earn passive income, this might be your solution.
Learn More About HECM Loans With FHL Texas
Are you looking to do more with your money? To find out more about how HECM loan reverse mortgages help you to convert your home equity into cash, call FHL Texas in Frisco, TX at (214)447-7575 today!