If you have recently retired, or if you plan to within the next year, it is important to take a look at all of your options moving forward. For some, the goal is to remain in their home for as long as possible; others would prefer to move to a dedicated retirement community, helping them to downsize a little bit and spend more time near people in their own age group. Both of these can be successful ways to go, but depending on your approach, you might have differing financial needs, and achieving a more flexible retirement is important to you.
At Family Home Loan Texas in Frisco, TX, we are here to help you learn a little more about reverse mortgages. In particular, we focus on HECM loans, which are home equity loans that are backed by the Federal Housing Administration. These loans are intended for people who have reached the age of 62, designed to help people convert their existing home equity into capital that can be used in a variety of ways. Whether you want to make improvements to the livability of your home or purchase a second property closer to your family, HECM loans provide opportunity. Call us today to learn more!
What Is A Reverse Mortgage?
A reverse mortgage is a special form of home equity loan that is intended for use by seniors. These are only available to people at or above a certain age, and they were created as a way to give older individuals more freedom in how they use their investment capital. Over the last three decades, they have become an increasingly popular choice for retirees looking to do more with their money. It’s important to speak with your financial planner and any retirement advisors before you decide on this type of loan, because they are not for everyone.
A More Flexible Retirement With A HECM Loan
So, now that you know what a reverse mortgage is, how can it be of use for an older individual or a recent retiree? For many people who own their homes, it means that significant portion of their net worth is housed in their housing. Reverse mortgages free up that cash for use around the home or to use for a more flexible retirement. Many people are even using HECM loans to purchase second homes, either for personal use or as an investment!
Questions About HECM Loans? Call FHLT.
If you are ready to talk about reverse mortgages and achieving a more flexible retirement, reach out to our local team. To schedule a time to talk about this special form of home equity conversion loan, call Family Home Loan Texas in Frisco, TX at (214)447-7575 today!