You worked your entire life for this moment. But if you’re not sure if you have enough in savings and investment to last you the rest of your natural existence, then it can be tough to truly enjoy it. For many seniors in North Texas, the math simply is not adding up, and a HECM (Home Equity Conversion Mortgage) could be a way to have a little more flexibility. These are commonly called reverse mortgages, and they are increasingly becoming a tool for older individuals looking to retire in place. But is one right for you?
With Rob Bramer at Family Home Loan Texas in Frisco, TX, you can figure that out. Our office is built to help people find their way into homes they love and stay in them when they want to. Here in the Metroplex, that sometimes means having a discussion about HECM loans, which are reverse mortgages that have the backing of the Federal Housing Administration. So, if you’re looking for a way to make retirement a little easier, talk with our team to learn more about what they can do.
More frequently, retirees are opting to stay where they are. To find out more about HECM loans, call Rob Bramer at Family Home Loan Texas.
Does Your Home Need Some Modifications?
As we grow older, our needs change. Unfortunately, without a little bit of help, your home is unlikely to evolve with you; in order to keep yourself safe, you may need to make some modifications to your structure. Unfortunately, the cost of renovating a home or adding accessibility measures might be prohibitive.
That’s where a Home Equity Conversion Mortgage (HECM) might help. Seniors in North Texas are using these to make necessary changes for safety, convenience or both. But before you sign on, you need to know more about how they work.
HECM Loans Convert Equity Into Cash
So: what exactly is a reverse mortgage? With a Home Equity Conversion Mortgage, homeowners can tap into their home equity, converting it to usable capital. There are some rules in place as to who can qualify and what these funds can be used for, so talk with our team to learn more.
HECM loans are only offered to those who have reached an age of 63, for example. Here in Texas, we also require a mandatory counseling course to ensure that this is right for you. Talk to our team, and let’s see if this is something that works for you.
Explore HECM Loans With Family Home Loan Texas
If you have been exploring ways to fund retiring in place, see if your home equity offers an avenue. To learn more about a HECM loan reverse mortgage, call Family Home Loan Texas in Frisco, TX, today at 214-447-7575.