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!
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