How A Reverse Mortgage Is Paid To You

The questions people have about reverse mortgages can range from matters of how to qualify to concerns about what an agreement really involves. As you look into the process, you can find that this is a kind of loan that lets you turn your home equity into something you can spend as you see fit. You can also find that you still own your home, and you can even retain the right to sell it or pass it onto an heir!

FHL Texas is prepared to help you learn about the different benefits of reverse mortgages. We can also help you understand how they are awarded and what terms you can set. The right arrangements can help you in exciting ways. Whether you have immediate plans for what you receive or you want to secure your loan now in preparation for the future, we can make sure your reverse mortgage and terms are truly right for you. (more…)

The Terms Of Your Reverse Mortgage

When it comes to reverse mortgages, different homeowners are eligible for different sums. The amount that you receive will depend on your current equity, the appraisal of your home, and on the current interest rates. It may not surprise you that these different factors will affect how much you are offered by a lender. What you may not realize is that a borrower can select from different terms that dictate what they receive and when. Due to recent rule changes for Texas property owners, there are also alternatives to the traditional government-backed HECM option that has been offered to borrowers.

Guidance from FHL Texas can make it easier for you to both confirm that this financial step is right for you and see what terms best suit your needs. Our experience in these matters helps us find the right terms for borrowers. We can also help you confirm that this is the right step for you, and help you determine if this is the right time to move forward with your plans to receive this kind of support. (more…)

A Reverse Mortgage And Your Dream Retirement

Whether you want to enjoy your time with your family, see the world, or simply kick up your heels and relax, your retirement can be a truly special time. Of course, it is also a life stage that requires thoughtful saving and planning. For Texas homeowners over the age of 62, a reverse mortgage can be a big help when it comes to retiring comfortably. This type of loan lets you turn the equity that you have built in your home over the years into something you can spend. Qualifying borrowers can enjoy access to significant funds that can be put toward their goals, including goals of enjoying life after work.

With the aid of FHL Texas, you can find out what kinds of options are available to you in terms of securing a reverse mortgage. Our experience in this field goes beyond simply helping people with their application. We can provide important insights into what a reverse mortgage does and does not require as well as guidance and counseling throughout the process of securing yours. We can also help you review the types of loans available to you and make sure you understand how your reverse mortgage can support you in the long term. (more…)

Is It Too Early For A Reverse Mortgage?

There is a fixed age requirement to qualify for a reverse mortgage—before you can apply, everyone whose name is on your home title needs to be at least 62. With that said, you may have already reached this age, but you can still feel as though you are not at the point in your life where this kind of loan makes sense for you. It is important to have a sense of your long-term plans set before you commit to one, as a reverse mortgage is tied to you remaining in your home. That being said, when you are a good candidate, applying early can benefit you in many ways!

FHL Texas understands that people often have questions about reverse mortgages and the advantages to securing them. Beyond the questions of whether you qualify, you can have an interest in what terms are available, and what yours will do for your retirement plans. We provide thorough reviews of what to expect. You even meet with an FHA-approved counselor to make sure this is the right step! For those who will see benefits to securing this kind of loan, we can offer guidance on the available terms. Those who have no immediate plans for the sum they receive can actually grow what they earn by accepting it as a line of credit! (more…)

What Homeowners Should Know About Reverse Mortgages

When homeowners reach the age of 62, they become eligible for a type of loan known as a reverse mortgage. In addition to the traditional Home Equity Conversion Loan (HECM), Texas residents can now also enjoy access to Equity Elite and Equity Elite Zero loans. What these loans do for people varies by their needs—for some, it is a way to fund retirement, while others may want to use what they receive to fund home renovations, investments, or any other endeavors that interest them. By learning more about what a reverse mortgage involves, and what yours can do for you, it can be easier to assess whether one is right for you!

Even if you are not sure that this is a path you want to take for yourself, finding out more about reverse mortgages can be beneficial. FHL Texas takes care to work with potential borrowers to help them confirm they qualify, and to learn what they are really receiving. We can help dispel myths about these loans, and we can also give you more details on the terms and types of distribution that are open to you. (more…)

Avoiding Reverse Mortgage Misinformation

Do you really have the right idea about reverse mortgages? Myths around what they “actually” require can lead eligible borrowers to miss out on important financial support as they near retirement age. Fortunately, you can count on FHL Texas to clear up misinformation and provide more details on what these loans can actually do for you!

There are different forms of reverse mortgages, and they can provide payment in different ways. For those who qualify, they make it possible for homeowners to make use of their home equity in a way that provides them with money they can spend as they see fit! You maintain the title to your home, and you can enjoy real freedom in how you make use of what you receive. Thanks to new rules regarding what kinds of loans Texas homeowners can receive, there are even ways to take out a reverse mortgage while limiting closing costs. Before moving forward with the loan application, we provide important information to borrowers, and we arrange a meeting with an FHA-approved counselor to discuss if a reverse mortgage is truly right for you. (more…)

Exploring Your Reverse Mortgage Options

Homeowners who near retirement age can benefit from finding more sources for financial support. Many will qualify for a reverse mortgage when they reach the age of 62, which means they can rely on the equity in their home to make money they can spend. What stops people who qualify from moving forward with this opportunity? Many are unsure of what a reverse mortgage can offer. They may have additional concerns due to common myths or misunderstandings about them, which can stop them from taking advantage of a significant windfall.

FHL Texas can provide important information as well as guidance throughout the process of applying for a reverse mortgage. We can also help you understand the different terms available to you when you secure one. The right arrangements can provide you with an impressive sum. We can also help you secure the right terms regarding how you receive what you qualify for, and we can discuss arrangements that use your loan to pay ongoing costs connected to your property. (more…)

Should A Reverse Mortgage Be Part Of Your Retirement Plan?

Retirement planning should take place years before you actually reach the point where you are ready to stop working. Saving money and investing wisely will help you grow your nest egg and enjoy a comfortable life away from the office. For homeowners who qualify, a reverse mortgage can also be a welcome form of retirement support. By taking one, you can use the equity your home has amassed through the years and take away significant money!

FHL Texas can help you with both understanding how a reverse mortgage can help you and what makes a loan right for you. There are different ways in which reverse mortgages are disbursed, and there are ways to use what you receive to automatically cover the expenses you continue to face. We can also help you understand what you can really expect from your agreement—separating facts from myths about reverse mortgages will help you confirm that you are making the right decision for your retirement and life plans. (more…)

How Timing Affects Your Reverse Mortgage

When you reach the age of 62, and your mortgage status makes you eligible, you can take advantage of the equity in your home through a reverse mortgage. Homeowners take advantage of this for different reasons: Many will look to it as a way to support their retirement, but it can also help with home renovations and repairs, medical costs, and more! In some cases, people who qualify will look into receiving this loan before they have a definite plan for its use. When market conditions are favorable, this can lead to better terms and a bigger sum. It can also help you make more in the long term by taking a reverse mortgage as a line of credit that will keep growing until you use it.

FHL Texas is ready to answer your questions and help you understand how a reverse mortgage can benefit you. With guidance throughout the application process and important information about the different kinds of loans available to you, it becomes easier to make the right choice. Whether you want to know if now is the right time for your reverse mortgage, how you can use your funds, or what to expect after it is received, we can help! (more…)

Your Reverse Mortgage And Your Home Title

By securing a reverse mortgage, you will be able to secure significant money and see direct value from your home equity. Borrowers who meet the qualifications for this kind of loan can enjoy extra retirement support as well as assistance with monthly costs, savings to take on unexpected costs, and even the necessary finances to renovate and repair their living space. You might be surprised to learn that you can use the money to make changes to your property that you wish to see. People sometimes assume that by taking a reverse mortgage, they are losing their claim to their home, and that they are giving away their title. This is one of many myths that FHL Texas can help dispel as we provide useful information on the process of borrowing against home equity! (more…)