For many families in North Texas, their net worth is housed in their housing. While there are some benefits to this approach, it also means that these families are unable to access that capital when they need to make improvements around the home or make an important investment. For those who have reached the age of 62, there is an option that helps you to convert your home equity into cash that you can use in a variety of ways, including paying off a traditional mortgage loan. Unfortunately, there are some myths and misconceptions surrounding HECM loan reverse mortgages, so we will dive into them today.
At Family Home Loan Texas in Frisco, TX, we understand that the financial landscape of North Texans is shifting, and we are here to help older individuals to navigate these changes in retirement. One of your options is a simple non-recourse home equity conversion loan, commonly called a HECM loan, which is a specific type of reverse mortgage that is insured by the Federal Housing Administration. It is important to gather all of the information before you make a decision, so if you have questions about reverse mortgages in the Dallas-Fort Worth Metroplex, give us a call today!
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