Qualifying For A Reverse Mortgage

When homeowners turn 62, they pass the age requirement to receive a reverse mortgage. Does this mean that anyone whose name is attached to a property automatically qualifies for this kind of loan? There are additional requirements that you should know. Aside from the need for everyone whose name is on your property title to reach the minimum age, there are rules concerning your current equity in your property, whether you live in or just own it, and even the designated type of residence. Additional expectations can make it harder to see clearly whether or not this is something you can apply for; it can also be hard for some homeowners to understand just what their reverse mortgage can offer them.

The guidance you receive from FHL Texas can help you understand the different rules and expectations for homeowners interested in reverse mortgages. We provide personalized support from the start of your inquiry to make sure this is something that is truly right for you. Beyond this help, we offer expert details on the different types of loans available and how they can be awarded. Applying for this kind of loan can offer significant help with retirement and other matters. When you speak with us about your interested, we can make sure applying is successful and in your long-term interest. (more…)

Home Equity And Your Retirement Plans

As your intended retirement date nears, it can be reassuring to know that you have as much—or more—set aside to fund the life you want to live after you finish working. For many Texas homeowners aged sixty-two and older, a reverse mortgage can help ensure that money is available for a dream retirement! This kind of loan lets you take advantage of the home equity you have built up through years of paying off your property. The sum you receive comes without the requirement to pay back against what you have received, and you can even modify how you receive what you qualify for to best suit your needs.

It can be exciting to hear what a reverse mortgage can do for you, but it can also be difficult to know just what to expect when you pursue one. FHL Texas provides important guidance for people who want to learn more about this kind of loan. In addition to providing a no-cost consultation, we provide helpful reviews and information to make sure this is a step you want to take. After confirming it will suit your needs, we can proceed to help you secure the right reverse mortgage for your retirement! (more…)

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…)