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With all of the discussion about reverse mortgages these days, it can be hard to know the truth. If you have heard about them, take some time to talk to your financial advisor about whether one is right for you. These have become a popular solution for those who have reached the age of 62, but it is important to know some of the specifics on how they work before you make a decision, and uncovering reverse mortgage myths can help you to do that.
At Family Home Loan Texas in Frisco, TX, we have seen some of the ways that reverse mortgage loans can benefit seniors looking for more flexibility in their retirement. HECM loan reverse mortgages operate in a different way than traditional home loans by converting home equity into capital that can be used for a variety of purposes. With a HECM loan, you can remain in your home for as long as you’d like, and you retain the title for the life of the loan. Find out more about reverse mortgages with our trusted Metroplex team!
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