Answers For Common Reverse Mortgage Concerns

Is a reverse mortgage something you should consider? Many seniors can be hesitant about taking out this loan, which can stop them from exploring how it could help them. Family Home Loan Texas has experience serving people who want to know how their home equity can be accessed. We can talk to you about the reverse mortgage process, what you can gain, and the different protections afforded to you. In addition to helping you understand the value of the HECM loan, we can also review what you can gain from Equity Elite and Equity Elite Zero, which can help you receive a larger sum and reduce your closing costs! (more…)

Reverse Mortgages vs. Equity Elite

Reverse MortgageReverse mortgages have helped many people make use of their home equity. They offer welcome relief for those who have medical bills, costly repair projects, and other expenses that need to be managed. These mortgages have also made it easier for people to prepare for retirement by adding to their nest egg. For those who are sixty-two and older, this has been a source of relief and an opportunity to enjoy their retirement without economic worries. 

Family Home Loan Texas now offers new options for people who want to use their home’s value to help their finances. Thanks to Equity Elite and Equity Elite Zero, borrowers with higher-value homes and those who have concerns about closing costs can see more benefit from a reverse mortgage. Whether you pursue Equity Elite or the traditional reverse mortgage, you still enjoy the support of important protections provided to borrowers. (more…)

How Reverse Mortgage Counseling Protects You

reverse mortgageBeginning the process of learning about and getting a reverse mortgage can feel daunting. Because of the age requirements and prevalent myths, many people do not come across much information about these loans until later in life. This leads to a less organic learning process, so when you do start to gather information, you could very well become overwhelmed. Luckily, the first (and mandatory) step is meeting with a qualified, third-party HUD-sponsored counselor before moving forward with the reverse mortgage. This meeting helps prevent any surprises down the road and helps you prepare for the application process. In today’s blog, Family Home Loan Texas discusses reverse mortgage counseling and the ways it makes getting this loan easier.  (more…)

Your Home Could Provide Retirement Income

Reverse MortgageHistorically, many Americans could confidentially look towards retirement — knowing that their pensions, retirement accounts, and social security income could support them. While this is still true for some, there is growing insecurity about retirement and having enough money to maintain their lifestyle. In fact, according to a survey from Sagewell Financial, around 30% of Americans between the ages of 55 and 67 have less than $10,000 saved for retirement. This is not very much money to begin with, but with mounting inflation, this sum could take retirees less far away than they initially expected.  

Moreover, the same survey points out that over 70% of people of this same age group are planning or are willing to work during retirement. For those looking forward to retiring, this is a significant blow. While this does seem like a dire situation, there are ways for seniors to free up more money; an increasing number of retirees are turning to reverse mortgages, so they can enjoy their retirement to its fullest. In today’s blog, Family Home Loan Texas explores the ways that you can use your home to provide additional income.  (more…)

How To Receive Your Reverse Mortgage Funds

reverse mortgageGetting a reverse mortgage loan can help many seniors enjoy financial flexibility during their golden years. Retirees, in particular, can benefit from this type of loan because living on a fixed income isn’t always easy. These days, for instance, the rising rate of inflation means that even the most carefully constructed budgets may falter. Because of this, myriad older Americans are struggling to maintain their standard of living; in fact, many have a hard time even meeting their most basic needs. A reverse mortgage can help those who qualify to regain financial flexibility and enjoy their lives without worrying about money. One of the most common questions about these helpful loans is, “how do I get my money?” This is a very reasonable question, and the answer is important to know. After all, you need to have a full understanding of this loan before deciding if it is right for you. In today’s blog, Family Home Loan Texas discusses the ways that you can receive your funds from a reverse mortgage and how many choose to spend their money.  (more…)

How Seniors Can Deal With Inflation

Reverse MortgageAs you are likely aware, inflation rates have risen to the highest levels in decades. Inflation is when the price of goods and services rises, causing the dollar’s purchasing power to drop. Essentially, your money doesn’t go as far. While this hurts everyone, it is particularly painful for retirees, as many are living on fixed incomes that rely on a strict budget. When inflation occurs, the expected costs of all sorts of items and services increase, and many budgets cannot account for this. Ultimately, retirees end up having to reassess their expenses and finances and explore various resources at their disposal to better weather inflation. In today’s blog, Family Home Loan Texas provides helpful tips to assist seniors in accounting for their money not going as far as they had planned. (more…)

How Seniors Can Deal With Inflation

Reverse MortgageAs you are likely aware, inflation rates have risen to the highest levels in decades. Inflation is when the price of goods and services rises, causing the dollar’s purchasing power to drop. Essentially, your money doesn’t go as far. While this hurts everyone, it is particularly painful for retirees, as many are living on fixed incomes that rely on a strict budget. When inflation occurs, the expected costs of all sorts of items and services increase, and many budgets cannot account for this. Ultimately, retirees end up having to reassess their expenses and finances and explore various resources at their disposal to better weather inflation. In today’s blog, Family Home Loan Texas provides helpful tips to assist seniors in accounting for their money not going as far as they had planned. (more…)

Should You Get A Reverse Mortgage?

reverse mortgageReverse Mortgages are becoming increasingly popular. In fact, the National Reverse Mortgage Lenders Association states that they saw a 34% year-over-year increase in reverse mortgages in 2020, placing the number at 43,000. With this increase, we can ascertain that more seniors are viewing these loans as viable options to help supplement their incomes during retirement. Because there has been such a notable rise, it is a good time to ask yourself if a reverse mortgage would work for you. In today’s blog, Family Home Loan Texas discusses the benefits of these loans and how to know if it is the best option for you. (more…)

How To Utilize Your Home Equity

Reverse mortgageWhen you live in your house for a long time, you build up equity in it. With each mortgage payment you make — especially when paired with rising home values — you are increasing the amount of money you have in your home. While this will certainly benefit you if and when you decide to sell your house, you can also tap into it before selling and reap your hard-earned benefits. This is particularly valuable for seniors who want to remain in their homes but would like to take advantage of the equity they have built up. Luckily, a reverse mortgage can help you tap into your home’s equity while remaining in it for as long as you like. In today’s blog, Family Home Loan Texas discusses the ways you can use home equity to free up spendable funds.  (more…)

When And How To Pay Back A Reverse Mortgage

Reverse MortgageOne of the biggest questions and concerns surrounding reverse mortgages — and loans in general — is what the repayment process looks like. When receiving a loan, it is essential to understand your repayment obligations, so you do not encounter any surprises for which you are unprepared. Reverse mortgages, in particular, are unique loans, as they only require you to pay the lender back in very specific situations: death of the borrower, selling the home, or no longer living in it as your primary residence. This is very beneficial for borrowers, as they are always in or near retirement, so they do not need to worry about repayment for a long time. However, it is still very important to fully understand how and when you or your heirs will need to repay the loan. In today’s blog, Family Home Loan Texas explains these circumstances and what you need to expect. (more…)