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…)