When you reach the age of 62, more possibilities become available to you, including an FHA-backed HECM loan. This is commonly called a reverse mortgage, and it can help you by converting your existing home equity into cash. Unlike traditional home loans, you do not have to pay these off on a standard schedule. Instead, you can pay it off when you decide to leave your home. HECM loans can be used for a variety of purchases, including buying a second home, either for investment or personal use.
If you are ready to explore your reverse mortgage options, reach out to our local Frisco, TX team at FHL Texas. Our staff of expert financial advisors and loan originators can help you to make sense of this form of loan and see if it is right for your family. This could be your way to expand your real estate portfolio, so talk to our team today! (more…)