
If you have heard about reverse mortgages, you might be more familiar with their ability to help boost a retirement account, but there are other advantages to this kind of loan. Reverse mortgages help you to convert the home equity in your current home into cash that you can use for a variety of purposes, from providing much-needed financial relief to being an avenue for new purchases, including a second home.
At Family Home Loan Texas in Frisco, TX, we understand the possibilities that can come with more financial freedom. With an HECM loan, people who have reached the age of 62 have access to an additional tool in their toolbelt. By converting your home equity into capital that you can actually use, you can even purchase a second home, given that it does not become your primary residence. To find out more about reverse mortgages and how they may be able to help you in this new phase of life, give us a call!
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