By securing a reverse mortgage, you will be able to secure significant money and see direct value from your home equity. Borrowers who meet the qualifications for this kind of loan can enjoy extra retirement support as well as assistance with monthly costs, savings to take on unexpected costs, and even the necessary finances to renovate and repair their living space. You might be surprised to learn that you can use the money to make changes to your property that you wish to see. People sometimes assume that by taking a reverse mortgage, they are losing their claim to their home, and that they are giving away their title. This is one of many myths that FHL Texas can help dispel as we provide useful information on the process of borrowing against home equity! (more…)
When You Begin The Reverse Mortgage Process
There are certain qualifications that need to be in place before you can seek a reverse mortgage. Borrowers need to be at least 62 to be eligible. While it is not necessary to own your property outright, you do need to have at least 50% equity in it and be prepared to pay off the original mortgage with the loan. Once you do qualify, it can be exciting to find out how your reverse mortgage helps you access significant cash at a time when you are thinking about retirement. At FHL Texas, we can help you start the process in the right way. A consultation at the beginning can field questions and concerns that you have. Before continuing with the application for a loan, you will meet with a Housing And Urban Development-approved specialist to confirm that this is the right move for you. These early steps are important, but they are not the only ones that call for extra guidance. We can provide the right guidance throughout the process and help you secure a loan that truly benefits you and your life plans! (more…)
A Reverse Mortgage Can Fund Home Renovations
While your post-retirement life is a great time to travel, it is also a smart time to think about how to make your home as comfortable as possible. In addition to having more time to yourself, you can start thinking about how you can ensure your living space will still accommodate you in later years. For some, the right accommodations will come from renovations. Making changes to your space can be costly, but it can have lasting value. Not only do you increase the value of your home, you make it a space that is more satisfying for you to enjoy.
There are different ways homeowners can cover the costs of home renovations. If you are over 62 and meet the right qualifications, a reverse mortgage can help cover this expense. Beyond being used as a way to prepare for retirement, a reverse mortgage can help you take on different costs, including those involved in repairs and modifications. FHL Texas can help you understand how you can employ the equity you have built to help in this and other matters. We can also guide you through the different terms and loan types available to make sure you receive the right kind of support from your reverse mortgage! (more…)
Can A Reverse Mortgage Help With Medical Costs?
By making smart plans and good investments, you can prepare for a comfortable retirement. Unfortunately, even great plans can fall short when you face unexpected expenses after you finish working. For many people, medical bills and long-term care plans can make retirement more costly than anticipated. Fortunately, homeowners who qualify can use a reverse mortgage to borrow against their home equity and prepare for these and other later in life costs! If you are over the age of 62 and have at least 50% equity in your primary residence, this kind of loan can offer significant long-term benefits. FHL Texas has experience helping people determine how they can qualify and what they can receive. We can help you understand the terms available to you, clarify common misconceptions, and see to it that you gain lasting support from a reverse mortgage that truly suits your needs! (more…)
Should I Take A Reverse Mortgage Or Sell My Home?
Once you turn 62, you reach the age of eligibility for pursuing a reverse mortgage. For many people, this means finally having the opportunity to turn home equity into something that offers a more accessible kind of financial support. However, it may not be an appealing option for everyone. One reason for this is that you may worry about how a reverse mortgage might interfere with plans to eventually sell the home you are in. If your goal is to live somewhere else, simply selling your home can have an obvious appeal. However, if you think a home sale is appropriate because it will be harder to retain the property after you retire, a reverse mortgage can help you stay in the space where you have built your life!
FHL Texas is prepared to help homeowners review their options when they reach the age of eligibility to apply for a reverse mortgage. There are different kinds of loan terms that are open to you that offer different advantages. In addition to helping you understand how you can access equity in different ways, we can also help you understand the freedoms that you retain with this arrangement. (more…)
Using A Reverse Mortgage Line Of Credit
The savings you build up over time help you with key milestones in your life. From practical matters like home ownership to helping pay for a child’s education to more fun plans like a dream vacation, your accumulated funds help you in many ways. As you near retirement age, you can look forward to one significant reward of saving wisely—retirement! The end of your working life can be something to look forward to, but it can also be harder to prepare for even if you have worked diligently to set up a nest egg.
By taking a reverse mortgage as a line of credit, you can set aside money and watch that line grow consistently until you need it. The credit line will continue to grow at a set rate. FHL Texas can help you understand how to use this to your advantage. You can have more money available to you in the future when you no longer take a paycheck, and you can secure favorable terms if you suspect your home’s value might drop in the future. (more…)
Is This The Right Time To Secure A Reverse Mortgage?
What does a reverse mortgage offer homeowners aged 62 and older? Answers can vary based on what information people have, their current home value, and their retirement plans. For the right people, this kind of loan opens up welcome opportunities to enjoy better support for retirement. Accessing equity can give you more money at an important time, and it can help you see more value from home ownership. At FHL Texas, we are prepared to help property owners receive real support by making the equity they have built up accessible to them through different loan terms. Because we offer HECM as well as Equity Elite and Equity Elite Zero, we can make it easier for secure the most appealing terms from your home. We can also offer guidance at the beginning of the reverse mortgage process to help determine if this is the right time for you to move forward. We can also go over your personal circumstances to confirm that this is truly a beneficial resource. If you are a good candidate but the timing is not quite right, we can help you understand what to look for when it comes to the ideal time to proceed. (more…)
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 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
Beginning 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…)