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…)

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…)

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…)

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…)

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…)

Historically, 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…)

Getting 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…)