Everything You Need To Know About A HECM

Reverse MortgageWhen it comes to home loans —and real estate in general — there is a mind-boggling amount of acronyms. From FHA to ABR to ROI to dozens more, it is understandable if you feel overwhelmed by all the jargon. This can admittedly make learning about home loans and owning property difficult, which is why it is important to have a trusted resource you can count on any time you have questions. With this in mind, we are going to discuss a commonly misunderstood term: HECM. In today’s blog, Family Home Loan Texas talks about a HECM and what it can do for you. (more…)

Understand Key Points From Government Guides

reverse mortgageA little known-fact about reverse mortgages is that they are highly regulated by the federal government. Given the immense amount of misinformation surrounding these loans, this might come as a surprise. In reality, the Consumer Financial Protection Bureau (CFPB) provides a lot of helpful information about reverse mortgages, so anyone who is interested in them will have an ample amount of resources at their fingertips. In particular, the CFPB has a great guide called You have a reverse mortgage: Know your rights and responsibilities. It is quite long and detailed, so in today’s blog, Family Home Loan Texas breaks down and describes the key concepts included in the guide. We know that there is a lot to take in about reverse mortgages, so we are here to make it easier for you to fully understand. (more…)

Understanding Your Parents’ Reverse Mortgage

Reverse MortgageIf your parents have mentioned they are considering a reverse mortgage, you probably have some questions. People who are still relatively young don’t have much reason to be familiar with these loans, and often when they do, they might have a negative impression. After all, there is quite a lot of misinformation surrounding them, and these myths often ring louder than the facts. It can also be difficult to acknowledge and accept that your parents need financial assistance; these are the people that raised you and provided for you, so it is often hard to see them require a little extra help. A reverse mortgage, however, is an excellent way for them to live their retirements on their own terms — with the financial freedom to enjoy their 60s, 70s, and beyond. In today’s blog, Family Home Loan Texas gives advice to those whose parents are considering a reverse mortgage. (more…)

Reverse Mortgage Counseling Is A Crucial Step

Reverse Mortgage CounselingThere are numerous reverse mortgage myths out there, and one of the most persisting ones is that these loans are predatory and take advantage of those who need money in their older age. This is patently false; not only are these loans helpful and their terms transparent, but those who are interested must meet with an independent, third-party HUD-sponsored counselor before moving forward with the reverse mortgage. Because of this, there are no surprises down the road and those who are eligible will know exactly what to expect from their loan. In today’s blog, Family Home Loan Texas talks about the importance of this meeting with a counselor and what to expect from it.  (more…)

How You Can Spend Your Reverse Mortgage Funds

reverse mortgageA reverse mortgage is helpful for many because it helps provide financial flexibility. It turns the equity you’ve built in your home into spendable, liquid funds. When you qualify for one, you can not only choose how you receive your money but you can also spend it on pretty much anything you’d like. This makes it a very beneficial tool for those who are retired, on a fixed income, or generally need access to money. In today’s blog, Family Home Loan Texas discusses the ways you can spend your reverse mortgage funds. (more…)

Understanding The Reverse Mortgage Process

reverse mortgageReceiving a reverse mortgage loan can feel like a significant undertaking. After all, you are using the equity you’ve built in your house to gain spendable, liquid funds. This is very helpful for many, but it is undoubtedly a notable change in your life. Because it is a big decision, it is crucial for you to have a strong, well-informed grasp of what you should expect. This is especially important given the prevalence of false information that surrounds these loans. In today’s blog, Family Home Loan Texas delves into the entire reverse mortgage process and describes all its aspects from start to finish. (more…)

Can I Lose My Home With A Reverse Mortgage?

Reverse MortgageThere are lots of myths surrounding reverse mortgages. They have been demonized for years and the misinformation surrounding them continues to mount. In reality, they are really helpful tools that have little to no downside for those who qualify. One of the most persistent myths about reverse mortgages is that you can lose your home if you get one. This is patently false, and, in reality, this can only occur if you move out of your house or stop paying property taxes on it. In today’s blog, Family Home Loan Texas talks about the reasons why you won’t lose your home and other persisting misconceptions surrounding these helpful loans. (more…)

Misconceptions About Reverse Mortgages

reverse mortgageReverse mortgages can be immensely helpful for those aged 62 years or older. They can free up the necessary funds so individuals can live out their retirement on their own terms and worry less about financial issues. While many can benefit from these loans, significant stigmas surround them. These are mostly rooted in misinformation and do not accurately reflect the true nature of reverse mortgages. In today’s blog, Family Home Loan Texas discusses common misconceptions about these loans.  (more…)

Ways To Receive Funds With A Reverse Mortgage

Reverse MortgageIt is well known that people take out reverse mortgages on their homes to receive money. They are a helpful tool for those aged 62 years or older and need funds to live their lives to the fullest. However, not many people know that you can receive this money in several different ways. Everyone has unique needs, so it is helpful to understand the various ways you can get these funds. In today’s blog, Family Home Loan Texas goes through the options you have to receive the proceeds and the nuances attached to each. (more…)

Reverse Mortgage If You Owe Money On Your Home

reverse mortgageThere are a few eligibility requirements to qualify for a reverse mortgage. The biggest one is being 62 years of age or older. Another is that you must live in your primary residence — the one you are taking the reverse mortgage out on — for most of the year. A point of confusion for many is if they are eligible if they still owe money on their house. In today’s blog, Family Home Loan Texas answers this question and discusses other important details to know about reverse mortgages. (more…)