Reverse mortgages are helpful loans for myriad reasons; they turn stagnant home equity into spendable cash, any funds borrowers receive are considered non-taxable income, and they do not have to be paid back until the borrow stops living in their home. In some cases, borrowers decide to move out of the home they received their reverse mortgage on. When this happens, the proceeds from the sale go towards paying back what is owed to the lender, though they can keep any extra money from the sale. When a borrower dies, however, the matter of paying back the reverse mortgage becomes more complicated. In today’s blog, Family Home Loan Texas discusses the process of repaying the loan when this occurs and the timeline to expect if this happens. (more…)

It is undoubtedly exciting when your parents reach their retirement. After all, they have worked hard for decades, building their lives, growing their families, and caring for you. They deserve the utmost relaxation and enjoy their golden years to the fullest. While they are now likely eligible for Social Security or their pension, these income streams are not always enough. Indeed, many retirees do not fully plan for this time in their life and can end up struggling financially despite their fixed retirement income. As the child of retirees, you are in a unique position where you can help them assess their financial situation and encourage them to come up with a plan — ideally with the assistance of a financial planner — that ensures they can enjoy their retirement free from money woes and stress. In today’s blog, Family Home Loan Texas discusses what you should consider when helping your parents craft a financial plan. (more…)

Anytime you make a large decision, it is important to be fully informed. The last thing you want is to take a major step only to realize it wasn’t the right move, especially when it is too late. Whether you are buying a car, deciding on a university, or buying a house, you need to move forward with as much information as possible. This is especially true when it comes to reverse mortgages. While these are immensely helpful loans for many seniors, there are many misconceptions about them everywhere you look. Unfortunately, all of these falsehoods deter many of those who could benefit from reverse mortgages, effectively robbing them of flexible, worry-free retirements. Being fully informed, however, provides you with the opportunity to fully understand these loans and make an educated decision on if one is right for you. In today’s blog, Family Home Loan Texas discusses common misconceptions about reverse mortgages and provides the truth about these helpful loans. (more…)

Reverse mortgages are immensely helpful for seniors who need supplementary income. Many of those who are eligible for these loans are on fixed incomes and benefit from turning their home equity into liquid, spendable funds. Although these mortgages assist in having more money during one’s golden years, it is still necessary to have enough available cash to keep up with ongoing expenses like property taxes, maintenance costs, insurance, and more. Because lenders want to see an accurate representation of your finances — to prove you can cover these costs — it is also important to show if you receive social security disability. Believe it or not, these benefits can actually help you qualify for a reverse mortgage. In today’s blog, Family Home Loan Texas discusses the impact that receiving social security benefits can have on qualifying for a reverse mortgage. (more…)

Responsibly managing and saving your money is important and relevant at all ages, but it is especially essential when you are a senior. Those who are in or nearing retirement need to have sound strategies in place to ensure that they can continue to maintain their lifestyle when their sources of income change. The biggest change for many is going from depositing a paycheck every couple of weeks — one that reflects their tenure at their job — to living on a fixed income. When you do experience an income shift like this, it is crucial to make adjustments and explore the resources available to you to assist you in living your retirement freely and without financial worry. In today’s blog, Family Home Loan Texas provides helpful financial tips that can help seniors enjoy their golden years while living comfortably.  (more…)

Reverse mortgages help many senior citizens enjoy more flexible retirements. These loans can free up the much-needed money to fund great trips, projects, or even assist in covering large, unexpected expenses. By turning some of your home equity into liquid assets, you can leave behind a life of being house-rich and cash poor. In addition to freeing up funds, a reverse mortgage can also provide significant tax savings that will help you stretch your money as far as possible. In today’s blog, Family Home Loan Texas breaks down reverse mortgages and describes their tax benefits. (more…)

If you are nearing the time you are able to retire, you are likely thinking about it more and more every day. After all, you’ve spent decades working hard to not only support your family at the moment but also to plan for the future. As retirement inches closer, it can be helpful to start considering how you spend it; while it will certainly be great and exciting, it is still a significant change to your life, so being prepared can help you maximize your enjoyment. A big component of this is figuring out how to remain financially comfortable, so you can do all the things you’ve dreamt of. For many, a reverse mortgage is a fantastic way to achieve financial flexibility during retirement. In today’s blog, Family Home Loan Texas provides tips to better enjoy your retirement and describes how a HECM can help fund it.  (more…)

When 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…)

A 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…)

If 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…)