When homeowners reach the age of 62, they become eligible for a type of loan known as a reverse mortgage. In addition to the traditional Home Equity Conversion Loan (HECM), Texas residents can now also enjoy access to Equity Elite and Equity Elite Zero loans. What these loans do for people varies by their needs—for some, it is a way to fund retirement, while others may want to use what they receive to fund home renovations, investments, or any other endeavors that interest them. By learning more about what a reverse mortgage involves, and what yours can do for you, it can be easier to assess whether one is right for you!
Even if you are not sure that this is a path you want to take for yourself, finding out more about reverse mortgages can be beneficial. FHL Texas takes care to work with potential borrowers to help them confirm they qualify, and to learn what they are really receiving. We can help dispel myths about these loans, and we can also give you more details on the terms and types of distribution that are open to you. (more…)



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Homeowners who near retirement age can benefit from finding more sources for financial support. Many will qualify for a reverse mortgage when they reach the age of 62, which means they can rely on the equity in their home to make money they can spend. What stops people who qualify from moving forward with this opportunity? Many are unsure of what a reverse mortgage can offer. They may have additional concerns due to common myths or misunderstandings about them, which can stop them from taking advantage of a significant windfall.
When you reach the age of 62, and your mortgage status makes you eligible, you can take advantage of the equity in your home through a reverse mortgage. Homeowners take advantage of this for different reasons: Many will look to it as a way to support their retirement, but it can also help with home renovations and repairs, medical costs, and more! In some cases, people who qualify will look into receiving this loan before they have a definite plan for its use. When market conditions are favorable, this can lead to better terms and a bigger sum. It can also help you make more in the long term by taking a reverse mortgage as a line of credit that will keep growing until you use it.
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
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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.
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.
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!