When you live in your house for a long time, you build up equity in it. With each mortgage payment you make — especially when paired with rising home values — you are increasing the amount of money you have in your home. While this will certainly benefit you if and when you decide to sell your house, you can also tap into it before selling and reap your hard-earned benefits. This is particularly valuable for seniors who want to remain in their homes but would like to take advantage of the equity they have built up. Luckily, a reverse mortgage can help you tap into your home’s equity while remaining in it for as long as you like. In today’s blog, Family Home Loan Texas discusses the ways you can use home equity to free up spendable funds.  (more…)

One of the biggest questions and concerns surrounding reverse mortgages — and loans in general — is what the repayment process looks like. When receiving a loan, it is essential to understand your repayment obligations, so you do not encounter any surprises for which you are unprepared. Reverse mortgages, in particular, are unique loans, as they only require you to pay the lender back in very specific situations: death of the borrower, selling the home, or no longer living in it as your primary residence. This is very beneficial for borrowers, as they are always in or near retirement, so they do not need to worry about repayment for a long time. However, it is still very important to fully understand how and when you or your heirs will need to repay the loan. In today’s blog, Family Home Loan Texas explains these circumstances and what you need to expect. (more…)

A reverse mortgage loan is a great way to enjoy a more flexible retirement. As many people reach their golden years, living on a fixed income can cause stress and generally limit their options for living their life as they please. There are lots of ways to spend the funds you receive from a reverse mortgage. Many choose to spend them on unexpected medical expenses, home improvements, or even to help maintain their investment portfolios. However, you can also use a reverse mortgage to buy a new home or vacation property. In today’s blog, Family Home Loan Texas discusses how you can use a reverse mortgage to help pay for a new home.  (more…)

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…)