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…)

As you are likely aware, inflation rates have risen to the highest levels in decades. Inflation is when the price of goods and services rises, causing the dollar’s purchasing power to drop. Essentially, your money doesn’t go as far. While this hurts everyone, it is particularly painful for retirees, as many are living on fixed incomes that rely on a strict budget. When inflation occurs, the expected costs of all sorts of items and services increase, and many budgets cannot account for this. Ultimately, retirees end up having to reassess their expenses and finances and explore various resources at their disposal to better weather inflation. In today’s blog, Family Home Loan Texas provides helpful tips to assist seniors in accounting for their money not going as far as they had planned. (more…)

As you are likely aware, inflation rates have risen to the highest levels in decades. Inflation is when the price of goods and services rises, causing the dollar’s purchasing power to drop. Essentially, your money doesn’t go as far. While this hurts everyone, it is particularly painful for retirees, as many are living on fixed incomes that rely on a strict budget. When inflation occurs, the expected costs of all sorts of items and services increase, and many budgets cannot account for this. Ultimately, retirees end up having to reassess their expenses and finances and explore various resources at their disposal to better weather inflation. In today’s blog, Family Home Loan Texas provides helpful tips to assist seniors in accounting for their money not going as far as they had planned. (more…)

Reverse Mortgages are becoming increasingly popular. In fact, the National Reverse Mortgage Lenders Association states that they saw a 34% year-over-year increase in reverse mortgages in 2020, placing the number at 43,000. With this increase, we can ascertain that more seniors are viewing these loans as viable options to help supplement their incomes during retirement. Because there has been such a notable rise, it is a good time to ask yourself if a reverse mortgage would work for you. In today’s blog, Family Home Loan Texas discusses the benefits of these loans and how to know if it is the best option for you. (more…)

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…)