There 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…)

A 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…)

There 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…)

Reverse 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…)

It 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…)

There 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…)

It has undoubtedly been a whirlwind of a year, and many of us are eagerly awaiting 2022. With that said, we are facing immense amounts of uncertainty, especially when it comes to finances. Because of this, it is important to take stock of your current financial situation and goals and see how you can meet them. If you are 62 years or older, a reverse mortgage could be a great way to gain the freedom to see your goals through and live comfortably — even amidst the uncertainty. In today’s blog, Family Home Loan Texas discusses how a reverse mortgage can factor into your financial planning for 2022.  (more…)

It has undoubtedly been a whirlwind of a year, and many of us are eagerly awaiting 2022. With that said, we are facing immense amounts of uncertainty, especially when it comes to finances. Because of this, it is important to take stock of your current financial situation and goals and see how you can meet them. If you are 62 years or older, a reverse mortgage could be a great way to gain the freedom to see your goals through and live comfortably — even amidst the uncertainty. In today’s blog, Family Home Loan Texas discusses how a reverse mortgage can factor into your financial planning for 2022.  (more…)

Selling a house is a big undertaking. It requires a lot of planning and patience, but for those that need it, it is well worth it in order to find a more appropriate home. For those who already have a reverse mortgage on their home, selling is quite a bit more complicated. In today’s blog, Family Home Loan Texas discusses what to expect when selling a home with a reverse mortgage.  (more…)