Are you looking to expand your portfolio with the addition of a second home? Passive income with rental property has become an avenue for wealth growth for many individuals, including seniors who want to have a stable way of earning extra income. If you are in the market for a new home but are not sure about the process of obtaining a second mortgage, reach out to a team of trusted financial advisors during your search.
With FHL Texas in Frisco, TX, you can feel comfortable knowing that you have a dedicated mortgage advisor to help you make the important decisions. Schedule an appointment with one of our loan originators and be sure to ask all of your questions. We are here to give you the opportunity to increase your portfolio with a second home, either for rental or for personal use. Give us a call and start your path today!
What Is Your Goal In Buying An Additional Property?
For people looking to purchase a second home, there are usually two primary reasons. Either you are looking for an investment for passive income, or you are wanting a vacation home that you can enjoy while still using it as a stable way to maintain your savings. In both of these situations, your experience might be a little different than with your first home. There are distinct factors that come into play with a second home, so reach out to a team of mortgage advisors about your options in this scenario.
Using A HECM Loan To Finance A Second Home
One exciting method that people are using to buy additional property is with a HECM loan, commonly known as a reverse mortgage. You may have heard some myths and misconceptions about these loans, but the reality is that they can be a help for seniors. You can also use one of these loans to purchase a second home!
A HECM loan operates in a different way than with traditional home loans, and it is only available to homeowners over the age of 62 and older. Your lender will pay you for a portion of your home’s equity, and you can pay this back over time. You will need to pay it back in the event that you permanently move out of your current home or decide to sell it. In the meantime, though, you can use this capital to purchase a home for rental, allowing you to increase your portfolio while earning passive income.
Talk To FHL Texas About Financing For Your Second Home
If you are in the market for a second home, but you just don’t know where to start, give us a call! Talk to FHL Texas in Frisco, TX with a call to 1-800-990-LEND(5363)!
