If you have reached the age of 62, you have a new option to increase your financial flexibility. With a HECM loan form of reverse mortgage, you can convert your current home’s equity into cash that you can use how you see fit. Whether you are looking to enjoy your retirement or make an investment, a reverse mortgage can put your financial decisions in your hands. Some seniors are even using these loans to purchase a second home!
Here at Family Home Loan Texas in Frisco, TX, we understand the value of being able to make your own choices. We have also seen how HECM loans can help people to do just that. Talk to our team about your options and see if a reverse mortgage is right for you and your family. Give us a call today to schedule a time to meet!
What Exactly Is A Reverse Mortgage, Anyway?
If you have been hearing about reverse mortgages, you might have some questions. One of the first things that people want to know is what they are, and the second is how they work. These are completely understandable things to ask, and we are here to walk you through the entire process. Be sure to ask all of your questions in order to gain a full view of their value.
Reverse mortgages operate a little differently than do traditional home loans. With a standard home loan, you receive a payment from your lender in order to purchase a new house or condo, and then you need to pay it back with monthly mortgage payments. Reverse mortgages work in a different way, and they allow you to avoid those monthly installments. Instead, you can pay off the loan whenever you decide to leave the home.
Learn About Reverse Mortgages From A Trusted Source
When you want to know more about how reverse mortgages work, be sure to speak with a qualified financial professional about whether they could be an option to help you enjoy your retirement. There are common myths and misconceptions about these loans, so you want to have the facts from someone who knows what they are talking about.
A HECM loan is a type of reverse mortgage that is insured by the Federal Housing Administration, giving you the security of the United States government. With these, you retain the title to your home, and you can continue to live there for as long as you would like. When it comes time to leave, you can pay the loan back with the proceeds from the house, or with a separate payment.
Find Out More With Family Home Loan Texas!
Reverse mortgages are becoming a popular choice to help people manage their own money. To learn more about HECM loans, give us a call at FHL Texas in Frisco, TX by calling (214)447-7575!
