In this country, and in North Texas in particular, housing often plays an important role in a financial portfolio. As you age, it is important to make positive decisions with how you manage your money, and when a significant portion of your net worth tied up in your home, it can make things a bit tougher for you. A HECM loan form of reverse mortgage is a way to convert your home’s equity into cash that can be used for a variety of purposes.
When it is time to discuss your future, talk to our team at Family Home Loan Texas in Frisco, TX about your options. HECM loans are becoming an important part of many seniors’ financial plans for aging in place or enjoying their retirement, and they may be your next step. There are many myths and misconceptions about this process, so speak with your financial advisor and learn about how reverse mortgages operate. To find out more about your possibilities, give us a call today!
What Is A HECM Loan Form Of Reverse Mortgage?
While you might have seen a commercial for reverse mortgages, have you ever sat down to learn how they actually work? There has been a lot of chatter about them over the last few years, and it is important to gather your information from a reputable and trusted source. This is why it is helpful to speak with your financial advisor about what they do and how they could fit into your retirement plans.
With a HECM loan reverse mortgage, you have a solution that is backed by the Federal Housing Administration. You retain the deed to your home the entire time, and you can decide how to pay off the loan when you move out of the house. These loans are only available to those who have reached the age of 62, however, and there are some restrictions about how the proceeds are spent. Talk to our team to learn more about reverse mortgages.
Converting Your Home’s Equity Can Help You Find More Financial Flexibility
Reverse mortgages convert home equity into usable capital, which can bring possibilities in a number of ways. HECM loans can be used to make improvements to your current home so that you can continue living in a safe environment that suits you. They can also be used or other purposes, even the purchase of a second home, either for personal use or as an investment.
Learn More About HECM Loans With FHL Texas
When you are ready to talk about your options, give us a call. To find out more about how a HECM loan form of reverse mortgage could fit into your financial future, call FHL Texas in Frisco, TX at (214)447-7575!
