Thinking of retiring soon? It is important to make sure that you have put yourself on the right financial path. If you are like many people in North Texas, then a big portion of your net worth is housed in your housing, and that can sometimes make it tough to make these big decisions. If you are looking to retire in place, then it may be time to talk to a financial professional about whether a HECM loan reverse mortgage is right for you.
Here at Family Home Loan Texas in Frisco, TX, we understand the world of reverse mortgages, and we are proud to help older DFW individuals discover their options. Many people across the country are using these simple non-recourse loans to provide more financial flexibility in retirement, and they might be an option that suits your needs. HECM loans are backed by the FHA, giving you the security of the federal government in your reverse mortgage.
To find out more about HECM loans and retiring in place, call us today!
What Is A Reverse Mortgage Loan?
You may have heard about reverse mortgages, but never took the time to learn how they really work. These are loans designed to help seniors to unlock the potential of their home equity by converting it into capital that they can use for a variety of purposes. There are many myths and misconceptions about these loans, but they are becoming a key tool for our older population, especially those who want to retire in place.
There are some rules related to reverse mortgages, such as having to have reached the age of 62. You also need to own and primarily occupy this residence. It is important to talk with a trusted financial advisor first before you make any decisions, and if you have further questions, give us a call. We can help you to understand the requirements of HECM loan reverse mortgages
HECM Loans As A Retire In Place Tool
When you retire, you need to plan for your future. Housing is always a significant component of this discussion, and for older people, it often means choosing between moving to a designated retirement community or staying in the home. Those who stay have chosen to “retire in place,” and while it may seem more economical, there are things to keep in mind.
As you age, you might need to make some adjustments to your home. HECM loans provide an avenue for the placement of a ramp or a new, more accessible shower. They can also be a way to pay off your existing mortgage, so you can focus more on what counts.
Learn More About HECM Loans
Thinking about your retirement plans? If your goal is to retire in place, ask our team about whether an HECM loan might be your solution. To find out more about reverse mortgage loans, call FHL Texas in Frisco, TX at (214)447-7575!
