If you are like many here in North Texas, then you have much of your net worth housed in your housing. While historically, real estate has been seen as a stable place to grow your finances, there might be another way that you would like to use your money. A HECM loan is a specific form of reverse mortgage loan to help you to convert your home’s equity into cash that you can use for a variety of purposes, and this is one that has the backing of the Federal Housing Administration.
When you want to know more about your financial options after reaching the age of 62, speak with our helpful financial team at Family Home Loan Texas in Frisco, TX. One of the most popular solutions for seniors is a reverse mortgage loan, and these can bring you benefits in a number of ways. A HECM loan form of a reverse mortgage can help you to boost your retirement account, giving you more financial flexibility, and some seniors are using this capital to invest in their home or even purchase additional property. To find out more about this opportunity, give us a call today!
How Do Reverse Mortgages Work?
These days, reverse mortgages are more common than ever before, but you still may have questions about how they operate. With this form of loan, it works a little bit differently than with a traditional home loan. Rather than paying off the terms of the loan with a monthly payment, you can enjoy your money now and pay it off with the proceeds from selling your house when you decide to move out.
Reverse mortgages are quickly becoming a popular solution for those who have reached the age of 62, but take some time to meet with your financial advisor before you make your decision.
Free Your Home’s Equity And Boost Your Savings
When you decide to convert your home’s equity into cash, it can provide you with opportunities. For some seniors, some additional capital can provide the security that they need to live a more comfortable existence.
Others are looking to put their money to work, and a HECM loan reverse mortgage brings possibilities here, as well. Some seniors have used the proceeds from their reverse mortgage to purchase a second home, and this property could be used for personal use or as a rental property.
Find Out More About HECM Loans With Family Home Loan Texas
If you are looking for a way to boost your retirement account, talk to our team about your options. To learn more about how reverse mortgage loans help you to convert your home’s equity into cash, give us a call at FHL Texas in Frisco, TX by calling (214)447-7575!
