For many families in the Metroplex, a significant portion of their net worth is tied up in their home. With all of the changes in the economy, this can be a stable way to invest your money, but it unfortunately means that this capital is unavailable when it comes time to make an important investment. It also means that if you need these funds to fill out your retirement savings, you need an option to convert your home equity into cash that you can actually use.
At Family Home Loan Texas in Frisco, TX, we are a team of loan origination professionals that understands our community. We know the value that can come with a HECM loan form of reverse mortgage. These are a specific type of loan that helps you to convert your existing home’s equity into capital, and HECM loans are backed by the Federal Housing Administration, giving you the security when you need when you make a pivotal decision. This type of reverse mortgage is only available to those who have reached the age of 62, so if you are looking for a way to do more in retirement, talk to our team about all of your options!
What Is A Reverse Mortgage, And How Do They Work?
When you want to do more in retirement, it may seem like you have few options. Without reentering the workforce, how do you free up additional capital? This is a pressing question or many North Texas seniors, and HECM loan reverse mortgages are a primary avenue for these individuals.
Reverse mortgages help people who have reached the age of 62 to convert their home equity into cash that they can use. Unlike a traditional home loan, you do not have to pay this off with monthly payments to the lender. Instead, you can pay it back with the proceeds of the sale of the home when you decide to leave. Or if you prefer, you (or your heirs) can pay it back and continue to own the home.
Thinking About Using Your Home Equity To Purchase A Second Property?
With HECM loans, there are many different ways that you can decide to use your proceeds. The purchase of an additional home is one exciting possibility, as seniors are taking advantage of reverse mortgage proceeds to buy a second property. Whether you use this as a personal retreat or a way to generate passive income, you have the opportunity to use your capital how you see fit.
Find Out More With Family Home Loan Texas!
To find out more about the advantages of converting your home equity with a HECM loan, speak with our team at FHL Texas in Frisco, TX by calling (214)447-7575 today!
