Aging In Place With A HECM Loan

Housing in North Texas has become increasingly more expensive over the last few years, and that has made it more difficult for some seniors in the Metroplex to continue to afford living in their current homes. So, if aging in place is becoming tougher for individuals, what are some tools that are available to improve outcomes for our seniors? HECM loans are becoming a helpful resource for our aging population, providing a solution by converting existing home equity into usable capital for everyday investments and important home investments.

At Family Home Loan Texas in Frisco, TX, you have a dedicated guide to the world of reverse mortgage loans. HECM loans are a specific type of reverse mortgage loan that is insured by the Federal Housing Administration, giving you added peace of mind in your decision. By converting home equity into capital, it can be a helpful too in boosting retirement accounts or paying off the rest of a traditional mortgage loan. To find out more about how HECM loans are helping some seniors to age in place gracefully, give us a call today!

What Is A HECM Loan, And What Does It Do?

A HECM loan is a specific form of reverse mortgage loan that is backed by the Federal Housing Administration. These loans are also regulated by the FHA, so you know that they have been vetted by the federal government. These are the most popular reverse mortgages in America, and they help people who have reached the age of 62 to convert their existing home equity into cash that they can use for a variety of purposes.

Unlike with a traditional home loan, you do not have to repay a reverse mortgage every month. Instead, you can pay off the loan when you decide to move out and sell the property. Mortgage payments are not required as long as you maintain this property as your primary residence and you continue to pay your property taxes.