For many people in North Texas, their net worth is housed in their housing. Our properties tend to play an outsized role in our finances in our area, and that can bring some decided advantages. It generally means a more stable growth than other avenues, and in the Metroplex, property valuations have skyrocketed over the last few years. But unfortunately, many of the same factors are making it tougher for older folks to stay in their homes as they age, and so they look to a solution; a HECM loan is one of those possibilities.
With our team at Family Home Loan Texas in Frisco, TX, you have a resource in the world of real estate. We understand that the landscape is shifting, and for people who have reached the age of 62, that sometimes means having a discussion about a reverse mortgage loan. HECM loans are specific types of reverse mortgages that have backing from the Federal Housing Administration, helping you to have a little extra security.
Your net worth tied up in your home? Ask whether a HECM loan reverse mortgage is right for you.
What Is A Reverse Mortgage, Exactly?
While they have been a hot subject of discussion for years, you might not have ever taken the time to really learn about what reverse mortgages can do. These are simple, non-recourse loans that offer cash in return for home equity. During the time that you continue to live in your home, you do not have to repay your loan, and you can choose to repay it when you leave the home through sale proceeds. Or if you stay there through the remainder of your life, your heirs can factor that into the future sale of the house.
Reverse mortgages are only available to people who have reached the age of 62, and there are some other stipulations, as well. So, if you’re ready to learn more about this form of loan, speak with your financial advisor to see if it’s right for your family. And if so, we’re here to help you learn about your options.
A HECM Loan Offers An FHA-Backed Reverse Mortgage Solution
When you look at reverse mortgages, take the time to understand the differences between them. With an FHA-backed HECM loan, you can convert home equity into cash to use how you see fit. Some seniors are using theirs to adjust their current home to meet their need as they age, but that’s not all you can do. Reverse mortgages can even be helpful in purchasing a second property closer to the grandkids.
Learn More With Family Home Loan Texas
If your net worth is tied up in your home, it can be tough trying to enjoy it. To start the conversation about a HECM loan, call FHL Texas in Frisco, TX at (214)447-7575.
