
For many seniors, a substantial portion of their net worth is often invested into their home. While this is often seen as a fairly safe place to keep capital, it can limit your freedom to make decisions surrounding money. If you are age 62 or older, you have the option to convert your existing home equity into liquid funds through an FHA-backed HECM loan. This can help you to have more flexibility with your retirement savings, and can even be used to purchase a second home!
If you have been thinking about making a change, take some time to speak with our group of helpful financial advisors and loan originators at FHL Texas in Frisco, TX. With this form of home loan, you do not have to pay back the amount until you decide to leave your home, and you have the freedom to use your home equity how you wish. Whether you want to purchase another property for investment or to simply boost your retirement savings, an FHA-insured reverse mortgage can help you to decide how to use your money!
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