HECM Loans in Richardson, TX

What is a HECM Loan?

A Home Equity Conversion Mortgage (HECM) is an FHA-insured reverse mortgage designed for homeowners aged 62 and older. If you live in Plano, TX, a HECM loan allows you to access a portion of your home equity, providing you with financial flexibility while continuing to live in your home—without monthly mortgage payments.

Benefits of a HECM Loan:

• Retain Homeownership: Continue living in and owning your home.
• No Monthly Mortgage Payments: Enjoy your retirement without the burden of traditional mortgage payments.
• Government Insured: HECM loans are insured by the Federal Housing Administration (FHA), providing you with peace of mind.
• Use the Funds as You Choose: Pay off debt, cover medical expenses, make home improvements, or enjoy your retirement.
  

HECM Loan Protections and Qualifications:

• You Keep the Title: Your home remains yours as long as you meet the loan obligations.
• Heir Protection: Your heirs can retain the home by paying 95% of its appraised value, even if the loan balance exceeds its worth.
• Loan Repayment: The loan is repaid only when the home is sold, the last borrower leaves, or loan terms aren’t met.
• Obligations: Borrowers must pay property taxes, homeowner’s insurance, and maintain the property in good condition to remain compliant.

Access Your Home Equity with a HECM Loan 

Are you struggling to keep up with expenses in retirement? A HECM loan can provide you with the funds you need to live comfortably in your own home.

Why Choose a HECM Loan?

Imagine staying in the home you’ve cherished for years while unlocking its value to create financial security in retirement. Whether it’s handling everyday expenses or planning for the future, a HECM loan offers the flexibility to live life on your terms.

Contact Ken Andreas Today

Ken Andreas is a reverse mortgage specialist in Richardson, TX, who can help you understand if a HECM loan is right for you. Contact him today for a free, no-obligation consultation.

This advertisement does not constitute financial advice. Please consult a financial advisor regarding your specific situation. There are some circumstances that will cause the loan to mature and the balance to become due and payable. Borrowers are still responsible for paying property taxes, homeowner’s insurance and maintaining the property to HUD standards. Failure to do so could make the loan due and payable. Credit is subject to age, income standards, credit history, and property qualifications. Program rates, fees, terms, and conditions are not available in all states and subject to change.

Borrowers should seek professional tax advice regarding reverse mortgage proceeds.