HECM Loans
FHA-Insured Reverse Mortgage Solutions
Home Equity Conversion Mortgages (HECM) are government-insured reverse mortgages designed to help eligible homeowners aged 62 and older access the equity in their homes. HECM loans provide flexible options to supplement retirement income, pay for healthcare, or cover other expenses while allowing homeowners to remain in their homes.
With Tom Spaniel Reverse Mortgage, we guide clients through the entire HECM process, ensuring a clear understanding of eligibility, program requirements, and financial implications. Our goal is to make the experience seamless and educational so you can make informed decisions about your retirement planning.
How HECM Loans Work
HECM loans allow homeowners to convert a portion of their home equity into cash without monthly mortgage payments. Borrowers can receive funds as a lump sum, line of credit, or monthly payments depending on their needs and financial goals.
The loan is repaid only when the borrower moves out, sells the home, or passes away. This program provides a secure way to access home equity while preserving homeownership and maintaining financial flexibility during retirement.
Eligibility Requirements
To qualify for a HECM loan, at least one borrower must be 62 years or older and occupy the home as their primary residence. The property must meet FHA requirements, and borrowers must maintain the home, pay property taxes, and carry homeowners insurance.
In addition, HECM borrowers are required to complete HUD-approved counseling to ensure they understand their rights and responsibilities. At Tom Spaniel Reverse Mortgage, we assist with all counseling and documentation to simplify the process.
Financial Flexibility and Retirement Planning
HECM loans allow homeowners to supplement fixed income and manage retirement expenses without dipping into savings or investment accounts. Funds can be used for medical costs, home improvements, travel, or other lifestyle needs.
By eliminating monthly mortgage payments, HECM loans provide more financial breathing room, helping retirees achieve greater security and independence. We work with each client to structure the loan to support long-term goals responsibly.
Expert Guidance for HECM Loans in Texas
Navigating HECM loans requires knowledge of both FHA guidelines and local Texas housing markets. With Tom Spaniel Reverse Mortgage, homeowners in Dallas, Austin, Houston, San Antonio, and Highland Park receive personalized guidance throughout the loan process.
We ensure clients understand program terms, funding options, and obligations while providing ongoing support. Our focus is on transparency, compliance, and helping homeowners make decisions that maximize financial security in retirement.
