Fresno Reverse Mortgage Lender
At Citizens Lending Group, we know that the financial decisions you make in retirement are some of the most important and most stressful that you will make in your life. You are trying to enjoy the life you have earned in your working years and you want to make sure you are not leaving any complications behind for your family after you are gone.
Citizens Lending Group has been a Fresno reverse mortgage lender for years, and we know that education is essential to making the best choices for your financial future. Contact us in California today to learn more about Fresno reverse mortgage requirements and to find out if a reverse mortgage is right for you.
Fresno Reverse Mortgage Information
The most important first step for seniors in Fresno, CA considering a reverse mortgage is to understand completely how these loans work. The more you know all about reverse mortgages, the more you can make the best decision for you and your loved ones.
A reverse mortgage is a loan that gives you access to the equity you have built up in your home over the years. Equity is the difference between the outstanding balance on your standard mortgage and how much your home is worth on the market. Not only does your equity go up as you make payments, it also goes up as the market value of your home goes up. Thanks to this, Fresno reverse mortgage borrowers often find they have more equity than they realized.
A reverse mortgage lets you keep your home and no monthly payments are required until the loan becomes due. You simply have to maintain your home in good standing by paying all taxes, HOA or other fees, as well as be able to afford regular upkeep on your available income before the loan. This is to make sure that you can afford to stay in your home for the life of the mortgage and it protects both you and the bank. A Fresno reverse mortgage lender can help you evaluate your current financial situation to make sure you are eligible.
A reverse mortgage must be repaid when the last borrower dies or moves from the home. At this time, the reverse mortgage most also be repaid. The repayment often comes from the sale of the home. However, some Fresno reverse mortgage borrowers elect to leave their home to their children. In that case, the children are required to repay the loan out of pocket or sell the home. Unlike many other financial security products and options for retirees, a reverse mortgage gives the borrower the most options to control how they want to repay the money.
Contact Us to Learn More About Fresno Reverse Mortgage Rules & Requirements
Knowing exactly what the benefits and risks for reverse mortgages are is essential when considering your options. As a long-time lender for California residents, Citizens Lending Group wants you to make the best choice for you and your family. Contact us today if you have questions about the risks and benefits of reverse mortgages or if you have any other questions related to Fresno reverse mortgage requirements.