Irvine Reverse Mortgage Lender
Citizens Lending Group has been trusted for years as an Irvine reverse mortgage lender and throughout the state of California. We believe in educating our customer about every possible option available to them when it comes to financial planning in retirement and this includes reverse mortgage loans.
Many retirees, especially in California, are not aware that the equity in their home is often enough to cover many of the surprise expenses that meet them later in life. Contact us today to learn more about Irvine reverse mortgage requirements, and how we can help you plan for a better retirement.
Irvine Reverse Mortgage Information You Can Use
Citizens Lending Group firmly believes in education, which is why we have come to be so well trusted by seniors throughout California. As you learn all about reverse mortgages, you are better equipped to make the best decision for yourself and your loved ones. Irvine reverse mortgage borrowers can make the most of their retirement by understanding how these loans work.
A reverse mortgage is not like a conventional loan. First, a reverse mortgage does not require you to make monthly payments. Many other types of financing or credit that seniors and their families seek to cover shortcomings in retirement actually increase the cost of living for seniors by requiring a monthly payment almost immediately after you receive the money. However, reverse mortgage eligibility requirements only state that you must be able to pay taxes and maintain your home for the duration of the loan. Your loan only has to be repaid after you move from your home permanently or sell your home. Irvine reverse mortgage borrowers can also elect to keep their home if they (or their families) pay the loan out of pocket when it becomes due.
Using a Reverse Mortgage for Purchasing a New California Home
Another thing to keep in mind is that Irvine reverse mortgage borrowers also have access to a reverse mortgage purchase option, which allows them to buy an entirely new home without adding to their cost of living. In this case, the reverse mortgage would pay for the new home from the sale of the senior’s current home while eliminating monthly mortgage payments and often leaving some money left for additional expenses. Then when you sell the new home or move the loan becomes due.
This is great for seniors who need a home that allows for improved mobility or is closer to family but do not want to make major renovations or add to their cost of living. This can be a great tool to help seniors achieve their goals of “aging in place”. A trustworthy Irvine reverse mortgage lender can help you determine if this loan is a good idea for your situation.
Contact Our Reverse Mortgage Lenders Irvine, California
Knowing which Irvine reverse mortgage lenders are trustworthy and transparent is important to making the best decision for your retirement finances. Citizens Lending Group has been trusted in California for years, and we will help you make the best decision for you and your family.
Contact our office today to learn more about reverse mortgage requirements and how we can be your best resource for retirement information.