Oxnard Reverse Mortgage Lender
Citizens Lending Group has been a trusted Oxnard reverse mortgage lender for years. Many homeowners throughout the state of California have trusted us to help them live better in retirement and reach their retirement goals. We want to help you do the same.
We believe that the best thing Oxnard reverse mortgage borrowers can do is learn about all their options and the requirements for these loans before committing to a loan product. Education is important to make the best decisions for you and your family. Contact us today to learn more about Oxnard reverse mortgage requirements and how Citizens Lending Group can help you.
Important Oxnard Reverse Mortgage Information
The first and perhaps most important step in seeking a reverse mortgage is understanding reverse mortgage eligibility. We will provide a brief introduction here. For more in depth details, brows our website or contact a reverse mortgage loan specialist online or by phone today.
To be eligible for a reverse mortgage you must be at least 62 years old or older and own your home. Also, you must be able to prove that you can pay taxes, homeowners insurance, and maintain the condition of your home because your home serves at the collateral for the loan. There are no monthly payments required until the loan becomes due. At this time, you are not required to sell your home in order to repay the loan, but many people do decide to do this.
Oxnard reverse mortgage borrowers are often surprised by how much money they can receive with a reverse mortgage. The amount of money you can borrow is tied to the amount of equity you have in your home. The more valuable your home is and the more equity you have in your home, the more you can receive from a reverse mortgage. Unlike other lines of credit, a reverse mortgage amount cannot be reduced over time and you will not lose the loan if you do not use all the money right away.
Why You Need a Reverse Mortgage Loan
While there are many financial scenarios that you will encounter in your retirement that are good reasons to take out a reverse mortgage, there are also a handful of times when it may be more valuable to consider other forms of credit first. A qualified and trustworthy Oxnard reverse mortgage lender such as Citizens Lending Group is your best source for deciding when it is right for you to borrow.
Many Oxnard reverse mortgage borrowers opt to use their loan for things such as unexpected medical bills or home renovations to support aging in place. Many senior citizens find that their current home needs to be retrofitted or remodeled with ramps and handrails to fit their needs as they age. Another option is a reverse mortgage purchase, which allows you to buy a new home better suited to your needs rather than trying to make your current home work.
Contact Us for Your Oxnard Reverse Mortgage
Contact Citizens Lending Group today if you have any further questions about getting a reverse mortgage in Oxnard, CA or you have other questions about general reverse mortgage requirements.