Sacramento Reverse Mortgage Lender
One of the most important decisions you can make is how to spend your retirement. Travel, family, relaxation, these items top most retirees’ lists of priorities. Unfortunately, other events and unexpected expenses can complicate these priorities. A licensed Sacramento reverse mortgage lender can help you make the financial plans you need to weather unexpected costs during retirement so that you can follow your true priorities. Citizens Lending Group has been licensed in California for years and knows how to provide key resources for retirees. Contact us today to learn more about Sacramento reverse mortgage requirements and to find out if a reverse mortgage is right for you.
Sacramento Reverse Mortgage Information
The first step to solving any financial worries that arise in retirement is to be thoroughly educated on the financial options available to you. A Sacramento reverse mortgage can be an important tool to help you handle and prepare for any unexpected expenses in retirement.
A reverse mortgage is a special type of loan for seniors that is based on the borrower’s home equity while offering the unique solution of not requiring monthly payments and letting the owners stay in their home. The advantage of taking out a loan like this from a licensed Sacramento reverse mortgage lender is that you will have access to money that you have been paying towards your mortgage your entire life. Unlike other forms of credit, this money will be yours to spend as you need without increasing your cost of living with monthly payments.
Additionally, there are several rules in place that help make these loans safe for seniors and guarantee financial stability. For example, every Sacramento reverse mortgage requires that the borrower be able to maintain their home and pay all taxes from their existing income. This is because the loan requires you to stay in your home and the bank must be able to prove that you can do everything necessary to keep the home in good standing. This protects both you and the bank from a financial product that may be too costly for your means.
Additionally, while a reverse mortgage has to be repaid when the home is sold or when the last borrower moves away or becomes deceased, a Sacramento reverse mortgage does not require you to sell your home when it is time to repay the loan. Many families wish for their home to remain in the family and are worried about this aspect of reverse mortgages. However, your surviving family can simply pay off the loan out of pocket if they wish to keep the home for generations to come.
Contact Us To Learn More About Sacramento Reverse Mortgages
At Citizens Lending Group, we have helped many retirees and seniors throughout California cope with unexpected medical bills and home maintenance costs through the use of reverse mortgages. We find that reverse mortgages are a great solution for many in these situations. Contact us today to learn more about Sacramento reverse mortgage requirements and to find out if a reverse mortgage is right for you.