San Jose Reverse Mortgage Lender
Understanding the local housing market is not just important for people looking to buy and sell real estate. It is important for retirees who own their homes as well. All throughout the Bay Area, housing prices are on the rise. As other living expenses rise as well, many senior citizens may not be aware that they have more money than they realize in the equity that they have built up in their homes. Reverse mortgages allow seniors to take advantage of the rising housing market while remaining in their current home. Citizens Lending Group has years of experience working in the California housing markets. Contact us today to learn more about San Jose reverse mortgage requirements and to find out if a reverse mortgage loan is right for you.
San Jose Reverse Mortgage Information
One of the most important things you can do before making any financial changes during retirement is to learn all about reverse mortgages. Reverse mortgages can help you take advantage of the equity in your home and finance your retirement with low risk, especially in areas where housing prices have risen in recent years. A San Jose reverse mortgage broker will be your best resource for helping you find out exactly what your home is worth and how a reverse mortgage can help.
What You Need to Know About Reverse Mortgages
Here are some brief facts about reverse mortgage loans that could be particularly valuable to San Jose reverse mortgage borrowers.
First, a reverse mortgage is tied to your current home equity, not the price you originally paid for your home. This is good for most seniors because home prices have risen over the years. Depending on your situation, you may be able to borrow even more than you ever paid for your home. Additionally, San Jose reverse mortgage rules prevent you from ever having to pay back more than your home value at the time the loan must be repaid. Reverse mortgages are federally insured. Any price difference not made up by the selling price of the home is paid for by the lender’s insurance.
Additionally, many San Jose reverse mortgage borrowers are worried that they will lose their home at the end of the mortgage. This is not always the case. While it is required that the loan be repaid when you no longer live in the home or when the house is sold, your children or relatives could opt to repay the loan out of pocket if they wish to keep the home instead.
Contact Us Today with Your San Jose Reverse Mortgage Questions
If you are considering a San Jose reverse mortgage, the most important thing you can do is to learn everything you can about how this financial decision can affect your retirement. At Citizens Lending Group, we want all of our borrowers to have access to relevant and accurate information. Contact us today to learn more about San Jose reverse mortgage requirements and how this type of loan could greatly improve your quality of life after retirement.