Santa Ana Reverse Mortgage Lender
Citizens Lending Group wants to help all California retirees get the most from the later years of their life. Financial burdens should not keep you from enjoying your retirement. However, many retirees in and around the Santa Ana area are not always aware of all the financial options available to them. As a trusted Santa Ana reverse mortgage lender, Citizens Lending Group can help educate you about what is available to help you cover unexpected expenses or spend more time with family.
Contact us today if you are considering a reverse mortgage and have questions about Santa Ana reverse mortgage requirements.
Santa Ana Reverse Mortgage Information
It is important to weigh the risks and benefits of any financial decision, but even more so during your retirement. Not only do decisions you make now affect your quality of life, they could have lasting impacts for your children or relatives after you are gone. Fortunately, Santa Ana reverse mortgage rules help make these kinds of loans some of the most secure financial choices you can make.
To begin with, a reverse mortgage does not require you to make monthly payments after you have initiated the loan like other lines of credit or types of loans. A reverse mortgage only has to be repaid when you sell your home or when the last remaining borrower no longer lives there. Until then, you are free to use the money you are eligible for, either as a lump sum or as an annuity, however you like.
It is worth noting that a reverse mortgage has to be repaid when you sell your home or are no longer living in it as your primary residence, but you do not have to sell your home to repay the loan. You can choose to repay the loan out of pocket or your surviving relatives can do so if you elect to leave them your house as part of your estate. A qualified Santa Ana reverse mortgage specialist can help you make the best decision on what is right for your family.
It is also possible to use your Santa Ana reverse mortgage to buy a new home using a process called a reverse mortgage purchase. In this case, you can buy a home without having a monthly payment. All other rules about repaying the loan apply the same as with a standard reverse mortgage.
It is also important to note that you must be at least relatively financially stable before seeking a reverse mortgage. Because your home is your collateral, you must be able to prove that you can maintain the home and pay taxes based on your existing income.
Contact Us to Learn More About Santa Ana Reverse Mortgages
At Citizens Lending Group, we strive to be the Santa Ana reverse mortgage lender you trust. We know there are many questions that even our website cannot answer so we invite you to contact one of our professionals in California today. Call us with any questions you have and to learn more about how Santa Ana reverse mortgage requirements affect you.