Learn More About Reverse Mortgage Loan Requirements: Contact Us
If you would like to learn more about reverse mortgage requirements and if a reverse mortgage is right for you, please use our convenient reverse mortgage calculator to get the basics of reverse mortgage requirements. You can also contact us directly so we can help you plan the perfect way to manage or upgrade your retirement years. Our experienced staff of California, Florida, and Pennsylvania reverse mortgage loan officers are here to help.
Contact Citizens Lending Group
Learn More About Reverse Mortgage Requirements from Citizens Lending Group
When it is time to find out more about reverse mortgage requirements, be sure to contact a company that has the experience and knowledge to help you make the best choice. With more than 50 years of experience in the California, Pennsylvania, and Florida loan industry, we are specialists in the reverse mortgage process.
A reverse mortgage is beneficial only if the potential borrower and the mortgage lender talk openly and develop a solid working relationship. The discussion must be based on trust, and we at Citizens Lending Group strive to build that trust. Our Consumer Business Alliance rating is AAA, which comes from our dedication to serving each client with which we work to the best of our abilities.
We work every day to use our experience to further consumer education, and take the all the time necessary to make sure you get the answers to your questions about reverse mortgage requirements and how reverse mortgages work.
Basic Reverse Mortgage Requirements & Information
The following is some basic reverse mortgage information to help you understand more about reverse mortgage requirements and benefits:
- You can use the money from a reverse mortgage to enjoy your retirement years.
- Payments on a reverse mortgage are not due until the borrower passes away or no longer lives in the home assuming all other reverse mortgage requirements are met.
- Insurance, maintenance costs, and property taxes remain the responsibility of the borrower.
- At least one homeowner must be 62 years of age or older to qualify (the other spouse can be younger than 62).
- Proceeds from a reverse mortgage are tax-free and are yours to use as you see fit (check with your mortgage specialist about tax implications).
- Seniors can choose to receive the proceeds from a reverse mortgage in a lump sum, as a line of credit, or in monthly payments.
In addition to these revere mortgage requirements and basics, another reverse mortgage requirement is that all HECM loans require a meeting in person or by phone with an independent HUD approved counselor to determine the borrower's needs. This will help ensure that seniors make the right choice for their financial future and allows them to review and consider details of costs, how payments can be arranged, and more, all of which are key to a successful reverse mortgage plan.
To learn more about the requirements of reverse mortgages and to begin the process, contact us online or by phone today!