Reverse Mortgage Facts: A Family Perspective
At Citizens Lending Group, we consider it very important for both our customers and their families to be properly informed about all the reverse mortgage facts before making a decision. We have designed this page to inform both retirees and their families about the important details of how a reverse mortgage can contribute to their financial future.
Families living in California, Pennsylvania, and Florida should contact us today to learn more about reverse mortgage facts as well as reverse mortgage requirements in order to find out if a reverse mortgage is right for them.
Reverse Mortgage Facts That Affect Your Family
It is important to understand that a reverse mortgage is a major financial decision that has future implications for both the borrower and your family. As you and your family research and learn all about reverse mortgages you will likely have many questions. Below are some reverse mortgage facts to help you understand the answers to common questions you may have:
Reverse Mortgage Repayment Facts
You may have questions about what happens at the end of the mortgage. You may have read that reverse mortgages must be repaid at the time the last borrower passes away or moves out of their home. Often times it is believed that at this time, you must sell your house to repay the bank you borrowed from. While this is typically the scenario many people choose, others hope to pass their home down to their children.
One of the little known reverse mortgage facts is that there is no requirement for you to sell your home. Your heirs can work together to pay off the loan without selling the home if you would like for it to be passed down.
You Will Never Owe More than the Home Is Worth
Another question that families often ask is about the ability to repay a loan if you do decide to sell your home. Having recently come off a very volatile time in the housing market, families worry that their home may suddenly lose value and they will have to pay back more than they can get from the sell of their home.
However, an important reverse mortgage fact to understand is that you will never have to pay back more than the house is worth regardless of how much you borrow. A reverse mortgage is known as a “non-recourse” loan, which means the FHA insures the loan for any amount greater than the fair market value of the house. Qualified reverse mortgage lenders can tell you all about this particular detail.
Contact Us to Learn More About Reverse Mortgage Facts Your Family Should Know
Reverse mortgage facts can often be difficult to separate from fiction. However, it is important that you and your family have the details that pertain to your situation. When looking up reverse mortgage facts, be sure to get the correct information about how the loan is paid for. Remember, seniors are not required to make ongoing monthly payments with a reverse mortgage, but rather the loan is paid in full when the last borrower is no longer living in the home. This makes it easier for many seniors to age in place, and for their families to have peace of mind about their loved one’s safety and comfort.
If there are any reverse mortgage facts you encounter in your research that you are unsure about, contact the experts at Citizens Lending Group today. Our qualified Florida, Pennsylvania, and California reverse mortgage experts are here help you with questions about reverse mortgage requirements or any other issues you may have.