Pennsylvania Reverse Mortgage Lender
It is imperative to thoroughly plan out all aspects of your retirement in order to ensure you have the financial security to enjoy your golden years. The more you prepare, the more time you will have to enjoy life and create memories with loved ones. Although it is not always the first thing considered, a Pennsylvania reverse mortgage may be the perfect way to stretch your savings.
While a Pennsylvania reverse mortgage is not recommended for the sole purpose of taking lavish vacations during retirement (although many do use some of their loan money to enjoy life), it can help you keep your nest egg safely in the bank for emergencies and other long-term uses. This is the primary reason people look into reverse mortgages – to make certain they have the money they need to properly enjoy retirement.
Citizens Lending Group can provide reverse mortgage information for anyone in the state of Pennsylvania looking for guidance, including but not limited to seniors in:
- Upper Darby
- Lower Merion
- State College
Get in touch with the experts at Citizens Lending Group today to learn more about Pennsylvania reverse mortgage requirements and to find out if a reverse mortgage is right for you.
What You Should Know About a Pennsylvania Reverse Mortgage
Some people have valid concerns about reverse mortgages, but this generally stems from a lack of information. Mainly, a reverse mortgage is a tool that allows homeowners to convert their home equity into cash. What is great is that there are no mortgage payments due each month! Once you have a proper understanding about how a Pennsylvania reverse mortgage works, you will feel confident knowing that both the borrower and bank are just as equally protected.
In order to qualify for a Pennsylvania reverse mortgage, you will need to be able to afford all taxes and insurance on your home as well as regular maintenance with your current income or savings. This is to make sure you do not rely on your Pennsylvania reverse mortgage to pay for living expenses in order to avoid a foreclosure. You can also take comfort in knowing that Pennsylvania reverse mortgages are always federally insured. Additionally, when you sell your house, you will never be asked to repay more than your home is worth.
Many Pennsylvania reverse mortgage borrowers are happy to find out that they are not required to sell their house when the loan term ends. A common concern is that getting a reverse mortgage always means the bank will take the home after the borrower’s death. If that is your concern, it will be comforting to know that instead of selling your home to the bank, your family can choose to maintain ownership of the house by simply paying off the loan balance, therefore ensuring the home stays in the family.
Contact Us for More Information on Pennsylvania Reverse Mortgages
Give us a call to discover why Citizens Lending Group is a trusted name in the state of Pennsylvania when it comes to reverse mortgage lending. Our friendly and knowledgeable experts are dedicated to providing you with the best financial products and advice available. Our team will be happy to answer any questions you have about Pennsylvania reverse mortgage requirements and help you find out if a reverse mortgage is right for you.