Contact Citizens Lending Group today to learn more about reverse mortgage requirements and if a reverse mortgage is right for you.
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Where Can I Get FREE Information?
Contact a reverse mortgage expert to get more information on reverse mortgages and find out if one is right for you.
How do Reverse Mortgage Loans Work?
Reverse mortgages can help seniors earn tax free income for retirement. How you use the money is up to you!
What are the Requirements for a Reverse Mortgage Loan?
Reverse mortgages are available to seniors 62 years and older who own and live in their home as their primary residence.
Garden Grove Reverse Mortgage
It is one thing to study, listen, and try to learn as much as possible about reverse mortgage solutions, but quite another to see the process in front of you in basic terms. Here are a few examples of challenges illustrating how a reverse mortgage can be the right choice. Contact us to learn about these reverse mortgage examples as well as reverse mortgage requirements to help you decide if a reverse mortgage is right for you.
A Few Common Reverse Mortgage Solutions
Reverse Mortgage Example #1
The Challenge: John Bosworth, 72, is a widower and lives alone in his home. Like some other seniors, John is finding it difficult to keep up with all his expenses and often cannot find the funds to make regular payments. He has a pension and gets Social Security income each month, but still finds things difficult.
The Solution: John contacts a professional and completes the process for a Tax Free* Reverse Mortgage solution. He gets his money in a lump sum and uses it to pay off his current home mortgage. With the additional cash each month thanks to the elimination of his mortgage payment, he can afford his bills and living expenses.
Reverse Mortgage Example #2
The Challenge: Craig Jenkins is 82 and his wife Sylvia Jenkins is 79. Since reverse mortgage solutions are based on the youngest homeowner, Sylvia’s age is used. Since both of them take medication to maintain their health, it is sometimes difficult to come up with the money they need to enjoy the quality of life they desire.
The Solution: Craig and Sylvia obtain a Tax Free* Reverse Mortgage solution and choose the lump sum option. This reverse mortgage solution allows the homeowners to use the proceeds for medications and other important senior healthcare costs and expenses. With the help of this mortgage, they have more financial freedom and less stress.
Reverse Mortgage Example #3
The Challenge: Kathy Tobias, 63, and Rinaldi Tobias, 71, would like to travel around the United States in their RV, but they do not have the extra money in retirement. Gasoline and other travel expenses are too high.
The Solution: Kathy and Rinaldi get a Tax Free* Reverse Mortgage solution, based on Kathy’s age since she is younger. They get the extra cash flow each month to pay for gasoline and maintenance on the RV.
Reverse Mortgage Example #4
The Challenge: Gordon Penilla, 62 and Joanne Penilla, 65, have no major debts. They also have adequate income each month to live as they had planned in retirement. However, they would like to help with a grandchild’s college tuition and need additional funds for this purpose.
The Solution: Gordon and Joanne obtain a Tax Free* Reverse Mortgage line of equity. This reverse mortgage solution allows each grandparent to make a monetary gift to the grandchild. The amount each can gift is determined by current law.
Contact Us for a Customized Reverse Mortgage Solution
For customized reverse mortgage solutions and to learn about reverse mortgage requirements, contact us today! At Citizens Lending Group, we are here to help seniors achieve their financial goals by developing some of the best reverse mortgage solutions on the market.
*Be sure to check with your accountant to verify current tax laws and reverse mortgage tax implications.
Note 1: Proceeds from a reverse mortgage solution are based on age of the youngest homeowner, current interest rates, and amount of home equity.
Note 2: Rates can be locked in for 60 days, measured from the application date to the closing. Rates adjust each week on Tuesday (except federal holidays) and are valid until the next Monday.
Garden Grove, CA
Garden Grove is a city in northern Orange County, California, United States, located 34 miles southeast of the city of Los Angeles in the Los Angeles metropolitan area. The population was 171,949 at the 2020 United States Census.
The city has a distinct community within it, West Garden Grove, which is located in the westernmost portion of the city. It is connected to the rest of Garden Grove by a narrow strip of land that runs along Garden Grove Boulevard.
Garden Grove was founded by Alonzo Cook in 1874. A school district and Methodist church were organized that year. It remained a small rural crossroads until the arrival of the railroad in 1905. The rail connection helped the town prosper with crops of orange, walnuts, chili peppers and later strawberries. In 1933, much of the town’s central business district was destroyed by the Long Beach earthquake, and one person was killed. The post-World War II boom led to rapid development, and Garden Grove was incorporated as a city in 1956 with about 44,000 residents.
Garden Grove is 11.9 miles from Cerritos.
Garden Grove is 10.5 miles from Costa Mesa.
Garden Grove is 9.1 miles from Tustin.
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Copyright Citizens Lending Group - 1421 N Wanda Road #120-Z Orange, Ca 92867 - Reverse Mortgages in California
Loans made or arranged pursuant to Real Estate Corporation License Endorsement #01814249, California Bureau of Real Estate. NMLS #1109984
These materials are not from HUD or FHA and were not approved by HUD or a government agency.