San Luis Obispo Reverse Mortgage Lenders
When it comes to your senior years, it is extremely important to properly plan all aspects of your retirement, as you want to ensure your finances enable you to enjoy your golden years. The more prepared you are with your finances, the more time you will have to create memories with your friends, family, and loved ones. Although not many people think about it, a San Luis Obispo reverse mortgage may be just what is needed to stretch your savings. While a San Luis Obispo reverse mortgage is not recommended just so you can enjoy lavish vacations in 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 long-term use. This is the main reason that San Luis Obispo seniors turn to reverse mortgages – to ensure they have enough money to live and enjoy their later years.
Contact the experts at Citizens Lending Group today to learn more about San Luis Obispo reverse mortgage requirements and to find out if a reverse mortgage loan is right for you.
Acquiring a San Luis Obispo Reverse Mortgage
In general, reverse mortgages are tools that allow senior homeowners to convert home equity into cash. The best part is that there are no mortgage payments due each month. Once you understand how a San Luis Obispo reverse mortgage works you will see that the borrower and the bank are equally protected.
Before you can qualify for a San Luis Obispo reverse mortgage, you will need to own your home, live in the home as your primary residence, and be at least 62 or older. You will also need to pay off current taxes and take care of any and all maintenance problems inside and outside your home. This is to protect you from taking a loan you cannot afford. Every reverse mortgage value will depend upon the equity in the home as well as the current market value of the home. San Luis Obispo reverse mortgages are always federally insured. Furthermore, when the loan becomes due, the bank will never ask you (or your heirs) to repay more than the value of your home.
Many San Luis Obispo reverse mortgage borrowers are happy to learn that they do not have to sell their house when the loan term ends. Some worry that getting a reverse mortgage always means the bank gets your home when you die. It is a comfort for many to know that instead of selling their home to the bank, families can opt to keep the home by simply paying off the loan, thus ensuring there is a home for future family members.
San Luis Obispo reverse mortgages are also a great way for seniors to remove a financial burden from the rest of the family left behind after a death. Your home becomes your collateral, protecting you from passing financial issues onto your loved ones.
Contact Us for More San Luis Obispo Reverse Mortgage Information
Call us today to find out why Citizens Lending Group is a trusted name in the state of California when it comes to reverse mortgage lending. Our knowledgeable experts are dedicated to giving you the greatest financial products and advice they can. Our friendly representatives will be happy to answer any questions you have about San Luis Obispo reverse mortgage requirements and help you find out if a reverse mortgage is right for you, so get in touch with us today!
Copyright Citizens Lending Group - 3455 East La Palma Avenue #102, Anaheim, CA 92806 - Reverse Mortgages in California
Loans made or arranged pursuant to Real Estate Corporation License Endorsement #01814249, California Bureau of Real Estate (877) 373-4542. NMLS #1109984
These materials are not from HUD or FHA and were not approved by HUD or a government agency.