San Mateo County Reverse Mortgage Lender
If you are looking for San Mateo County reverse mortgage information, you are in the right place. At Citizens Lending Group, we are committed to offering San Mateo County residents the most up-to-date information on reverse mortgages to ensure you have all the facts needed to make an informed financial decision during your retirement years. This is why so many San Mateo County reverse mortgage borrowers turn to us to ensure they make the best decision for themselves and their loved ones.
If you are experiencing financial difficulties during your retirement or need to make a change in life, a reverse mortgage can offer the freedom you need. To learn more about San Mateo County reverse mortgage requirements, please contact us today.
San Mateo County Reverse Mortgage Facts
To give you peace of mind, it is a good idea to have a clear understanding of reverse mortgage facts and the advantages when it comes to reverse mortgages. For example, you may believe that to repay this loan, you must sell your home. While it is true that you must repay the loan if you sell the home or move out of it, you or your heirs have the option of doing this out of pocket. This means that you are NOT required to sell your home and can, in fact, leave it for family members to enjoy after you are gone if they can repay the loan out of pocket.
San Mateo County reverse mortgage rules also state that you can never be made to pay back more than the home’s fair market value. The bank’s mortgage insurance will cover all other costs.
Additionally, some may believe that lines of credit prove to have more advantages in their later years. However, most of these forms of credit can be closed due to lack of use. This is far more common than you might think for senior residents of San Mateo County who only use lines of credit for extra emergencies. For many seniors, retirement and Social Security offer the day-to-day financial stability they need. Only in a significant emergency do they touch their lines of credit. As a result, they may go years, even decades, without touching their credit, resulting in these lines being closed without notice. However, a reverse mortgage line of credit will never close from lack of use. You also have several options for how to receive reverse mortgage proceeds to fit your particular financial needs.
Dispersal of Loans: Reverse Mortgage Payment Options
Reverse mortgages are tied to your home’s equity and can be dispersed as a line of credit, as a single onetime payment, or as monthly payments for a given period of time. Therefore, you will have the money available to you when you need it, and it only goes down if and when you spend it. For many retired seniors, this proves to be a significant advantage in an emergency. The money is there and readily available.
Contact Our San Mateo County Reverse Mortgage Experts
If you have questions about a San Mateo County reverse mortgage, our experienced lenders can help you make the best decision for your financial needs.
Over the years, we have built a reputation for trust and honesty with retirees throughout California. Now, it is our turn to help you. If you are looking for a San Mateo County reverse mortgage lender or have any questions regarding reverse mortgage requirements, contact 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.