California Reverse Mortgage

General Information from a Leading California Reverse Mortgage Lender

Money worries often haunt those approaching retirement; this is why it is wise to create a solid financial plan for the future. Potential California reverse mortgage borrowers wishing to benefit from their home equity should contact an expert reverse mortgage lender. A reputable lender will explain how a reverse mortgage works and inform you of California reverse mortgage rules. A leading lender can help you to refinance your home successfully while ensuring that you make the best choice for your future.

Though working with a professional is a necessity, we have put together some basic information on California reverse mortgages, so you can make the best decisions as you find a lender.

Requirements for a California Reverse Mortgage

There are some basic requirements for a reverse mortgage. For example, in order to qualify for a reverse mortgage loan, a California reverse mortgage borrower must own the home, live in the home as a primary residence, and be at least 62 or older. You should also, learn all the facts about a reverse mortgage before taking out a California reverse mortgage. Here are some important aspects to consider:

• A reverse mortgage must be repaid in full when the final borrower no longer resides in the property
• This type of home loan is always repaid in full if the property is sold
• Couples beware. Certain lenders may try to put the loan in the oldest applicant’s name only. This helps lenders to recover their money faster, but can lead to complications if not carefully considered
• Though the original standard mortgage may be in one name only, legally, both spouses’ names can be placed on a reverse mortgage

The best California reverse mortgage lenders will explain how this type of loan could affect your nearest and dearest. For instance, it is important to know what impact a reverse mortgage loan will have on your spouse or your children. Naturally, you want the best for your family, so feel free to contact Citizens Lending Group for further information on how California reverse mortgages work and how they can affect your heirs.

A Specialized Reverse Mortgage Lender in California

At Citizens Lending Group, we serve seniors throughout the state of California. This includes providing: