Wilmington Reverse Mortgage

Important Facts About Wilmington Reverse Mortgages

A common benefit about Wilmington reverse mortgages that many do not realize is that you won’t have to sell your home. That is one of the main anxieties potential clients have until they understand all the benefits of reverse mortgage loans for their home in Wilmington, CA. Reverse mortgages require you to repay the loan if you sell your home or move away, but you or your family are free to do that out of pocket, and you can keep the home for your family to enjoy.

In addition, Wilmington reverse mortgage rules protect seniors and their heirs by preventing you from ever paying back more than a property’s fair market value. The bank’s mortgage insurance covers all other costs involved. 

Additionally, a Wilmington reverse mortgage has another advantage over most other forms of credit available to seniors in that it won’t be closed for lack of use. That can be a common occurrence for potential Wilmington reverse mortgage clients, who have found their pension and Social Security sufficient for their day-to-day financial needs.

Lack of use becomes an issue for many seeking a source of credit when a financial emergency arises later in life. People who need their lines of credit most find they have been closed, often without notice, placing them in difficult financial situations. However, with a reverse mortgage, once you have signed the loan agreement, the amount of money available to you only reduces if and when you spend it.

Reverse mortgages are tied to your home equity and can be dispersed over time in a variety of payment schedules. You can choose to receive the loan proceeds in a lump sum payment, a line of credit, regular monthly payments, or some combination. Our qualified Wilmington reverse mortgage lenders can explain more about these options, and advise you on which option is best for you.

Contact a Trustworthy Wilmington Reverse Mortgage Lender

At Citizens Lending Group, our long commitment to education, information, clarity, and honesty have built our strong reputation and trust among California’s retired community. Our goal is to provide all of our customers and their loved ones the information they need to make smart financial decisions so they can enjoy their golden years the way they want. If you would like to learn more about reverse mortgage info or ask us any questions about reverse mortgage requirements, contact our California reverse mortgage lenders today.