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A Guide To Aging In Place
Learn How To Use A Reverse Mortgage To Buy A House
See the Top 10 Home Improvements for Seniors
Find Out What The 2008 COLA Increase Means To You
Just The FAQs: Answers to Common Questions About Reverse Mortgages
See the Top 10 Reasons Seniors Get Reverse Mortgages
See the Top 10 Myths About Reverse Mortgages
Learn About Using A Reverse Mortgage As An Estate Planning Tool
Learn About Reverse Mortgage Safeguards
Learn About Pros and Cons of Reverse Mortgages
Using Reverse Mortgages For Health Care
Colorado Reverse Mortgage Information
Across Colorado, more people are turning 62 every day and entering into the "golden years" of their lives. Whether you are retiring to the senior-friendly towns of Southern Colorado with a slower pace of life or opting for a loft in Downtown Denver -- Colorado is a great place to retire.
Colorado FHA Reverse Mortgages are Popular
Many seniors in Colorado are not aware that one of the options to help them enjoy their retirement is a Reverse Mortgage. The reverse mortgage has become such a popular option for many seniors that FHA has developed a product called the Home Equity Conversion Mortgage (HECM for short) which can be used by senior homeowners age 62 and older to convert the equity in their home into tax-free monthly streams of income and/or a line of credit to be repaid when they no longer occupy the home.
A reverse mortgage loan is different that a traditional home loan because instead of making mortgage payments, a reverse mortgage actually pays you every month.
- No monthly mortgage payments
- Title remains in your name
- Tax-Free money can be used in any way you choose
- Option for a credit line to handle life emergencies or unexpected expenses
- No income, credit or health requirements
- Eliminate debt by paying off mortgages and credit cards
Colorado FHA Reverse Mortgage Counseling
Prior to getting a reverse mortgage, you are required by HUD to meet with a HUD-approved reverse mortgage counselor will discuss program eligibility requirements as well as answer any questions that you may have about the product or process.
Colorado Reverse Mortgage Details
A Colorado reverse mortgage is still a home loan, but instead of you paying the mortgage company, they pay you! Whether you choose a line of credit, monthly payments or a lump sum, you retain title and the ownership of your home.
As long as you live in your Colorado home and keep your taxes and insurance paid, you can never be forced out. The federal government also guarantees your reverse mortgage, which means that you don't ever have to make a payment, you can never owe more than your house is worth and your heirs can make the decision on whether to sell or move into the house.
Colorado Reverse Mortgage Qualifications
If you live anywhere in Colorado and are interested in an FHA reverse mortgage, in order to qualify for a reverse mortgage, you must:
- Be age 62 years of age or older
- Own your property
- Occupy your property as primary residence
- Single family home or 1-4 unit home with one unit occupied by the borrower
- HUD-approved condominiums
- Manufactured homes and leased land
- Participation in a consumer information session given by an approved HECM counselor
Colorado Reverse Mortgage Experts
We are an FHA/VA approved lender and we specialize in helping seniors get into the right reverse mortgage for their situation. We can help you understand more about your reverse mortgage options and find the right situation for your needs. Call us today!
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