It's helpful to work with reverse mortgage licensed specialists in the area because they understand the real estate environment in your state. Please fill out the form on this page to have a reverse mortgage specialist contact you. And of course, if you have any questions about applying for a reverse mortgage in Colorado, don't hesitate to contact one of our specialists at any time.
Why Apply for a Reverse Mortgage?Financial security and quality life are the two main reasons Colorado residents consider a reverse mortgage, or HECM. Living on a limited budget can be stressful, especially in a state such as Colorado. While many seniors are living with financial pressure, the home equity they worked so hard to build sits idle. Line of credit, monthly disbursement, lump sum payment, or some combination of the three are the ways in which a reverse mortgage gives you access to the equity in your home. Also known as a home equity conversion mortgage, a reverse mortgage can use your existing equity to pay off your remaining mortgage. Any remaining money is available for you to use in whatever way you want. The loan doesn't come due until you sell the home, no longer live in the home, or pass away.
Types of Reverse MortgagesColorado borrowers can choose from three types of reverse mortgages, all of which are insured by the federal government. A fixed term reverse mortgage makes a lump sum disbursement of money once the loan closes, and loan interest rates are locked into the rate at the time of closing. Line of credit loans provide a number of options, which include a draw on the line of credit at closing, monthly payments, or a line of credit which can be accessed at your convenience. The third option offered by One Reverse Mortgage is a reverse mortgage for purchase, which makes it possible for seniors to purchase a home with no monthly payments.* It gives borrowers the option to purchase a home suited to their needs or purchase a primary residence closer to family. No matter what type of reverse mortgage you choose, remember that you are still required to maintain the home and pay all property taxes and insurance.
Finding Reverse Mortgage Licensed Specialists in ColoradoPlease fill out the form on this page to have a reverse mortgage specialist contact you. Or, if you have any questions about applying for a reverse mortgage in Colorado, don't hesitate to contact one of our specialists.
*Homeowner must still maintain the property and pay homeowners insurance and property taxes to avoid foreclosure.