Reverse Mortgages

Colorado Reverse Mortgages

Colorado reverse mortgages are a financial option that lets you tap into the equity you have built in your home. A Reverse Mortgage works much like traditional mortgages, only in reverse. Instead of making a monthly payment to your lender, the lender pays you. Funds obtained from a Reverse Mortgage may be used for any purpose such as home improvement, vacation, a new car, or savings.
 
These loans allow you to receive cash for the things you need or want, while still living in and owning your home. Colorado reverse mortgages gives you piece of mind to make sure you able to continue to live the lifestyle you desire. With a reverse mortgage, there are No Monthly Payments. Because you retain title to your home with a Reverse Mortgage, you also remain responsible for taxes, repairs, and maintenance.

Who is Eligible for a Colorado Reverse Mortgage?
To qualify for an Reverse Mortgage, you must own your home. The Reverse Mortgage funds may be paid to you in a lump sum, in monthly advances, through a line-of-credit, or in a combination of the three, depending on the type of Reverse Mortgage and the lender. The amount you are eligible to borrow generally is based on your age, the equity in your home, and the interest rate you qualify for. Reverse mortgages differ from typical home loans as there are no income, or employment requirements to qualify for a reverse mortgage. Eligible properties include single family homes, town homes, most condominium units, and some mobile homes.

Reverse Mortgage Benefits

You choose one of the following payments each month:
  1. No payments are required as long as you live in your home.
  2. Income received from your Reverse Mortgage is usually tax-exempt (consult your tax advisor) and does not affect regular Social Security or Medicare benefits, but may affect eligibility for other types of government assistance.
  3. You retain ownership of your home.
  4. You can use the proceeds to pay off an existing mortgage and eliminate your monthly mortgage payments.
  5. Reverse Mortgages provide you with a source of income that can be used to improve your standard of living and maintain your independence.


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