Colorado Reverse Mortgage Your Reverse Mortgage Expert

There are a lot of misconceptions about exactly what a reverse mortgage is and how it works.  It is my hope that this reverse mortgage web-site will help to correct the misconceptions that people have around the reverse mortgage program. 

What is a Reverse Mortgage?

I've heard a lot of answers to this question over the seven-plus years that I've been in the reverse mortgage business, but the best way that I know how to answer it is:

A reverse mortgage is a government insured home loan that is specifically designed for homeowners, age 62 and above, that allows you to convert a portion of the value of your home into tax-free proceeds*  WITHOUT having to sell your home, give up title, or obligate yourself to a monthly mortgage payment. 

There are no credit scores or income requirements to qualify for a reverse mortgage.

Reverse Mortgage Facts

• Any money received from the reverse mortgage is TAX FREE*
• You retain title to the home.  The lender does NOT take title to the home
• Since the home stays in your name, you are responsible to pay the property taxes and homeowners insurance
• There are NO MONTHLY PAYMNENTS as long as you or your spouse live in the home as your primary residence
• There are not credit score or income requirements to qualify for a reverse mortgage
• There are no restrictions on the use of the money that you receive from a reverse mortgage
• The reverse mortgage loan only comes due and payable when all borrowers vacate the home
• The heirs will have 12 months to payoff the reverse mortgage.  They can refinance the home, sell it, or pay it off with other proceeds

Reverse Mortgage Requirements

• All borrowers must be 62 years of age or older
• You must live in the home as your primary residence
• You must have enough equity in the home in order to pay off any existing liens on the home

 Please feel free to call me directly with any questions at (303) 367-7821

 *Consult your tax advisor