Colorado Reverse Mortgage Options
How CO Reverse Mortgages Work
A Colorado Reverse Mortgage / Loan is a home loan which provides the homeowner with cash payments based on home equity. Throughout the course of the loan, the borrower retains the Colorado property title/ownership. Typically, repayment of the loan is made when the property is sold or upon the homeowner’s death.
Requirements for CO Buyers
- Age requirement: Colorado borrower must be 62 or older
- HUD-approved counseling
- Income: No requirements
- Assets: No requirements
- Colorado employment: No requirements
- Credit score: No requirements
- Health: No requirements
Colorado Reverse Mortgage Information
Can I lose my home with a Colorado Reverse Mortgage?
The Bank can only foreclose on your Colorado home if you do not 1) pay your homeowners insurance, CO real estate taxes, any HOA fees, 2) keep the home in good repair 3) keep the Colorado home as your primary residence. You never have to make a mortgage payment.
What if I already have a Colorado mortgage?
First, your current mortgage and any other liens against the property in Colorado will be paid off. As long as you have enough equity to do this, a Reverse Mortgage would work for you.
Will a Colorado Reverse Mortgage cause me to pass debt on to my heirs?
A Reverse Mortgage in Colorado is a non-recourse loan. There is mortgage insurance, which is a Federal requirement, which will pay off the difference from the value of your home to what you owe. No one comes out of a Reverse Mortgage owing more than the value of their home. If the value of the Colorado home is greater than what is owed, the heirs inherit the additional money after the loan is paid.
Are Colorado (CO) Reverse Loans high-risk?
A number of safeguards have been built into the program, including mandatory HUD-approved counseling in Colorado, payment guarantees, capped interest rates, advanced disclosures, a three-day rescission period and a non-resource limit.
Apply for Your Colorado Reverse Mortgage
Apply now or contact the Colorado Reverse Mortgage experts at Home Point Financial to learn more about reverse mortgages in Denver, Colorado Springs, Aurora, Fort Collins and throughout Colorado.
