Structured for seniors age 62 and up, a reverse mortgage on your property allows you to receive payments from a lender on the equity of your home. Those seeking funds for the expenses that can incur with age can take advantage of reverse mortgage rates and use the value of your property now, only to be paid back after you sell or leave the home, or the homeowner passes away.
Reverse mortgages are an incredible tool for supplementing income. There are very specific qualifications for people who qualify for the reverse mortgages solutions offered by US Mortgages. Learn more about the eligibility requirements for reverse mortgages and the kinds of reverse mortgages we have available.
FHA Reverse Mortgages in Colorado Reverse Mortgages are extremely popular and have been since the inception of the HECM (Home Equity Conversion Mortgage) Program. The HECM is the most popular reverse loan program in Colorado. With a HECM reverse mortgage, you have several options to choose from including fixed rates, adjustable rates and purchase reverse mortgages.
Our reverse mortgage program can provide older residents with much-needed financial security. Your regular mortgage payments can be eliminated, while you receive payments from the lender on the equity of your home. You can continue living in your home while collecting payments and are not required to repay the mortgage until you leave the home.
With a reverse mortgage, you do not risk losing your home. So long as property taxes and homeowner's insurance continues to be paid, your home cannot be taken from you.
Reverse mortgages allow homeowners to convert the equity they've put into their primary residence into supplemental income. In Colorado, reverse mortgage lenders pay homeowners one of two ways during the term of a reverse mortgage rate: a lump sum or a monthly mortgage payment. Frequently reverse mortgages are used to supplement the income of aging adults who have a fixed income for a variety of reasons. Our brokers can provide a comprehensive reverse mortgage information dissection to insure you have a full understanding of the program.
Jumbo reverse mortgage loans are targeted at new homeowners with homes valued upwards of 600,000$. These loans come with some essential key features that make them stand out, providing more alternatives and borrowing power for homeowners with high-valued properties.
Borrowers must be aged 62 or older. Homeowners insurance and property taxes must be paid up to date to qualify. Borrowers must also live in the home to qualify for a reverse mortgage. Are you interested in taking the next step towards a reverse mortgage by speaking with brokers? Feel free to give us your contact information on our website and we'll get back to you as soon as we can. We also welcome you to give us a call at our office to learn more about reverse mortgages, their rates, and if they're right for you and your family.