303-918-8750 | John@LMColorado.com
TOP SPECIALIST, FINDING THE BEST REVERSE MORTGAGE LENDER
Let me show you the benefits of and help you navigate the reverse mortgage process successfully.
As a senior citizen living in Colorado, I personally understand your needs and questions when it comes to a reverse mortgage in Colorado. Call me to find out more about the benefits of a Reverse Mortgage and how it can work for you. I can meet you at your home to discuss your options and customize a reverse home mortgage that will fit your exact needs and get you the best reverse mortgage rates.
I will personally walk you through the process so you are completely aware of what is involved from application to closing. When you work with me, you can be assured of premier service, support, and the best reverse mortgage rates and options.
Please call me today for a no-obligation information packet and to schedule a private Reverse Mortgage consultation in your home or elsewhere at your convenience or by phone.
Colorado Reverse Mortgage Advantages
No monthly mortgage payment as long as you live in your home**.
You, not the bank, retain the title and ownership.
No income tax paid on any money received from the reverse mortgage
(*Please read disclaimer at the bottom of this page).
No pre-payment penalties.
No health requirements.
No effect on Social Security and Medicare benefits.
Your heirs get up to 6 months to take care of the reverse mortgage after you pass away.
Insured and regulated by the FHA.
You and your heirs will never have to pay back more than the house is worth.
Jumbo Loan Options
Loan amounts up to $4M
No mortgage insurance.
Reverse Mortgage Types
What is a Reverse Mortgage Loan in Colorado?
Reverse mortgage loans enable seniors to convert their home equity into tax-free* cash while retaining ownership of their home.
Unlike a traditional mortgage, there are no monthly mortgage payments to be made and repayment of the loan is deferred until the borrower is no longer living in the home.
When the loan becomes due it must be paid in full, including interest and financial closing costs. Since no monthly mortgage payments are made the loan amount owed grows over time and the equity that remains after selling the home and paying off the balance grows smaller.
With a reverse mortgage, you will never owe more than your home value at the time the loan is repaid. You do continue to own your home and are required to pay your property taxes, insurance, HOA, and maintain the home with needed repairs.
Failure to carry out these responsibilities may be grounds for the loan to come due in full. As the home appreciates and you grow older you may qualify for more money, the reverse mortgage may be refinanced to use the increased equity.
Purchase with Reverse Mortgage
Is your current home too large now that your nest is empty? Achieve your new dream home with the Home Equity Conversion Mortgage for your next home purchase. It allows seniors aged 62 and older to purchase a home with approximately 50-60% down which helps retain more of your financial nest egg.
Refinance your Reverse Mortgage
This is known as a HECM to HECM. Even if you closed on your current reverse mortgage 18 months ago, it may possible to take more cash out and/or increase you current line of credit.
The reasons that this is a possibility are 1) your home value went up considerably, 2) you got older, 3) interest rates are much less, 4) no upfront mortgage insurance, and 5) reduced origination fee.
For a quote you need your latest reverse mortgage statement and the FHA case number to determine what you qualify for. The lengthy case number can be located in the top right corner of your appraisal or your closing statement. Some heartburn for some unexpected cash.
