When the Federal Reserve lowers interest rates, it provides an exciting opportunity for those looking to buy real estate. But what about seniors who are happy in their homes—can lower rates help them?
Refinancing or getting a home loan as a senior can be difficult, especially if you’re on a fixed income. The good news is that seniors can take advantage of lower rates right now with a Home Equity Conversion Mortgage (HECM) also known as a Reverse Mortgage.
As a homeowner age 62 and older, a HECM may be the perfect solution to address unexpected or increased expenses. With historically high home values in Colorado and near record lows in interest rates, now is the time to consider the benefits of a HECM.
You will likely be able to access even more equity in your home than was previously available, and if you already have a reverse mortgage now is the time to consider refinancing to a lower rate and increased equity access.
With a HECM, you own and keep your home, get the tax-free cash you need, eliminate your mortgage payment*, and enjoy your retirement to the fullest!
Rates change frequently so call today to lock in your low rate and see if a reverse mortgage is the right solution for you and your family.
* The homeowner is still responsible for applicable property taxes and homeowners insurance, as well as maintaining the property.