Looking for a Reverse Mortgage Broker?

Reverse mortgages are our specialty! We have helped many of your neighbors in Colorado eliminate their mortgage payment with a Home Equity Conversion Mortgage (HECM). We have helped many more who did not have a mortgage payment but wanted to access the substantial equity in their home.

Your home is like a piggy bank with money (equity) inside, but there are only a couple ways to access that equity: (1) Sell your home, but then where would you live? Or (2) Get a reverse mortgage—which is regulated by the federal government—and is a safe alternative to selling. The folks that we have worked with have one thing in common: they want to age-in-place, remaining in their homes “forever.”

Being on a fixed income can be a challenge! Stopping your mortgage payment is a big step toward a less stressful retirement. Freeing up the money formerly used for your mortgage payment may allow you to pay for help around the house with cleaning, yard work, home health care, etc.

If there is enough equity, as there often is, you can access a lump sum of cash at closing. The loan proceeds are not taxable by the federal government (check with your tax adviser), and may be used for any purpose. Alternatively, you may prefer to receive monthly payments for a set number of years, or for the rest of your life.

A line of credit is also often available, and may be accessed one year and one day after the closing. Call or email to have a free consultation with one of our experienced Reverse Mortgage Specialists. We would be happy to provide the information you need to make an informed decision.

How can you use a reverse mortgage?
  • Eliminate your mortgage payment.
  • Access the equity in your home if you have no mortgage.
  • Purchase a new home and never have a mortgage payment as long as you live there.
What are the benefits of a reverse mortgage?
  • You will never have a mortgage payment as long as at least one borrower lives in the home for at least 6 months and one day each year. However, you will need to pay property taxes and insurance and maintain the home.
  • You will never owe more that the home is worth.
  • The loan proceeds are not taxable, and will not affect your Social Security or Medicare benefits.
  • You will have a more comfortable financial situation in retirement.
What are the qualifications?

It’s simple and easy. Qualification is based on these important factors:

  • You (the borrower) must own the home.
  • You must be 62+. (A non-borrowing spouse may be under 62.)
  • The home must be your primary residence (you live there at least six months and one day per year).

If you have bad credit, have had a bankruptcy, or a foreclosure, you are not disqualified. In most cases there is a remedy for past credit problems. Call us to evaluate your situation.

Other factors

There are some other factors you should understand:

  • The property must be FHA-approved.
  • Qualification is based on the age of the youngest borrower.
  • You must continue to pay property taxes and homeowners insurance, and maintain the home.
  • The reverse mortgage must be used to pay off your traditional mortgage. Additional proceeds may be used as you choose.
  • The loan proceeds are not taxable by the government. (Check with your financial adviser.)
The reverse mortgage process

A reverse mortgage makes sense whether you want to be more certain of having the financial resources to fund longevity, or you simply need to eliminate your mortgage payment to make ends meet. Financial planners are increasingly seeing the advantages of accessing the equity in your home to make retirement more stable and less stressful.

  • Contact us for a free consultation.
  • Complete the loan application, often over the phone.
  • Do the required counseling with a HUD counselor in person or over the phone.
  • Receive the great news that you are approved for a reverse mortgage.
  • Get the results of your appraisal.
  • Close the loan in your home. No need to go anywhere.
How will the loan be repaid?

When the last borrower leaves the home, your heirs will decide whether they will keep the home or sell it. If they keep the home, they refinance the home into their own names at 95% of the appraised value at that time, or the amount of the loan balance, whichever is less. It they want to sell the home, they receive all the loan proceeds after the mortgage has been satisfied.

Can my home be “underwater”?

What if the loan balance is higher than the appraised value of the home when we pass away?

Your heirs and/or your estate is not responsible for that debt. Your heirs can refinance into their names for 95% of the appraised value of the home at that time, or they can simply sell the home. An FHA Reverse Mortgage is a non-recourse loan. That means no one ever owes more than the home is worth.

With an FHA/HUD-insured reverse mortgage, the mortgage insurance kicks in and repays the amount of the reverse mortgage that is higher than the value of the property. Your heirs and your estate are not responsible.

Who gets the additional equity if we leave the home and our heirs want to sell it?

Your heirs get any-and-all additional equity when they sell the home and satisfy the reverse mortgage.

Are there limits to how I use the proceeds?

You may use the loan proceeds any way you choose. Some suggestions:

  • Reduce Monthly Expenses
    Pay off existing mortgage.
  • Get Cash
    Receive monthly disbursements, stretching retirement funds.
  • Health/In-home Care
    Medical and care expenses
  • Home Improvements
    Age-in-place expenses (home repair, remodeling)
  • Early Inheritance
    Grandchildren’s education or annual gifts
  • Maximize Social Security
    Delay collecting social security or other income to maximize benefit.
  • Line of Credit
    Use the growing line of credit to preserve other investments during market downturns or emergencies.
  • A New Home
    Purchase a home that suits your retirement needs.
  • Bucket List
    Travel, gifts to family, bucket list items and experiences

The possibilities are limited only by your imagination!

We can customize any of these reverse loans to meet your needs.

Whether it is a traditional reverse mortgage (a government-insured HECM), a reverse mortgage on a million-dollar home (jumbo), or a reverse mortgage to purchase a home that suits your needs better, we can help you! Click “Learn More” to learn more about each product.

HECM (Reverse Mortgage)

Reverse Mortgages are our specialty. We have helped many of your neighbors in Colorado!

Jumbo Reverse Mortgage

Is your home value above $726,525?

HECM for Purchase

"Right Sizing" your home? Want to have no mortgage payment?

  • Get a Quote


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