Is A Reverse Mortgage Right For You?

What is a reverse mortgage?

A reverse mortgage is a loan that allows homeowners 62 and older to convert part of their home equity into cash without having to sell their home or make monthly mortgage payments. The loan is repaid when the homeowner moves, sells, or passes away.

Who qualifies for a reverse mortgage?

To qualify, you must be at least 62 years old, own your home outright or have a low mortgage balance, live in the home as your primary residence, and demonstrate the financial resources to maintain the property and pay taxes and insurance.

Do I still own my home with a reverse mortgage?

Yes, you retain ownership of your home and can live in it as long as you wish, provided you maintain the property and pay taxes, insurance, and any HOA fees. The title remains in your name.

How much money can I get from a reverse mortgage?

The amount depends on your age, home value, current interest rates, and existing mortgage balance. Generally, the older you are and the more valuable your home, the more you can borrow. Most borrowers can access 40-60% of their home's value.

When does a reverse mortgage need to be repaid?

The loan becomes due when you permanently move out, sell the home, pass away, or fail to meet loan obligations like paying property taxes and insurance. Your heirs can choose to repay the loan or sell the home to satisfy the debt.

Can I lose my home with a reverse mortgage?

You can keep your home as long as you live in it as your primary residence and meet loan requirements: paying property taxes, homeowners insurance, and maintaining the property. These are the same responsibilities you have as any homeowner.

What are the different types of reverse mortgages?

The most common is the FHA-insured Home Equity Conversion Mortgage (HECM). There are also proprietary reverse mortgages for higher-value homes and single-purpose reverse mortgages offered by some local governments for specific uses.

How do I get started with a reverse mortgage?

Start with our free consultation to see if you qualify. We'll explain your options, required counseling, and guide you through each step. Call (970) 577-9200 or complete our qualification form to begin.