Colorado Reverse Mortgages

Current State:

Colorado

Use the interactive map or the state selector to find more reverse mortgage information about your state.

State Selector

Please select your state below to see more information.

How a Reverse Mortgage Works in CO

A Colorado reverse mortgage may be able to provide you with supplemental cash flow in retirement, helping you achieve the financial freedom you deserve. They often benefit seniors in retirement by:

  • Helping with the cost of living on a fixed income
  • Settling outstanding debt
  • Covering medical bills and expenses
  • Installing home modifications to age in place
  • Financing large purchases
  • Pursuing travel and leisure

Also known as a home equity conversion mortgage (HECM), this program is overseen by the Dept. of Housing and Urban Development and insured by the Federal Housing Administration (FHA). As such, borrowers are given certain protections under these non-recourse loans and are not required to make monthly repayments until the reverse mortgage has a maturity event, at which time it enters Due and Payable status.

For more information on how a reverse mortgage works in Colorado, download GoodLife Home Loan’s reverse mortgage guide.

To learn more about the structure of a reverse mortgage in Colorado, download GoodLife’s reverse mortgage guide for additional information.

Have a question about Colorado reverse mortgages?
Contact us today.

Colorado Reverse Mortgage Qualifications & Requirements

Colorado reverse mortgage qualifications are established by HUD and the FHA, and apply universally across the United States. According to federal reverse mortgage eligibility rules, borrowers must:

  • At least 62 years old
  • Own substantial home equity
  • Occupy the property as their primary residence
  • Maintain the property to FHA standards
  • Stay current on property taxes and mortgage insurance
  • Repay the loan when it reaches a maturity event

Additional Colorado reverse mortgage requirements may affect your application; speak to a GoodLife Reverse Mortgage Specialist to see if you’re eligible.

Colorado Reverse Mortgage Calculator

Use our reverse mortgage calculator to receive a free loan estimate.

  • 1

    Eligibility Information
  • 2

    Personal Information
  • 3Confirmation
   
   
   $

OR

   

If your home value is above $765,600 please contact us for a customized benefit summary.

   

GoodLife will use and protect my personally identifiable information as stated in its Privacy Policy. I agree to be contacted by GoodLife about reverse mortgages via telephone, text message, or email. I can revoke consent for one or all kinds of contact at any time, including by calling GoodLife Home Loans at 1-866-839-9342, emailing to info@GoodLifeHomeLoans.com or clicking here.

Colorado Reverse Mortgage Process

We break our reverse mortgage application process down into four straightforward steps:


Education:

A GoodLife Reverse Mortgage Specialist educates you about the structure of a HECM loan and assesses whether it may be able to help you achieve your goals in retirement.

Counseling:

A counselor approved by HUD acts as an unbiased third-party and discusses your finances in greater detail.

Application:

If a HECM seems like a good fit for your situation, we’ll arrange for an appraiser to conduct a property valuation used to underwrite the value of your loan. To estimate how much you may be able to receive in loan proceeds, take advantage of our free reverse mortgage calculator.

Funding:

Once your application is approved and you sign the final loan documents, GoodLife funds the reverse mortgage and distributes your proceeds in the method of your choice—either as a lump-sum, monthly installment, or line of credit.

Reverse Mortgages in CO: FAQs

Check out our reverse mortgage FAQs to find answers to questions you may have:

How are reverse mortgages calculated?

The principal amount you may be able to borrow depends on three variables: 1) the age of the youngest borrower; 2) the appraised property value; and 3) current interest rates.

How are interest rates determined?

Interest rates may be fixed or variable. In the latter case, your lender will use an index and margin to determine your interest rate.

Can I continue living in my home with a reverse mortgage?

Yes, a reverse mortgage enables eligible homeowners to access the equity stored in their home and convert it into usable cash without needing to vacate the property.

GoodLife Home Loans is an experienced reverse mortgage company in Colorado that’s committed to helping seniors achieve The GoodLife in Retirement. Contact one of our helpful Reverse Mortgage Specialists to see if we may be able to help you, too.

Check out our blog and videos to learn more about how you can live The Good Life in Retirement