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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:
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.
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:
Additional Colorado reverse mortgage requirements may affect your application; speak to a GoodLife Reverse Mortgage Specialist to see if you’re eligible.
Use our reverse mortgage calculator to receive a free loan estimate.
We break our reverse mortgage application process down into four straightforward steps:
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.
A counselor approved by HUD acts as an unbiased third-party and discusses your finances in greater detail.
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.
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.
Check out our reverse mortgage FAQs to find answers to questions you may have:
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.
Interest rates may be fixed or variable. In the latter case, your lender will use an index and margin to determine your interest rate.
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.