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), if they still had a mortgage, and access the substantial equity in their homes.
Your home is like a piggy-bank with money (equity) inside, but there are only a couple ways to access that equity. One way is to sell your home, but then where would you live? The other way is to 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. Being on a fixed income can be a challenge, and stopping their mortgage payment is a big step toward a less stressful retirement. Often, freeing up the money formerly used for the mortgage payment allows them to pay for a little help around the house with cleaning, yard work, home health care, etc.
When there is enough equity, as there often is, home owners 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, some folks prefer to receive monthly payments for some number of years, or for the rest of their lives.
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 like to provide the information you need to make an informed decision.
Use a reverse mortgage to eliminate your mortgage payment.
Use a reverse mortgage to access the equity in your home if you have no mortgage.
Use a reverse mortgage to purchase a new home and never have a mortgage payment as long as you live there.
Live the Retirement You Dreamed
It's simple and easy - qualification is based on these important factors:
The borrower must own the home.
You must be 62 years or over. (A non-borrowing spouse may be under age 62.)
The home must be your primary residence.
There are some other factors you should understand:
The property must be FHA approved.
Qualification is based on the age of the youngest borrower.
Principal residence means that you live there for six months and one day per year.
You must continue to pay property taxes and home owners 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 Loan 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 the reverse mortgage
Get the results of your appraisal
Close your loan in your own home. No need to go anywhere.
Call or email us and discover whether a reverse mortgage is right for you!
Silver Leaf Mortgage, Inc.
Matthew Witt NMLS# 1638881
James J. Doyle NMLS# 335659
Kathleen C. Muni NMLS# 1368981
Robert C. Muni NMLS# 719030
DiAnne Cooper NMLS# 1620581
Nate Rees NMLS# 1830587