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. 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 “forever.”
Being on a fixed income can be a challenge, and 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 a little 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 some 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 like to provide the information you need to make an informed decision.
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.