Tips for Reverse Mortgage in Denver

Posted by elevationmtg on March 16th, 2020

A reverse mortgage has the potential to be practical for retirement. With this type of loan, you can borrow against the value of your home and obtain the money as a lump sum, line of credit, or a fixed monthly payment. It is different from the conventional mortgage, which is used for buying a home, as it does not require you to make payments to the loan. Instead, your balance becomes payable and due when you sell the home, permanently move away, or pass away.

However, is it wise for you to get a reverse mortgage in Denver? Consider these tips to make an informed decision:

• Do your homework – All reverse mortgages are for homeowners who are 62 years of age or older, not most. The most common is a home equity conversion mortgage. If your property is worth more, you can consider a proprietary reverse mortgage or jumbo reverse mortgage. Ideally, you must pick a loan that is backed by the FHA (Federal Housing Administration) and that it is flexible for your needs.

• It may be useful for your retirement – The right mortgage lender can structure the loan correctly to make it suitable for your needs. You have to be money-savvy with your reverse mortgage in Denver to make sure that it is practical for achieving your retirement goals.
  
• Use it for other needs – Some seniors would get a reverse mortgage to pay for their child’s wedding and for other purposes, like home improvements, medical expenses, and pay off their existing mortgage. It may also be used to extend their investments.

• Your debt will remain the same – The available equity on your reverse mortgage in Denver will become a line of credit, which is good for a lifetime. It may increase per year regardless of market conditions or the value of your home, but it will never make you owe beyond what your home is worth.

• You may sell your home – In case you or your family decides to sell the property to pay for the reverse mortgage, you only have to pay for the sales price and any other shortfalls will be covered by FHA insurance.

A mortgage broker can connect you with qualified and credible lenders who can get you started with your reverse mortgage in Denver.

About the author

Elevation Mortgage, LLC is a mortgage broker and we serve loans in Colorado. Our focus is VA loan, FHA loans, Conventional loans and Reverse Loans. Our office is located in Colorado Springs, which is where the majority of our business comes from.

Contact Details:

NMLS ID - 1738617

Contact Person - Reed Letson

Designation – Owner

Address – 7 E Bijou Street, Suite 218

City – Colorado Springs

Country - United States

Phone Number – 719-666-3893

Company Email ID – info@elevationmtg.com