Our Colorado Springs Reverse Mortgage Options
A reverse mortgage loan officer from our team will explain your options and help you find the perfect mortgage product for your needs.
Colorado Springs Reverse Mortgage Loan Process
Our Colorado Springs, CO, team will guide you through our simple, streamlined loan process, helping you receive your funds faster.
See today’s mortgage rates in less than 60 seconds
Get a quoteGet a Colorado Springs Reverse Mortgage Quote
Learn how your home can finance your retirement by requesting a no-obligation quote, all online.
Colorado Springs Reverse Mortgages: Secure Your Financial Future
Seniors concerned about running out of money during retirement can access their home’s equity while still living in the home they love. This not only eliminates mortgage payments but also provides tax-free cash flow.
Benefits of a Colorado Springs Reverse Mortgage
Colorado Springs, CO, has a senior population of over 50,000, many of whom may have significant home equity they can use to fund their golden years. Home values in the city have doubled since 2013, mirroring the dramatic increase in house prices throughout the state.
This appreciation represents an excellent opportunity for older homeowners to age in place while reducing their expenses and supplementing their income through reverse mortgages.
This specialized loan product replaces an existing mortgage with a larger loan for the home’s current value, and the lender then provides the borrower with the surplus in their chosen payment method.
Whether you’d like to use your tax-free funds for home repairs, travel, paying off other debts, or simply ensuring financial security, a reverse mortgage loan lets you live comfortably.
How Does a Colorado Springs Reverse Mortgage Work?
The most common type of reverse mortgage is the Home Equity Conversion Mortgage (HECM). These mortgages are insured by the Federal Housing Administration (FHA), a division of the Department of Housing and Urban Development (HUD).
To apply, borrowers must be age 62 or older and have at least 50% equity in their home, which must also be their primary residence. Typically, you should not owe any federal debt, such as unpaid taxes or student loans, though it may be possible to receive a loan if you can cover your federal debt with your loan proceeds.
Those seeking an HECM must consult a HUD-approved counselor before signing the paperwork. This counseling session ensures that borrowers understand their obligations. The Colorado Housing Finance Agency has listed these counselors by region.
The maximum amount you can receive with a HECM loan is $1,149,825 in Colorado, and you typically cannot receive more than 60% of the home’s value within the first year of funding.
If you require more than the Colorado Springs, CO, loan limit, you can seek proprietary reverse mortgages from private lenders, sometimes called jumbo mortgages.
You can receive your funds in various ways. You can choose an upfront lump sum payment, monthly payments, or a line of credit you can draw down as necessary.
A reverse mortgage does not need to be repaid until the home’s title is transferred to another party, such as by sale, moving away, or the homeowner passing away. The loan will then come due, and in the case of inheritance, the surviving family members can purchase the home for 95% of its appraised value if it’s underwater. If the home has equity, heirs can sell it for any price.
Why Choose Arnaiz Mortgage for Your Colorado Springs Reverse Mortgage
We provide a range of products for homeowners from all walks of life, including reverse mortgages. Every reverse mortgage specialist from our team is highly familiar with the Colorado Springs, CO, housing market and can guide you to the best mortgage product for your specific needs.
At Arnaiz Mortgage, we’re committed to providing our clients with transparent, trustworthy advice that helps them get mortgages fast. We’re there for you every step of the way, ensuring all your questions are answered quickly. Our mortgage specialists take the time to understand your circumstances and find a lender that matches what you’re looking for in a mortgage.
If you’re ready to put your house to work, speak to a reverse mortgage specialist at (623) 806-4645 or apply online for speedy service. You can also get a quick free quote to see how much you can achieve with a HECM product.
