Reverse Mortgage Colorado
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Enhancing The Lives of Seniors – One Client at a Time
 

AARP Started It All

In 1989 at the request of AARP, the Federal Government began insuring the Reverse Mortgage program. This insurance guarantees that a) if the investor goes out of business, the government will step in and service the Reverse Mortgage loan, and b) if at the “end of the day” the amount owed on the loan is more than the value of the home, the government’s insurance will pay the difference. This feature of the program provides “Peace of Mind” ™ for both the clients and their heirs in knowing there will never be a financial burden to the family. So, to answer a frequently asked question: Yes. A Reverse Mortgage is safe.

New FHA Ruling!

Seniors can now use a Reverse Mortgage in a purchase transaction. Are you currently living in a home that does not meet your need as you age? Maybe you would like a smaller or more maintenance-free home. You've thought of moving, but don't want to be burdened with monthly mortgage payments.

Now, you can combine the proceeds of the sale of your current home with a Reverse Mortgage to buy the house of your dreams!

Call Eileen for more details.

Qualifying For A Reverse Mortgage

There are only 3 basic requirements to qualify for a Reverse Mortgage: 

                                    1. The youngest borrower must be 62 or older 
                                    2. The home must be the borrower’s primary residence 
                                    3. The home must be eligible for an FHA appraisal

How much money will a person receive? The amount of money available to a borrower is based on the following factors:

• Age of the youngest borrower

• Current interest rate

• Appraised value and FHA county limit

• Program choice To help determine the amount you can qualify for, Eileen will need to get the following information from you:

• Name(s) of the homeowner(s)

• Owner(s) date(s) of birth

• The zip code in which the property is located

• A preliminary estimate of the value of the property

• A preliminary estimate of the balance due on any existing mortgages How can a person receive the funds? A borrower may take the funds in the following manner:

• Lump sum at closing

• Monthly payments to the homeowner

• Line of credit

• Combination of the above

Does a borrower need to pay up-front costs in order to obtain a Reverse Mortgage?

The fees, which are capped by the government, are reflected in the net figure available to the borrower. The fees are paid when the loan is repaid.

How is the Loan Repaid?

The Reverse Mortgage loan is due and payable when the last person on the note no longer occupies the home as a primary residence.

Need more details? Call Eileen Kennedy at 720-272-8125 or email her, today!

Eileen Kennedy email:  Eileen@reversemortgagecolorado.com
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