Reverse Mortgage in Acres Green, CO

If you’re looking for information about a reverse mortgage in Acres green, look no further. Reverse Mortgage Loan Advisors is here to proudly offer unbiased reverse mortgage info for Acres Green homeowners. Reverse Mortgages are not perfect for everyone, but they’ve been perfect for million of American homeowners thus for.

Acres Green Reverse Mortgage Basics:

A reverse mortgage is a safe non recourse loan for homeowners aged 55 and up. Reverse mortgages allow you to maintain ownership of your home while accessing a portion of the equity in your home. The best part about these financial tools is that there is NO monthly mortgage payment. You do still own your home, so you’ll still need to pay your property taxes and insurance.

These loans are all about flexibility. While there is no monthly payment required, you can elect to make a mortgage payment if you like. It’s totally up to you.

How Much Equity Can You Access?

The amount of equity you can access actually changes every week based on the performance of the market (CMT). In addition to that, every age bucket can borrow a different percentage. For example, as of 07/21/2022 a 62 year old can borrow 38.93% of the appraised value. A 63 year old can access up to 39.6% of the appraised value. On the other side of the age spectrum the percentage you can borrow with a reverse mortgage caps out at age 97. A 97 year old can borrow 73.1% of the value of their home.

Want more Info.? Email us or call us at Info@ReverseMortgageLoanAdvisors.com or (714) 271-8524

Types of Reverse Mortgages For Acres Green Residents

In 2022 there are two options available. There is the FHA insured Home Equity Conversion Mortgage (HECM) and there is a proprietary or jumbo option. Historically, the FHA reverse mortgage allows you to access a higher percentage of the appraised value vs the proprietary version. At this time, they are roughly the same, so it will make sense to compare both of them.

Age Requirement for A Reverse Mortgage in Acres Green Colorado?

Every state has a different minimum age requirement for a reverse mortgage. It also depends on the program. For the FHA option, Acres Green residents can access this program at age 62+. For the proprietary option, the people of Acres Green can qualify beginning at age 55.

Reverse Mortgage Age Chart for the FHA Option

Remember, the amount you can borrow is not only different for every age bucket, but it also changes weekly. When interest rates rise, the percentage you can borrow decrease. As rates get lower, the percentage you can borrow increases.

Want more Info.? Email us or call us at Info@ReverseMortgageLoanAdvisors.com or (714) 271-8524

FHA Reverse Mortgage Age and LTV Chart
FHA reverse mortgage age and ltv chart

Proprietary / Jumbo Age and LTV Chart

jumbo reverse mortgage age and ltv chart

Want more Info.? Email us or call us at Info@ReverseMortgageLoanAdvisors.com or (714) 271-8524

Reverse Mortgage Benefits for Acres Green, CO Residents

  • You can live in your home for the rest of your life without a mortgage payment (still need to pay taxes and insurance)
  • Maintain home ownership. You still own your home and can still leave it to whomever you wish in your will
  • Loan proceeds are not taxable (always check with your CPA)
  • Acres Green homeowners can use the loan proceeds however they like.
  • The lender can pay your taxes and insurance for you if you like .
  • If you have a line of credit with available credit, that credit line grows over time.
  • There is no impact on your social security income
  • You’re protected if the balance exceeds the home value

Want more Info.? Email us or call us at Info@ReverseMortgageLoanAdvisors.com or (714) 271-8524