Reverse Mortgage in Vail, CO

If you are seeking information for a reverse mortgage in Vail, look no further. Reverse Mortgage Loan Advisors proudly offers unbiased reverse mortgage information for Vail, homeowners aged 55 and up. Reverse Mortgages are not always the perfect solution for all homeowner, but they’ve proven to be perfect for millions of Americans so far.

Vail, CO Reverse Mortgage Basics:

A reverse mortgage loan is an extremely safe non recourse mortgage for homeowners that are aged 55 plus. When you do a reverse mortgage, you still remain owner of your home while gaining access to some of the equity in your home. For most, the best part about a reverse mortgage is that you don’t have a monthly mortgage payment. That’s right, no mortgage payment for as long as you live or for as long as you live in your home. Since you still own your home, you will need to maintain and pay insurance and property taxes.

Reverse mortgages are extremely versatile and flexible. You will not have a REQUIRED monthly payment, but you are able to make a payment if that’s what you prefer. Most people don’t, but some people do to preserve equity. It is 100% your choice.

How Much Equity Can You Access?

The amount of accessible equity changes each and every week. The changes are dependent on the performance of the market (CMT). Also, every age bucket is able to access differing percentages of their equity. For example, as of 08/03/2022 a person that is 62 years old, can borrow 38.93% of the appraised value. A 63 year old person can borrow up to 39.6% of their home’s appraisal value. Then, on the older side of the age spectrum the percentage one is able to borrow with a reverse mortgage tops out at age 97. A 97 year old homeowner is able to borrow more like 73.1% of their home’s appraised value.

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

Types of Reverse Mortgages For Vail Residents

In 2022 there are basically two reverse mortgage options in existence. First, you have the FHA / HUD insured Home Equity Conversion Mortgage (HECM). Secondly, there is a proprietary or jumbo reverse mortgage option. Historically, the HUD/FHA insured reverse mortgage would allow homeowners to borrow a higher percentage of their home’s appraised value compared to the proprietary Option. 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 Vail Colorado?

Each state may have a different minimum age requirement for a reverse mortgage. Also, it will depend on the option you are eligible for. For the FHA version, Vail residents are able to do this type of loan at age 62+. As far as the proprietary reverse mortgage goes, Vail residents may be eligible as early as age 55.

Reverse Mortgage Age Chart for the FHA Option

Again, the percentage you can borrow is not only different for each and every age bracket, but it may also change weekly based on the performance of the CMT. As interest rates go up, the percentage one may borrow decreases. Conversely, when rates drop, the percentage that you may borrow rises.

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 Vail CO Residents

  • Ability to live in your house for life without a required monthly mortgage payment (you will still have to pay insurance, property taxes, and any applicable HOA)
  • You will still own your home. This means you can still leave your home to whoever you like in your trust or will.
  • The loan proceeds do not get taxed (always check with your accountant)
  • It allows Vail homeowners to use the loan proceeds however they desire.
  • In most cases, you can choose to pay taxes and insurance on your own OR it can be escrowed. Poor credit may mean a forced escrow account.
  • When there is money available on the line of credit, that credit line gets larger over time.
  • The loan proceeds you receive will not impact your income from social security.
  • This is a non recourse loan which means you are protected if the balance ever grows beyond the value of your home.

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