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Colorado

Reverse Mortgage Loan

READY TO MAKE A MOVE ON HOMEOWNERSHIP?

For homeowners aged 62 and older in Colorado, a reverse mortgage can turn home equity into cash—helping you access funds without selling your home or taking on monthly payments.

REVERSE LOAN

Unlike traditional loans, reverse mortgages don’t require monthly payments. Instead, the loan balance grows over time and is paid off when the home is sold or the last borrower no longer lives in the home.

This unique structure allows seniors to tap into their home equity without having to sell or downsize.

Reverse mortgages are non-recourse loans, meaning you or your heirs will never owe more than the home is worth—even if the loan balance exceeds the property’s value at the time of sale.

They can be a powerful tool for retirees looking to stay financially independent, supplement their income, or create a financial cushion for unexpected expenses.

Whether you're planning for a longer retirement or want more control over your financial future, a reverse mortgage offers flexible, accessible funding without the pressure of monthly payments.

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Reverse Mortgage Loans

and How They Work

A reverse mortgage is a specialized loan that allows homeowners 62 and older to convert a portion of their home equity into tax-free funds. Instead of making monthly mortgage payments, the loan is repaid when the homeowner sells the property, moves out permanently, or passes away.
This loan is most commonly used to supplement retirement income, cover medical expenses, pay off existing mortgages, or simply provide financial flexibility later in life all while remaining in the home you love.
In Colorado, where many retirees are looking for ways to make their savings stretch further, a reverse mortgage offers an alternative to downsizing or taking on additional debt.
The most common type is a Home Equity Conversion Mortgage (HECM) , which is insured by the Federal Housing Administration (FHA). These loans offer flexible payout options such as a lump sum, monthly payments, a line of credit, or a combination of all three depending on your goals and needs.
You retain full ownership of your home, and you’re still responsible for property taxes, insurance, and basic home maintenance.

How to Qualify for a

Reverse Mortgage Loan

To qualify for a reverse mortgage, at least one borrower must be 62 years of age or older and live in the home as their primary residence.
You must own the home outright or have a substantial amount of equity built up. If there’s an existing mortgage, part of the reverse loan proceeds will be used to pay it off.
Borrowers must also meet basic financial requirements, including the ability to stay current on property taxes, homeowner’s insurance, and home maintenance.
A HUD-approved counseling session is required as part of the qualification process to ensure that you fully understand the terms and responsibilities of the loan.
The home must be a single-family home, a two- to four-unit property where the borrower occupies one unit, or an FHA-approved condo or manufactured home.

Reverse Mortgage Loans Compared to Other Mortgages

Reverse mortgages offer financial relief and flexibility to older homeowners who want to tap into their home equity without taking on monthly payments.

The funds received through a reverse mortgage are tax-free and can be used for any purpose, from medical bills and home improvements to supplementing income or simply enjoying retirement.

There is no minimum credit score requirement, and the income verification process is often more flexible than with traditional mortgages.

Since the loan is repaid when the home is sold or no longer the borrower’s primary residence, homeowners can enjoy the benefits of additional income while continuing to live in the home they love.

For those looking to retire in place while improving their financial stability, a reverse mortgage can be a smart long-term option.