Reverse Mortgage Broker CO

Reverse Mortgage Broker CO

What is a reverse mortgage? Are you interested in reverse mortgages? These loans have insurance from the FDA, and therefore have a couple of governmental standards for all willing applicants. Some obvious reasons for not qualifying for the loan are age, where you are not at least 62 years old. Our reverse mortgage broker in CO has done some homework to know if you are eligible for reverse mortgage financing in Colorado and how best to adjust yourself to get the best deal.

Qualifications For The Reverse Mortgage

Individual Standards

  1. Age – The senior or retiree must be at least 62 years old. The age of the younger one will analyze spouses with an age difference because none of them should be in a position to apply for a typical mortgage.
  2. Health – The mortgage does not set standards on the health of the applicant, but it is advisable to be clear on whether you actually need the home or will later consider moving in with family or into a nursing home; staying away from the new home for an extended period will trigger the loan’s maturity
  3. Finances – Borrowers for these kinds of loans are not in a position to make monthly payments, so the assessment of one’s financial abilities is low, and you should be able to get in if you have a history of paying bills in time.
  4. Location of the applicant – The residency of the applicant does not matter but will play a part in determining the loan amount because certain counties have higher home values

Property Standards

The new home must become your new residency, so make sure you are not away for longer than 12 months at a time. Most reverse mortgage specialists prefer that the reverse mortgage be your only primary loan because it means you will have the capability to pay it back when it is due. However, there are cases when you can use the proceeds of the reverse loan to pay back an existing mortgage.

Other conditions are that the home is a single-family home and falls within the limit of the money you can borrow.

People Who Benefit From Reverse Mortgages

Reverse By Michelle is a realistic company that wants to do more than sell you a program that you do not need. Many seniors work their entire lives to close on homes and be in a good place when they finally retire from work, and it is unlikely that they will ever desire to move homes unless they fall into scenarios that prompt the call. The following are examples of situations that tend to benefit from reverse mortgages.

  • Single or married senior citizens who need the money to pay for insurance or another mortgage
  • Single or married senior citizens who need the proceeds or rental payments from the property to stay in a nursing home

We pledge to help you get the home loans by analyzing the full extent of your payment history, credit score, and other things that determine your qualification for the home. Check out our information online and contact us to explore all the options from the reverse mortgage lender.

Reverse Mortgage Broker CO

Michelle G. Coleman- Colten Mortgage


Reverse Mortgage Broker CO

6021 S. Syracuse Way Ste 104 | Greenwood Village CO 80111

Greenwood Village

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