Beacon Lending Home Loans in Denver Colorado

How To Apply For A Reverse Mortgage in Colorado

aka (HECM) Home Equity Conversion Mortgage

You can apply for a Reverse Mortgage when you become 62 years of age. You have worked very hard to own your home, and the Reverse Mortgage can be a great way to help supplement your retirement income. The Reverse Mortgage is designed for many different purposes as you approach your golden years, and can be a huge benefit to you. The following are some reasons why a homeowner would take out a Reverse Mortgage:

  • Payoff your current mortgage
  • Supplement your retirement income
  • Pay for Healthcare Expenses

The way a Reverse Mortgage works is it allows you to transfer part of the existing equity in your home into cash without having to sell your home or pay additional monthly bills.

Here is the main difference with a Reverse Mortgage. You do not make monthly mortgage payments anymore to your existing lender. What happens is you will receive money from the lender, and do not have to pay it back as long as you live in your house. The Reverse Mortgage Loan is repaid when you die, sell your house, or when you do not have it as your primary residence.

What we offer at The Mortgage Network in Colorado is a (HECM) Reverse Mortgage, or Home Equity Conversion Mortgage, and this Reverse Mortgage is backed by the US. Department of Housing and Urban Development (HUD).

Before applying for a Reverse Mortgage with The Mortgage Network, you must meet with a HUD Approved Counselor. The counselor is there to explain all of the options for you, the upfront costs, and possible alternatives to a Reverse Mortgage.

Here is a link to get the process started with a HUD Counselor in your State.

How much you can borrow with a (HECM) Mortgage depends on several different factors, including your age, appraised value, and interest rate.

NOTE: A rule of thumb is the Older you Are, the more equity you have, and less you owe, the more money you will get.

Here are the payment options for you when you choose a Reverse (HECM) Mortgage.

  • A “term” options – fixed monthly cash advances for a set amount of time
  • A “tenure” option – fixed monthly cash advances for as long as you reside in your home
  • A line of credit that lets you draw down the loan proceeds at any time in amounts you choose until you have used up the line of credit.
  • A combination of monthly payments and a line of credit.

For further information, and to see if you qualify for a Reverse Mortgage, you can call Brian Quigley at 720-949-5630.

About the Author

Brian Quigley
Brian Quigley
 NMLS# #244003

Brian Quigley has been in the Denver mortgage industry since 2003. Customer satisfaction has been his top priority while guiding clients through the home loan qualification process. He is proficient in all types of mortgage financing including FHA/VA, Conventional, USDA, Jumbo, Portfolio, 1031 Exchanges, Reverse Mortgages, Refinancing, Construction loans, and FHA 203K loans.

View Full Profile

Mortgage Industry News and Information

Delayed Financing and How It Can Benefit You

View >>

Asset Qualifier Loans

View >>

Eliminating Mortgage Insurance in the Colorado Real Estate Market

View >>
1 2 3 29

Join Our Weekly Newsletter

Stay up to date with the latest news from the mortgage industry in Colorado.
Stay Informed and Sign Up

Beacon Lending

NMLS# 2085418
brianq@beaconlending.com
(720) 524-3215
2301 Blake Street Suite #207
Denver, CO 80205

Our office is located in the northwest area of downtown Denver just 1 block North East of Coors Field on Blake Street. Our building sits on the Northwest Corner of Blake Street and Park Avenue West.

Hours

Monday: 8:00 AM – 6:00 PM
Tuesday: 8:00 AM – 6:00 PM
Wednesday: 8:00 AM – 6:00 PM
Thursday: 8:00 AM – 6:00 PM
Friday: 8:00 AM – 6:00 PM
Saturday: 8:00 AM – 6:00 PM
Sunday: 8:00 AM – 6:00 PM
closemap-markerbarscaret-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram