Understanding how a reverse mortgage helps Colorado seniors stay financially secure

If you’re a homeowner in Colorado aged 62 or older, you may have heard of a reverse mortgage — but how does it actually work, and is it right for you?

As one of fewer than 200 Certified Reverse Mortgage Professionals (CRMPs) in the nation, I’m here to give you a clear and honest explanation so you can feel confident exploring your options.

What Is a Reverse Mortgage?

A reverse mortgage is a special type of home loan that allows homeowners 62 and older to convert part of their home equity into tax-free cash — without having to sell the home or make monthly mortgage payments.

Instead of you paying the lender, the lender pays you. You can receive the money as a lump sum, a monthly payment, a line of credit, or a combination.

The most common type is the Home Equity Conversion Mortgage (HECM), which is backed by the Federal Housing Administration (FHA) and offers key protections for borrowers.

How Does a Reverse Mortgage Work?

Here’s a simplified breakdown of how a reverse mortgage works:

  1. You must be 62 or older and live in the home as your primary residence.

  2. Your home must have sufficient equity — this is the amount you can access.

  3. The loan is based on the age of the youngest borrower, the current interest rate, and your home’s value (up to the FHA limit).

  4. You receive funds from the lender and no monthly mortgage payments are required.

  5. You continue to own your home and must stay current on property taxes, homeowners insurance, and basic maintenance.

  6. The loan becomes due when you sell the home, move out permanently, or pass away.

When the loan ends, your heirs have the option to repay the loan and keep the home or sell it and keep any remaining equity.

What Can You Use a Reverse Mortgage For?

Many seniors use reverse mortgages for:

  • Paying off an existing mortgage

  • Covering medical expenses or in-home care

  • Making home improvements or accessibility upgrades

  • Supplementing retirement income

  • Delaying withdrawals from Social Security or retirement savings

  • Purchasing a new primary residence (using a HECM for Purchase)

Is a Reverse Mortgage Right for You?

A reverse mortgage isn’t the right fit for everyone — but it can be a great solution if:

  • You want to stay in your home long-term

  • You need extra cash flow during retirement

  • You’re on a fixed income and want more financial flexibility

  • You don’t want to burden your family with financial obligations

  • You want access to funds without selling your home

The key is understanding the terms and working with a trusted reverse mortgage professional who puts your best interest first.

Common Myths About Reverse Mortgages

Let’s clear up a few misconceptions:

  • You still own your home — the bank does not take the title

  • You can’t owe more than the home is worth — it’s a non-recourse loan

  • Your spouse can stay in the home — even if they’re not on the loan, as long as they meet certain requirements

  • You won’t lose your home — as long as you meet the loan obligations

Don’t let fear or misinformation hold you back from learning the facts.

Why Work with Kevin Guttman?

At ReverseMortgageRevolution.com, I help seniors and their families make smart, informed decisions about reverse mortgages. As a CRMP, I follow strict ethical guidelines, shop multiple lenders, and provide honest, pressure-free advice.

I’ve helped hundreds of Colorado homeowners find peace of mind and greater financial freedom with the right reverse mortgage solution.

Start with a Free Consultation

If you’re curious about reverse mortgages and want to know what’s possible for your situation, I’m here to help. No sales pitch. No pressure. Just answers.

If you’re considering a reverse mortgage in Colorado, take the time to shop smart. Kevin Guttman will guide you through your options, answer every question, and help you make the most informed decision possible.

Visit ReverseMortgageRevolution.com or contact Kevin directly to schedule your free, no-pressure consultation.

Contact Kevin Guttman today for personalized guidance and discover if a reverse mortgage is right for you:

Explore your options confidently and secure a comfortable, financially stable retirement with Kevin Guttman, Denver’s trusted reverse mortgage expert.