Reverse mortgage Pueblo West CO with Kevin A. Guttman

pueblo west reverse mortgage

Are you about to retire from work, and you’re putting things in place to have a lovely retirement? Then, going for a reverse mortgage in Pueblo West is an option you might want to opt for. You’re qualified to get a reverse mortgage if you are over 62 years, and you own a home with adequate home equity. As a homeowner, a reverse mortgage allows you to borrow equity. Rather than paying the lender, the lender makes payment to the borrower.

How does reverse mortgage work in Pueblo West CO?

With a reverse mortgage, you’re not required to make any monthly mortgage payments as long as you still stay in the house, and you continue to meet your usual obligations. These obligations include payment of your property taxes, maintaining your property, plus homeowners’ insurance.

Pueblo West Reverse Mortgage Payments

Reverse Mortgage payments can be made either as a lump sum, Periodic advances through a line of credit, as a monthly payment as long as the borrower still resides in the home, or as a combination of any of them. Now comes the question, what precisely do you stand to gain by taking a reverse mortgage?

Geographic info for Pueblo West

Pueblo West is an unincorporated community and a census-designated place (CDP) located in and governed by Pueblo County, Colorado, United States. The CDP is a part of the Pueblo, CO Metropolitan Statistical Area. The population of the Pueblo West CDP was 29,637 at the United States Census 2010. The Pueblo West Metropolitan District provides services. The Pueblo post office (Zip Code 81007) serves Pueblo West postal addresses.

Before Robert P. McCulloch, land developer and oil magnate, and his company McCulloch Properties, Inc. came to Colorado, the area that is now known as Pueblo West was undeveloped rangeland. Historically occupied by Ute and Comanche people, most recently the land was used for ranching, supported by the water from the Arkansas River. Receiving inspiration from the neighboring City of Pueblo, Colorado and the momentum of successfully creating Lake Havasu City, Arizona, McCulloch and his company formally founded the Pueblo West Metropolitan District (the District) on September 16, 1969. Not long after the creation of the District, McCulloch built the Pueblo West Inn where guests were treated to a luxurious experience in an effort to sell land in the rolling prairies of the new community. The Pueblo West News, the District’s first newspaper, reported by 1974 over 2,000 new residents had moved into Pueblo West, and Pueblo School District 70 founded Pueblo West Elementary with 200 students enrolling in the fall. In 1977 McCulloch Properties pleaded guilty to criminal fraud for large‐scale land sales misrepresentation and was forced to refund dissatisfied customers. By 2001 Pueblo West was growing too fast to keep up with its water needs, so it bought an upstream ranch, along with its water rights.

Since the 1970s, recreational and industrial opportunities were also being founded on Pueblo West property, including the South Equestrian Center, National Horseman’s Arena, the Pueblo West Golf and Tennis Club, and manufacturing company Aspen Skiwear, all making use of the area’s expansive plains for their ventures. Pueblo West boasted a population of nearly 4,500 by the early 1980s, requiring the building of Pueblo West Middle School. With developmental opportunities abounding in the North Industrial Park, the economy of the District was growing right alongside its residential areas. Following a population boom in the 1990s, several new elementary schools were built, with Pueblo West High School officially opening in 1996. In the early 2000s, a trail system was laid for the enjoyment of the residents, along with an additional fire station being built to serve the north side of the District. Pueblo West also entered into the Southern Delivery System, a bilateral agreement to supply water from the Pueblo Reservoir to Colorado Springs. Today, Pueblo West is home to over 30,000 residents and boasts a growing industrial center.

Reverse mortgage rates Pueblo West

As a homeowner, reverse mortgage makes you live a more comfortable retirement. It allows you to continue living in your home while also getting paid. Reverse mortgage rates will vary opto the current market rates, loan amount and credit history. Contact the Kevin A. Guttman team to see what today’s mortgage rates are, call (877) 251-9709

Here are the benefits to a reverse mortgage.

  • You remain as the homeowner on title.
  • You still retain ownership of your home.
  • You can also choose to take your funds whichever way you desire.
  • You can take it as a lump sum at once.
  • You can also take it as a line of credit that can be tapped when needed.
  • You can choose to have a steady stream to be paid monthly for a specific period, or as long as you are still a resident of the home.
  • You are entitled to as citizens from the government are generally not affected by a reverse mortgage loan.
  • You’ll still get your social security or your Medicare benefits.

Once your loan has been repaid, you or your heirs are entitled to the remaining equity. In other words, the remaining equity belongs to you. These are the benefits of taking a reverse mortgage.

Pueblo West reverse mortgage broker

Another option is that you can be paid with a combination of these options. However, if you opt for a fixed-rate loan, you’ll be paid a single disbursement lump sum. This is good if you have a significant project you need to spend on. Contact the team at Kevin A. Guttman to get more information on a reverse mortgage.

Like every form of home financing, there are pros and cons to each. For many, a reverse mortgage is a huge lifeline and well suited to their particular situation. For those homeowners, the pros of a reverse mortgage outweigh the cons.

Here are some reverse mortgage pros for your consideration.

  • The proceeds are not taxable.
  • The borrower is not responsible for the repayment of the loan.
  • Backed by the Federal Housing Administration.
  • You can pay off any time, no pre-payment penalty.
  • Equity doesn’t count as income and shouldn’t affect Social Security or Medicare benefits.
  • The term of the loan goes to age 150 of the youngest borrower.
  • The loan can be fixed or adjustable-rate.

Here are the cons of a reverse mortgage.

Property taxes, homeowners insurance, other housing fees such as HOA dues or Flood insurance must be paid by you as with any home. You have to live in the home 6 months or more a year as your primary residence, and maintain the home.

  • A reverse mortgage has strict regulations by the Federal Government.
  • Closing costs are higher than on a traditional mortgage.
  • There is a lien placed on the home.
  • There will be less equity for the heirs.
  • Loan balance can grow over time

What qualifies for a reverse mortgage in Pueblo West CO?

This particular type of home financing is only available to senior homeowners and the program has been recently reformed to be more fair and favorable towards seniors. A reverse mortgage, for many, is a solution that changes their life.

  • You must be 62 years or greater to qualify.
  • Not all properties qualify for a reverse mortgage.
  • You must have enough equity to qualify.
  • Vacation homes and investment properties are not eligible.

One couple we recently helped wanted to downsize to a house that had main floor living and no yard maintenance. They had enough equity in their home to qualify for the HECM For Purchase (H4P). They were able to purchase a home with main floor living in the neighborhood close to their grand kids and have NO monthly mortgage payment. For them, the cons of a reverse mortgage were outweighed by the benefits!

Jumbo reverse mortgage in Pueblo West

A jumbo reverse mortgage can help you tap into your home equity during retirement and help you face everyday challenges. When you meet the age and credit score requirements, the jumbo reverse loans can be a place to age and increase your cash flow with rising healthcare costs, education, or helping out other family members.

Jumbo reverse mortgage loans are targeted at new homeowners with homes valued upwards of 600,000$. These loans come with some essential key features that make them stand out, providing more alternatives and borrowing power for homeowners with high-valued properties.

Private firms and larger banks are generally responsible for jumbo reverse mortgages, however, mortgagers are subject to the same obligations under traditional reverse mortgages to finance their high-valued property.

Reverse mortgage lenders near Pueblo West CO

If you want to know if a reverse mortgage is right for your situation, you can get a free confidential analysis. We’ll ask a few questions and can easily determine if your property qualifies for a reverse mortgage. Get your FREE confidential analysis.

Areas we serve


Image Source: Jeffrey Beall – Wikipedia Commons