Reverse mortgage Castle Rock CO with Kevin A. Guttman
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 Castle Rock 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 Castle Rock 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.
Castle Rock 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?
Castle Rock geographic info
Castle Rock is located at 39°22′20″N 104°51′22″W (39.372212, −104.856090) at an elevation of 6,224 feet (1,897 m). Castle Rock is in central Colorado at the junction of Interstate 25 and State Highway 86, 28 mi (45 km) south of downtown Denver and 37 mi (60 km) north of Colorado Springs.
The town lies a few miles east of the Rampart Range of the Rocky Mountains on the western edge of the Great Plains. Castle Rock, the butte for which the town is named, is just north of the town center. Other prominent landforms visible from Castle Rock include Dawson Butte, Devils Head, Mount Evans, and Pikes Peak.
East Plum Creek, a stream within the South Platte River watershed, flows generally north through Castle Rock. Hangman’s Gulch, which runs northwest then west around the north side of the town center, drains into East Plum Creek, as do multiple unnamed gulches in the southern and western areas of town. McMurdo Gulch and Mitchell Gulch run north then northeast through eastern Castle Rock and drain into Cherry Creek east of town.
Castle Rock is in the Colorado Foothills Life Zone. The hillsides are covered with meadows of grass, small plants, scattered juniper trees and open ponderosa pine woodlands. Other trees common in the area include Gambel oak (scrub oak or oak brush) and pinyon pine. Local wildlife includes the American badger, American black bear, bobcat, coyote, Colorado chipmunk, crow, garter snakes, gray fox, mountain cottontail rabbit, mountain lion, mule deer, pocket gopher, porcupine, skunk, and tadpoles. Birds found in the area include the golden eagle, peregrine falcon, sharp-shinned hawk, black-billed magpie, red-tailed hawk, pinyon jay, and western tanager.
According to the United States Census Bureau, Castle Rock has an area of 33.79 square miles (87.5 km2), all of it land.
Lying within the Front Range Urban Corridor, the town is part of the greater Denver metropolitan area. Castle Rock borders three communities, all to its north; from west to east, they are Castle Pines Village, the city of Castle Pines, and The Pinery. Other nearby communities include Franktown to the east, Larkspur to the south, Perry Park to the southwest, and Sedalia to the northwest.
Reverse mortgage rates Castle Rock
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.
Castle Rock 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 Castle Rock 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 Castle Rock
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 Castle Rock 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.