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 Golden 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 Golden 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.
Golden 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 Golden, CO
Golden is a home rule municipality of the city form of statutory government in Colorado. Its government is a city council/city manager form of leadership which consists of a popularly elected mayor elected by the entire citizenry, two councilors each representing a district comprising one half of the city, and four councilors each representing a ward of which each district is divided into two. These seven members of the city council are each popularly elected from their ward/district/at large and they serve as the governing body of the city. The council hires and supervises the city manager, who hires and supervises the city staff, which handles the daily operations of the city.
As of the census of 2010, there were 18,867 people, 7,394 households, and 3,985 families residing in the city. The population density was 2,096.3 inhabitants per square mile (809.7/km2). There were 7,748 housing units at an average density of 860.9 per square mile (332.5/km2). The racial makeup of the city was 90.6% White, 1.2% Black or African American, 0.6% Native American, 3.8% Asian, 0.1% Pacific Islander, 1.4% from other races, and 2.3% from two or more races. 8.2% of the population were Hispanic or Latino of any race.
There were 7,394 households, out of which 23.7% had children under the age of 18 living with them, 43.4% were married couples living together, 7.2% had a female householder with no husband present, 3.3% had a male householder with no wife present, and 46.1% were non-families. 31.6% of all households were made up of individuals, and 3.2% had someone living alone who was 65 years of age or older. The average household size was 2.24 and the average family size was 2.8.
In the city, the population was spread out, with 24.7% under the age of 20, 13% from 20 to 24, 27.5% from 25 to 44, 25% from 45 to 64, and 10% who were 65 years of age or older. The median age was 33.9 years. The population was 56.6% male and 43.4% female.
As of the census of 2000, the median income for a household in the city was $49,115, and the median income for a family was $67,414. Males had a median income of $41,822 versus $32,413 for females. The per capita income for the city was $25,257. About 3.5% of families and 11.3% of the population were below the poverty line, including 6.4% of those under age 18 and 7.6% of those age 65 or over
Reverse mortgage rates Golden
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.
Golden 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 Golden 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 Golden
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 Golden 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.