Reverse mortgage Ken Caryl CO with Kevin A. Guttman

ken caryl 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 Ken Caryl 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 Ken Caryl 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.

Ken Caryl 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 Ken Caryl

As of the 2010 census, there were 32,438 people, 12,677 households, and 9,041 families residing in the CDP. The population density was 3,337.2 people per square mile (1,288.5/km2). There were 13,212 housing units at an average density of 3,337.2 per square mile (524.3/km2). The racial makeup of the city was 91.8% White, 2.2% Asian, 0.8% African American, 0.5% American Indian, 2.1% from other races, and 2.6% from two or more races. Hispanics and Latinos of any race were 9.6% of the population.

There were 12,677 households, out of which 35.3% had children under the age of 18 living with them, 57.2% were married couples living together, 4.4% had a male householder with no wife present, 9.7% had a female householder with no husband present, and 28.7% were non-families. 23.1% of all households were made up of individuals, and 5.3% had someone living alone who was 65 years of age or older. The average household size was 2.56, and the average family size was 3.03.

The median age in the CDP was 39.0 years. 25.0% of residents were under the age of 18; 7.3% were between the ages of 18 and 24; 27.0% were from 25 to 44; 32.5% were from 45 to 64; and 8.2% were 65 years of age or older. The gender makeup of the city was 49.0% male and 51.0% female.
The median income for a household in the CDP was $84,153, and the median income for a family was $95,753. Males had a median income of $61,275 versus $47,104 for females. The per capita income for the CDP was $36,862. About 1.7% of families and 3.8% of the population were below the poverty line, including 2.9% of those under age 18 and 4.9% of those age 65 or over.

Reverse mortgage rates Ken Caryl

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.

Ken Caryl 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 Ken Caryl 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 Ken Caryl

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 Ken Caryl 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.

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Image Source: Jeffrey Beall – Wikipedia Commons