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 Fort Collins 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 Lakewood 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.
Lakewood 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?
Lakewood geographic info
The City of Lakewood is the home rule municipality that is the most populous municipality in Jefferson County, Colorado, United States. Lakewood is the fifth-most populous city in Colorado and the 172nd-most populous city in the United States. The city population was 142,980 at the 2010 US Census. Lakewood, immediately west of Denver, is one of the principal cities of the Denver–Aurora–Lakewood, CO Metropolitan Statistical Area and a major city of the Front Range Urban Corridor.
Lakewood is located at 39°42′17″N 105°04′53″W at an elevation of 5,518 feet (1,682 m). Located at the junction of U.S. Route 6 and Colorado State Highway 121 in central Colorado, the city lies immediately west of Denver and 62 miles (100 km) north-northwest of Colorado Springs.
Lakewood lies in the Colorado Piedmont on the western edge of the Great Plains just east of the Front Range of the southern Rocky Mountains. Green Mountain, a mesa 6,854 feet (2,089 m) tall, is located in the far west-central part of the city.
The city is located in the watershed of the South Platte River, and several small tributaries of the river flow generally east through it. From north to south, these include Lakewood Gulch, Weir Gulch, Sanderson Gulch, and Bear Creek. Two tributaries of Lakewood Gulch, Dry Gulch and McIntyre Gulch, flow east through the northern part of the city. Turkey Creek, a tributary of Bear Creek, flows northeast through the far southwestern part of the city. In addition, Lena Gulch, a tributary of Clear Creek to the north, flows east then north through the extreme northwestern part of the city.
Reverse mortgage rates Lakewood
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.
Lakewood 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 Lakewood?
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!
Reverse mortgage lenders near Lakewood 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.