Forward: the Colorado Springs Mortgage Insight is a series of mortgage articles written by local mortgage experts exclusively for our readers, here on Colorado Springs Real Estate Connection.

Colorado Springs Mortgage Insight: Reverse Mortgages

Reverse mortgages are growing in popularity, here in the Colorado Springs real estate market. Whether seeking money to finance a home improvement, pay off a current mortgage, supplement retirement income, or purchase a new home, many senior Americans are turning to reverse mortgages. With all the Baby Boomers moving toward retirement, this is becoming a viable option for more people every year.

A reverse mortgage allows homeowners age 62 or better, to convert equity in their homes into cash without having to sell their homes or take on additional bills.

To qualify for a Reverse Mortgage, the homeowner must:

• Be 62 years or older
• Have substantial equity in their current home

If this sounds interesting and you qualify for a Reverse Mortgage, there are some things to consider.

Important FACTS about Reverse Mortgages:

• No repayment is made until the home is sold or you permanently move out.
• You will never owe MORE than the current market value of your home
• There are NO income qualifications
• Social Security benefits are not affected by a reverse mortgage
• You OWN your home- the lender DOES NOT take control of the title

When the loan is due, the you have 2 choices:

• You can repay the loan and keep the house
• or sell your Colorado Springs home and repay the loan

Read Also: Top 10 Things to Know if You are Interested in a Reverse Mortgage

Possible USES for a Reverse Mortgage:

• Pay off home repairs and renovations
• Pay for long-term healthcare
• Pay off existing debt
• Pay off an existing mortgage
• Pay for healthcare + prescriptions drugs
• Pay taxes
• Contribute to grandchildren’s education
• Travel
• Buy a vacation home
• Just live a little more comfortable

Read Also: Deciding Between Getting a Reverse Mortgage or Selling

If you decide to sell your home in Colorado Springs, the Wagner iTeam can help. Please contact us for a no obligation review of your current situation, where we can explain what we can do to help you sell your house for the most amount of money in the shortest amount of time. (719) 434-7525

Read Also: The Best Time to Buy and Sell a Home in Colorado Springs

Thanks for reading our Colorado Springs Real Estate Blog!
Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
Pictures of Colorado Springs
(719) 434-7525