You may have heard of them, but you may not know exactly what a reverse mortgage is, and that is understandable. There is a lot of confusion out there about reverse mortgages, exactly what they are, who would benefit most from a reverse mortgage, and how to go about getting one. A reverse mortgage is a unique loan which allows homeowners to access a portion of the equity available in their primary residence without the need to sell the home, give up title ownership, or take on a new mortgage payment.
A reverse mortgage is a home equity loan insured by the Federal Housing Administration (FHA), for seniors aged 62 and older, which allows them to stay in their home as long as they wish. If you have specific financial goals and would like to find another way besides continuing to work or using savings to achieve those goals, a reverse mortgage may be the answer to achieving financial independence and security for your retirement years.
If you currently have a Denver mortgage, a reverse mortgage may be the tool that gives you peace of mind and improves your quality of life. In addition to the benefits mentioned above, a reverse mortgage also can be used to purchase a new home, gives you the option to choose how you want to access the loan money, is generally tax free, leaves no debt for your heirs, and offers you fixed or adjustable interest rate options.
If you are interested in learning more about mortgage options in Denver, or have more questions concerning this loan option and if it is the best choice for you, please feel free to give us a call at (719) 638-0531. Our loan experts are happy to speak with you and help you make the best financial decision for your future.