For many seniors in Loveland and Fort Collins, Colorado the federal reverse mortgage program is a proving to be a much needed lifeline. Current statistics show that approximately 44% of reverse mortgage borrowers have incomes under 200% of the federal poverty level, or less than $22,980 per year for a single individual. Unfortunately, as the cost of living increases, the elderly are often hit the hardest – some barely scraping by. Many reverse mortgage borrowers are using funds to supplement their monthly income allowing them to enjoy a more comfortable lifestyle during retirement and as they age. Other common uses for reverse mortgage funds are planning ahead for emergencies or to pay for medical costs.
Senior homeowners 62 and over may be eligible for a reverse mortgage regardless of their income or credit. The funds received can be used for any purpose the borrower sees fit, and can be distributed monthly or in a lump sum. Married couples can also easily get a reverse mortgage, as long as each spouse is over the age of 62. Reverse mortgage counseling and working with a reputable lender is an important component to ensuring the right decision is being made.
Jan Jordan is a Reverse Mortgage Specialist serving the Fort Collins, Loveland, Greeley, and Front Range areas of Colorado. Click here to contact Jan and learn if reverse mortgage is right for you.