Are you wondering if you or someone you love may qualify for a reverse mortgage and how the process works? Here are some fast facts to help. Reverse mortgages are available to many homeowners and retirees looking for creative ways to enhance their golden years.
Do I qualify?
- Age 62 or older
- The home you own must be your primary residence
- Have enough equity in the home to pay off existing mortgage (if applicable)
How much money can I receive?
- The older you are the more money you can receive. The calculation is based on your age, or the age of the youngest borrower in the case of married couples.
- The amount you can receive is based partly on the appraised value of your home
- The current interest rate will also be a factor in the amount of money you can receive with interest rates changing weekly
How do I receive the money?
- Fixed monthly payments
- Lump sum payment
- Line of credit
- Wrapped into the purchase of a home
- A combination of the options above
Jan Jordan is a Reverse Mortgage Specialist serving the Fort Collins, Loveland, Greeley, Longmont, Boulder and other Front Range areas of Colorado, as well as the Cheyenne and Laramie communities of Wyoming. Contact Jan and learn if reverse mortgage is right for you.