One of the greatest benefits of a reverse mortgage is the flexibility it offers—borrowers can use the funds however they choose, all while living without the burden of a monthly mortgage payment. In Colorado, where retirees are living more active lives than ever, that flexibility goes a long way. Whether it’s traveling, updating the home, or spending more time with loved ones, seniors are using reverse mortgage proceeds to truly enjoy their golden years.

With cities like Fort Collins and Loveland regularly ranking among the best places to retire—along with Firestone, Parker, and Louisville—it’s easy to see why so many older adults are choosing to settle down and live well right here in Colorado.

Here are three meaningful ways retirees are putting their reverse mortgage funds to use:

1. Taking That Dream Vacation

After decades spent working, saving, and raising families, many seniors are finally making time for that once-in-a-lifetime trip. Reverse mortgage funds can make it possible to book that long-awaited cruise, European tour, or national park adventure. These experiences become harder to plan with age, so taking the opportunity now makes for an exciting and rewarding way to celebrate retirement.

2. Reconnecting With Loved Ones

Travel expenses often stand in the way of meaningful visits, especially as airfare, lodging, and gas prices rise. Some retirees are using their reverse mortgage funds to reconnect with family members they haven’t seen in years—whether it’s visiting grandchildren across the country or reconnecting with old friends. It’s one of the most heartfelt and rewarding uses of the funds.

3. Updating or Repairing the Home

After a lifetime of caring for others, it’s common for seniors to realize their own homes could use some attention. Tapping into home equity with a reverse mortgage (without taking on new monthly payments) gives homeowners the chance to make needed repairs or finally tackle long-desired upgrades. From practical fixes to more luxurious additions like a sunroom or kitchen remodel, improving the home is a smart and satisfying use of the funds.

Reverse mortgages are available to homeowners aged 62 and older. Backed by the FHA, this loan offers flexible options: a lump sum, monthly payments, or a growing line of credit. And with safeguards like required third-party counseling, borrowers can make informed decisions with confidence.

For those looking to buy a new home instead of staying in their current one, a reverse mortgage for purchase is also an option—opening the door to a fresh start, without a monthly mortgage payment.

Jan Jordan and Kelsey Jorck are Reverse Mortgage Specialist serving the Fort Collins, Loveland, Greeley, Longmont, Boulder and other Front Range areas of Colorado.  Click here to contact them and learn if reverse mortgage is right for you.