If you’re a homeowner in your 60s or older, your house may be one of the most valuable financial tools you have. In fact, homeowners 62 and up now hold nearly $14 trillion in home equity, according to the National Reverse Mortgage Lenders Association. That’s the highest it’s ever been, and it’s made reverse mortgages more appealing than ever before.

A reverse mortgage allows seniors to tap into that equity without selling their home or taking on monthly payments. The loan is repaid only when you move out permanently or pass away, and in the meantime, you continue to live in your home mortgage payment free as long as you stay current on property taxes, insurance, and basic maintenance.

With home values continuing to hold strong, especially in areas like Northern Colorado, the amount you can borrow through a reverse mortgage is at one of its highest points. And unlike traditional loans, reverse mortgage proceeds are tax-free and don’t affect Social Security or Medicare benefits.

This matters because most older Americans—according to studies from AARP and the Urban Institute—want to age in place. A reverse mortgage gives homeowners the ability to do just that, by providing extra funds to cover living costs, home improvements, or even in-home care, without having to leave the home they love.

There are protections, too. Reverse mortgages are FHA insured, meaning you or your heirs will never owe more than the home is worth. And if the home sells for more than the loan balance, any leftover proceeds go to your estate.

Of course, reverse mortgages aren’t right for everyone. There are upfront costs and some ongoing responsibilities. But for many retirees, especially those with significant equity and a desire to stay put, this tool can offer both financial flexibility and peace of mind.

With housing wealth at historic highs, now is a good time for seniors to take a fresh look at how a reverse mortgage might fit into their retirement plans.

Jan Jordan and Kelsey Jorck are Reverse Mortgage Specialists serving Fort Collins, Loveland, Greeley, Longmont, Dacono, Erie, Boulder, and surrounding areas across Colorado’s Front Range.  Click here to contact them and learn if reverse mortgage is right for you.