For homeowners 62+
Reverse Mortgages in Northern Colorado
Honest guidance from a local advisor with 33 years of experience. Bring your family to the conversation.
Is It Right for You?
A reverse mortgage may be worth exploring if:
- You're 62 or older
- You own your home or have significant equity
- You live in it as your primary residence
- You want to stay in your home, or right-size to a new one
An FHA-insured Home Equity Conversion Mortgage (HECM) is available to homeowners 62 and older. It is a loan: interest and fees are added to the balance, which grows over time, and your home equity decreases. HUD-approved counseling is required and a financial assessment applies. HECM limits are set by FHA and updated annually.
How It Works
Four steps, with no pressure at any point.
01
Talk with Scott
A relaxed conversation about your goals. Family welcome.
02
HUD-approved counseling
An independent, required session so you understand the loan and the alternatives.
03
Application and appraisal
I handle the paperwork, including the financial assessment and appraisal.
04
Choose how you receive funds
Pick the option that fits your plans.
Ways to Receive Funds
Interest and fees are added to the balance on whatever you use.
Lump sum
Receive funds at closing, for example to pay off an existing mortgage.
Line of credit
Draw when you need it. The unused portion can grow over time.
Monthly payments
Set payments for a period of time or as long as you live in the home.
A combination
Mix options, such as a line of credit plus monthly payments.
Common Uses
- Pay off your current mortgage
- Supplement retirement income
- Healthcare or in-home care
- Updates to age in place
- Delay taking Social Security
Your Responsibilities
There is no required monthly mortgage payment, but you do have ongoing obligations. Not meeting them can cause the loan to become due.
Live in the home
It must remain your primary residence.
Pay property charges
Property taxes, homeowners insurance and any HOA dues.
Maintain the home
Keep the home in good repair.
When it comes due
When the last borrower sells, permanently moves out or passes away.
Myths vs. Facts
Myth: "The bank owns my home."
Fact: You keep title to your home. The reverse mortgage is a loan secured by it, like any mortgage.
Myth: "My kids will inherit debt."
Fact: A HECM is non-recourse. Heirs never owe more than the home's value when it's sold, or 95% of the appraised value if they choose to keep it.
Myth: "I can be forced out."
Fact: You can stay as long as the home is your primary residence and you meet the loan obligations: property taxes, homeowners insurance, HOA dues and upkeep.
Start With Your Home's Value
See what's happening with home values in your neighborhood.
Request a Personal Review
I'll look at your situation myself. No instant estimates, no pressure.
Frequently Asked Questions
Who qualifies for a HECM reverse mortgage?
The youngest borrower must be at least 62. You must own your home outright or have significant equity, live in it as your primary residence, complete HUD-approved counseling and meet a financial assessment.
Is a reverse mortgage a loan?
Yes. It is a loan secured by your home. Interest and fees are added to the balance each month, so the amount owed grows over time and your home equity decreases.
Do I still own my home?
Yes. You keep title to your home, just as with a traditional mortgage.
Do I have to make monthly payments?
There is no required monthly mortgage payment. You can make voluntary payments. You must keep paying property taxes, homeowners insurance and HOA dues, and maintain the home.
What happens when the last borrower passes away?
The loan becomes due. Heirs can sell the home, keep it by paying off the loan (or 95% of the appraised value, whichever is less) or sign the home over. They never owe more than the home is worth.
How much can I receive?
It depends on the age of the youngest borrower, the home's value, current interest rates and FHA limits, which are set by FHA and updated annually. I'll review your numbers personally.
Why is counseling required?
HUD requires an independent counseling session so you understand the loan, the costs and the alternatives before you apply. I encourage family members to join.
Can my spouse stay if they're under 62?
In many cases an eligible non-borrowing spouse can remain in the home after the borrower passes, if certain conditions are met. Let's review your situation together.
Let's Talk It Through, Together
Bring your questions, and your family. I'll give you honest answers.
NMLS #172296 | Licensed in Colorado
A reverse mortgage is a loan that must be repaid when the last borrower sells the home, permanently moves out or passes away. Borrowers must live in the home as their primary residence, stay current on property taxes, homeowners insurance and HOA dues, and maintain the home. Interest and fees are added to the loan balance, which grows over time. HUD-approved counseling is required. These materials are not from, or approved by, HUD or FHA. Fort Collins Mortgage, LLC, NMLS #172296.