Colorado FHA Reverse Mortgage Information
More people than ever before are approaching retirement and are actively wondering if a reverse mortgage is right for them. One popular reverse mortgage program for seniors is the FHA HECM reverse mortgage program – and it is available for seniors in Colorado as well as across the US. Seniors who currently have a FHA reverse mortgage right here in Colorado say that having a reverse mortgage allows them to enjoy retirement rather than worry about it because it provides easy access to tax free retirement funds.
Colorado FHA Reverse Mortgage Highlights
- Available payment options include a lump sum, line of credit or monthly installments
- Make no mortgage payment for as long as you live in the home as your residence
- Interest rates for the FHA reverse mortgage program can be either fixed or variable
Colorado FHA Reverse Mortgage Program Requirements
In order to qualify for the reverse mortgage program, the following requirements apply: You must agree to keep the home in good repair, have equity in the home, be age 62 or older, attend a reverse mortgage counseling session and plan to occupy the home as your primary residence. Qualifying for the FHA reverse mortgage program is simple if you meet these criteria.
Colorado FHA Reverse Mortgage Program: The First Step
The first step to qualifying for a Colorado FHA reverse mortgage is to speak with a loan officer who has experience with Colorado FHA reverse mortgages who can answer any questions that you may have about your situation. Contact an experienced Colorado FHA reverse mortgage loan officer to see if the Colorado FHA reverse mortgage program is right for you.
