Reverse mortgages are loan products that allow seniors (62+) to borrow against the value of their homes while requiring no monthly payments as long as they are living in the home.
During the reverse mortgage counseling session, we will discuss:
- Your financial goals and how they relate to getting a reverse mortgage
- What is a Home Equity Conversion Mortgage (HECM)?
- Review the costs associated with a HECM loan
- Evaluate the pros and cons to this loan product
- Discuss alternatives to reverse mortgage that may help you meet your financial goals
- Each participant will receive a certificate of completion to move forward with the lending process
Before You Begin:
This service is offered to all Colorado residents and has an upfront fee of $125. If a household falls below 200% of the federal poverty level, the fee can be financed into the HECM loan at closing. The counselor will discuss these options with you before scheduling the appointment.