Beacon Lending Home Loans in Denver Colorado

How To Apply For A Reverse Mortgage in Colorado

aka (HECM) Home Equity Conversion Mortgage

You can apply for a Reverse Mortgage when you become 62 years of age. You have worked very hard to own your home, and the Reverse Mortgage can be a great way to help supplement your retirement income. The Reverse Mortgage is designed for many different purposes as you approach your golden years, and can be a huge benefit to you. The following are some reasons why a homeowner would take out a Reverse Mortgage:

  • Payoff your current mortgage
  • Supplement your retirement income
  • Pay for Healthcare Expenses

The way a Reverse Mortgage works is it allows you to transfer part of the existing equity in your home into cash without having to sell your home or pay additional monthly bills.

Here is the main difference with a Reverse Mortgage. You do not make monthly mortgage payments anymore to your existing lender. What happens is you will receive money from the lender, and do not have to pay it back as long as you live in your house. The Reverse Mortgage Loan is repaid when you die, sell your house, or when you do not have it as your primary residence.

What we offer at The Mortgage Network in Colorado is a (HECM) Reverse Mortgage, or Home Equity Conversion Mortgage, and this Reverse Mortgage is backed by the US. Department of Housing and Urban Development (HUD).

Before applying for a Reverse Mortgage with The Mortgage Network, you must meet with a HUD Approved Counselor. The counselor is there to explain all of the options for you, the upfront costs, and possible alternatives to a Reverse Mortgage.

Here is a link to get the process started with a HUD Counselor in your State.

How much you can borrow with a (HECM) Mortgage depends on several different factors, including your age, appraised value, and interest rate.

NOTE: A rule of thumb is the Older you Are, the more equity you have, and less you owe, the more money you will get.

Here are the payment options for you when you choose a Reverse (HECM) Mortgage.

  • A “term” options – fixed monthly cash advances for a set amount of time
  • A “tenure” option – fixed monthly cash advances for as long as you reside in your home
  • A line of credit that lets you draw down the loan proceeds at any time in amounts you choose until you have used up the line of credit.
  • A combination of monthly payments and a line of credit.

For further information, and to see if you qualify for a Reverse Mortgage, you can call Brian Quigley at 720-949-5630.

About the Author

Brian Quigley
Brian Quigley
 NMLS# #244003

Brian Quigley has been in the Denver mortgage industry since 2003. Customer satisfaction has been his top priority while guiding clients through the home loan qualification process. He is proficient in all types of mortgage financing including FHA/VA, Conventional, USDA, Jumbo, Portfolio, 1031 Exchanges, Reverse Mortgages, Refinancing, Construction loans, and FHA 203K loans.

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Adam Armstrong
Getting the lowest rate was the most important thing to me. I shopped 5 other lenders/brokers for my refinance. Brian was able to beat the other lenders by a significant margin....
Brent Galas
Brian, was very easy to work with for my refinance even thru this Covid time. All documents were easy to upload electronically and his processor was detailed for what was needed...
Jerred Lane
Brian has raised the bar to a whole new level. With time being precious, there are not many who have a lot of time to spare; he kept everything on point and on track.

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