Colorado Reverse Mortgage
Colorado Reverse Mortgage product offers easy approval, does not depend on credit or credit score requirements, and there is no income verification involved. Applicant eligibility requires that the applicant has achieved the minimum equity requirement.
Colorado Reverse Mortgages Lender Closing Costs or points
Homeowners ages 62+ may be pleasantly surprised with the thousands of dollars in savings and an easily obtained Reverse Mortgage product. Taylor Mortgage Group offers retirees Colorado Reverse Mortgages with NO points and NO lender closing costs.
Homeowner’s would benefit from no Lender closing costs; the money spent by lenders while approving loans. Homeowner’s using this Reverse Mortgage program only pays for closing costs applicable to the terms and conditions of the lender, i.e. appraisals, etc… These “non-lender” fees can be financed as part of the Reverse Mortgage Loan.
A traditional mortgage or home equity loan requires monthly payments. A Reverse Mortgage Loan program stops all mortgage payments as long as the owners retain the home as a permanent residence. Homeowners that are still making mortgage payments can save hundreds or thousands of dollars each month. Homeowner’s are required to pay insurance, taxes, and to properly maintain the home and property. An upfront one lump sum payment option is available.
Reverse Mortgage clients utilizing this specially designed program enjoy the freedom to use the money they receive after signing the contract. Homeowners have the opportunity to put the money into savings or investments, pay bills, complete renovations/updating, etc.
When a homeowner decides to move permanently from the home the payment structure changes. Reverse Mortgages are a non-recourse loan. Whether the homeowner decides to sell the home or both the homeowner and spouse pass on. Essentially, if home values decline, a surviving spouse and heirs will not be required to pay off more than the fair market value of the home.
Another requirement to obtain a Reverse Mortgage has to do with a federal government guideline. All reverse mortgages are insured by the federal government. The government requires reverse mortgage applicants to speak with a counselor from the Department of Housing and Urban Development (HUD) prior to approval. Once the applicant receives HUD Certification, then the Reverse Mortgage approval process can be finalized.
For information about creative solutions for home loans and reverse mortgages or rural loans used to develop housing, businesses, industries, and cooperatives, please call Taylor Mortgage Group, at (303) 339-5950 or Janie Taylor directly at (303) 884-9393.
