Reverse Mortgage
Reverse Mortgage for Colorado Homeowners:
Taylor Mortgage Group offers reverse mortgages to those 62 and older who own their own homes peace of mind and funding for years to come.
- Lump sum payment, guaranteed monthly payments, or line of credit options
- Never make a monthly mortgage payment again (Homeowner must still live in the home as your primary residence, continue to pay required property taxes homeowners insurance, HOA fees and maintain the home according to FHA requirements)
- The money you receive does not affect Medicare
- Access to your home’s equity
- Heirs inherit any remaining equity after paying off reverse mortgage loan
- Maintain home ownership and title
Eligibility:
- At least one homeowner must be at lest 62 years old
- Must have sufficient equity in your home
- Single family home, two to four unit owner occupied home, townhouse.
There are a number of products available to fit the goals and needs of homeowners. One size does not fit all homeowners in Colorado and Taylor Mortgage Group will tailor the reverse mortgage to your individual situation.
- Taylor Mortgage Group assists clients to choose the best reverse mortgage product for their circumstances. For example, the London Inter-Bank Offering Rate is connected to the HECM LIBOR Reverse Mortgage. It is traded around the world. It provides stability and higher credit with more cash available. With current low interest rates, the HECM Fixed Rate Reverse Mortgage offers similar value to the adjustable option. Interest rates are subject to change.
- The HECM for Purchase Reverse Mortgage allows the senior to buy a new principal residence with less upfront cash than would be needed in a regular purchase. The amount depends on home purchase price, lending limit, age, and interest rate. The buyer makes no payments while living in the home.
- If the holder of a reverse mortgage permanently sells the home, passes away, allows homeowners or flood insurance to lapse or refuses to pay property taxes, then the loan becomes due and payable. However, many of these elements can be dealt with in the design of the reverse mortgage product.
For more information, please call Taylor Mortgage Group at (303) 339-5950 or Janie Taylor directly at (303) 884-9393.
