The Centennial, Colorado Reverse Mortgage is a powerful retirement planning tool available to retirees. You will no longer have a mortgage payment for the rest of your life with a reverse mortgage, and studies show that retirees with a CO Reverse Mortgage end up with a higher net worth upon their death.
The benefits of today’s reverse mortgage on the financial well-being of retirees have been analyzed in recent years through extensive studies. In fact, in one study by Barry and Stephen Sacks shows that while 45% of retirees without a reverse mortgage outlive their money in retirement, only 15% who have a reverse home loan outlive their money. You may have had parents or grandparents who were in this position- do you want to outlive your retirement assets? Used as a financial planning tool, the CO Reverse Mortgage is no longer only an option of last resort, it is a financial strategy to help preserve your assets and assure that you remain financially secure in your retirement.
The reverse mortgage can be used to refinance your current home loan, or can be used to purchase a home through the CO HECM for purchase reverse mortgage. To qualify, you only need to show that you have the ability to pay the taxes and homeowner’s insurance, and must have enough equity in your home. The amount of equity that is required is based on your age, with older borrowers able to borrow a higher percentage.
Here are a few of the many benefits of utilizing a CO reverse mortgage as part of your overall retirement plan:
- No mortgage payment for the rest of your life.
- Stop pulling taxable income from your investment when there is a down market, to pay a traditional mortgage payment and other expenses.
- Maximize social security benefits by delaying the benefit in your 60's.
- Never will you or your spouse be forced to move out of your home as long as you are living and pay the taxes and homeowner’s insurance, even if one of you is not on the reverse mortgage loan.
- The home is still yours, you aren't "giving it to the bank", and your heirs will get the home and any equity upon your death.
- Your heirs will not be on the hook if you are upside down on your mortgage upon your death. The reverse mortgage insurance will cover the difference!
- Take a mortgage interest tax deduction only when you want.
One great informational site is the US Department of Housing and Urban Development’s “Frequently Asked Questions about HUD’s Reverse Mortgages.”
To get your questions about the Centennial, Colorado Reverse Mortgage answered, give Colorado Reverse Mortgage Expert RJ Baxter a call or visit our website at www.reversemortgageloanscolorado.com . We can also send additional literature such as the studies referenced above. RJ will give you honest answers to your questions, and doesn’t believe in high-pressure sales. You should have all of the facts and feel comfortable with this powerful and unique home loan product before making any decisions. You can reach RJ Baxter at 303-670-0137 or baxterteam@fairwaymc.com
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