The Broomfield, Colorado Reverse Mortgage can be one of the most powerful retirement planning tools available to retirees. Not only will you no longer have a mortgage payment for the rest of your life with a reverse mortgage, but studies show that retirees with a CO Reverse Mortgage on average end up with a higher net worth upon their death.
There have been extensive studies on the effect of today’s reverse mortgage on the financial well-being of retirees. 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? The Broomfield, Colorado Reverse Mortgage is not only an option of last resort. It is being used by more retirees as a financial planning strategy to preserve your assets and assure that you remain financially secure through 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 Broomfield, 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.
- Wait to take social security until your maximum age, to increase social security income.
- 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 bank doesn't own your home. The home is still yours, 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. FHA covers the difference! Your heirs will not be on the hook.
- 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.”
Give RJ Baxter a call in the office to get your questions answered about the Broomfield, Colorado Reverse Mortgage or visit our website at www.reversemortgageloanscolorado.com . We would also be happy to 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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