Using a reverse mortgage to tap home equity is one of the most powerful options available to retirees today.
– Alicia Munnell
Director, Center for Retirement Research at Boston College
When you have a regular mortgage, you pay the lender every month to buy your home over time. In a reverse mortgage, you get a loan in which the lender pays you. Reverse mortgages take part of the equity in your home and convert it into payments to you – a kind of advance payment on your home equity. The money you get usually is tax-free. Generally, you don’t have to pay back the money for as long as you live in your home. When you die, sell your home, or move out, you, your spouse, or your estate would repay the loan. Sometimes that means selling the home to get money to repay the loan.
-
Stay in your home as long as you can maintain and pay taxes
-
Choose from lump sum up front, or monthly income
-
Utilize the equity in your home for any expense.
-
Enjoy retirement without fretting about income.
-
Supplement social security payments.
-
Can be a better option than assisted living.
-
Family or caretakers can live on property as well.
-
Reverse mortgage income can be used for care takers.
-
HUD backed, meaning if you out live your home's value, you can remain in it as long as it's maintained and taxes / HOA paid.
Benefits of Reverse Mortgages
Pay for living or medical expenses with a reverse mortgage!
Life happens and retirement is not such an easy task in today's changing times. A reverse mortgage can be a great option for a variety of life circumstances. Access cash now, or on a monthly basis to pay for either large up front expenses, monthly budget expenses, medical bills and / or ongoing medical expenses such as a care taker. Many families find accessing money through a reverse mortgage, allowing the parent to stay in their home and be comfortable, rather than go to assisted living can be a much better option. In this situation, a spouse, family member, friend or paid help can live in the home as well for medical assistance.
WHY UTILIZE DOMINION MORTGAGE
FOR YOUR REVERSE MORTGAGE?
We value the opportunity to help first time home buyers and those with less than perfect credit get into their own property. Home ownership is a valuable investment in the state of CO, and as a local, family owned company, our mission is to help other local families own their property and build a valuable asset. Being in business for over 20 years we have come to know the CO real estate market very well and pride ourselves as being an extra set of protective eyes for our clients to ensure you're not over paying in the currentlly inflated Colorado real estate market.