The Basics Of A Reverse Mortgage

Understanding a Colorado reverse mortgage is easier to do than you might think.
The Basics Of A Reverse Mortgage

For millions of Americans, owning a home means much more than just having a place to live. A home can also be one of your biggest assets, and understanding
how to use that asset to its fullest is important. While it’s not for everyone, using a reverse mortgage in Colorado could help the state’s residents get some significant benefits – if they feel that the option is right for them.

To figure out whether or not you should contact a reverse mortgage specialist, the first step is simply to understand the basics of how
it works. Here’s a quick, basic breakdown of the fundamentals of what it involves.

  • If you are considering taking out a reverse mortgage in Denver CO you should speak to a specialist who will review your situation and ensure that you
    qualify and understand the reverse  mortgage program. If you do, the next step will be to talk with a reverse mortgage housing counselor.
  • Meeting with a reverse mortgage counselor is required prior to signing an application for a reverse mortgage.  The counselor is an independent
    third party approved by the Secretary of Housing and Urban Development (HUD). 
  • The next step is to meet with the reverse mortgage Colorado specialist to complete the application.
  • Your home will then be appraised by a professional. That appraisal is used to determine overall value.  You will then talk with the reverse mortgage
    specialist again to discuss how the actual appraised value affects your reverse mortgage.
  • Once the loan is approved, you sign the final papers and after a 3 business day waiting period, the loan is final.
  • Under a reverse mortgage, you have 4 ways in which you can receive the funds:
    1. As a Lump Sum
    2. A Line of Credit
    3. As a Monthly Payment
    4. Any Combination of the Above Choices
  • A reverse mortgage only comes due when the last homeowner permanently leaves the home.  At that time the heirs inherit the home and they decide
    what to do with it.  If there is equity left in the home, they can sell it or refinance it and pay the reverse mortgage off.  Any remaining
    equity will go to them. 

    If there is no equity left in the home, they can give it to the lender and walk away.  There is absolutely no recourse.  The lender
    cannot come back to the heirs, or the estate for any loss. 

  • As the homeowner, when you get a reverse mortgage, the home is still in your name.  It is your house.  You can sell any time you choose.
    You are not “stuck in the home”.  However, since it is still your home, you still have the continuing obligations of any homeowner.
    In order to keep the reverse mortgage in place you must continue to:

    1. Live in the home as your primary residence
    2. Pay your property taxes on time
    3. Keep up on your homeowner’s and/or flood insurance
    4. Maintain the home

In short, you’ll speak to a Colorado reverse mortgage specialist who will help you to understand exactly how reverse mortgages work as well as go over the various options so that you can make an informed decision
if it’s a program that is right for you.  That’s it in a nutshell, and reviewing its basic principles it’s not hard to see why so many people
are turning to this option.

So who is a reverse mortgage really good for? Primarily, it’s the right call for those who:

  • Are concerned about outliving their money.  They might have some saving but it may not be enough.
  • Someone who has a mortgage on their home and does not want to pay it month after month for the rest of their life.
  • Someone who might have plenty of money but wouldn’t want to  withdraw it in a down market.  You can set up a “stand by line of credit” to
    tap into during a down stock market.
  • Anyone who wants to improve their standard of living by paying off a mortgage, receiving a monthly check or having the peace of mind of knowing that
    they have money set aside in a line of credit for emergencies.

If you feel like a Colorado reverse mortgage is right for you, it’s something that’s well worth taking a closer look at. It’s a unique
kind of loan that offers a lot to many people, and could change your life in a big way.

Bruce Simmons

Bruce Simmons

I absolutely love what I do - working with senior homeowners to help them live a more comfortable, flexible and secure retirement. I have the absolute best customers in the world, and even though I worked in the forward mortgage business for a number of years, I could never go back to doing conventional loans. I'm a 100% reverse mortgage specialist.

5.0

Bruce is one of the most professional, knowledgeable and efficient experts I have worked ŵith ever in any field. He is fast to answer and always ready to help...and he's a great guy!

I was hesitate about getting a reverse mortgage until Bruce Simons put my mind at rest. He is easy to work with, extremely knowledgeable and efficient. Things get done and he will make sure that you understand every part of the process. I interviewed several other people and he was hands down.....The only choice.

Doing a Reverse Mortgage is a major decision, when working with Bruce he came out personally to go over every thing in detail, there was no pressure to finalize the transaction, I had even put the loan on hold for awhile even though I had locked in my rate, I had called Bruce off and on for a few weeks to ask questions that I had concerns about and he was always available to talk to me. In the end it gave me time to feel comfortable about my decision to move forward with the Reverse. Bruce was very pleasant to work with and would certainly recommend Bruce if you are going to consider a Reverse Mortgage.

Bruce Simmons at American Liberty is one of the best in the reverse mortgage industry. I have known and worked with him for years and he always does a great job. You are in good hands with Bruce and know that he will take good care of you or your loved ones every step of the way.

Best thing I ever did! Bruce Simmons at American Liberty Mortgage is the best. He is always there to answer your questions, and can easily explain the whole idea of a Reverse Mortgage. He takes the time and goes through the entire process with you. It worked out so well for me. Thank You Bruce!

We had researched Reverse Mortgages for 5 years and after hearing about Bruce Simmons and meeting with him, we finally decided to move forward with the Reverse Morgage. It has been over a year now and we are still very pleased with our decision. We think Bruce is very professional, knowledgeable and honest. Thank you, Bruce, for all your help.

I first met Bruce Simmons 2017. I found him on the internet. I was looking for someone local. I called him and explained I was only looking into doing a reverse mortgage, so I did not want him to think this was something I was ready to do. Bruce was friendly, very open about the basics of a reverse mortgage. Bruce came to my home and presented the figures and other details that he could offer. The first thing that impressed me was this was not a hard sell, more of a informational meeting. He was very open about all of the details, and answered my questions without hesitation. What really was evident was he was establishing a relationship with me, and I realized he knew I would not take the loan at that time. There was not enough equity in my home, and I would have to bring money to the table. Although I was not ready to do a loan, Bruce assured me he is always available for questions. Four years later, I finally did do a reverse mortgage, and I couldn't be happier with having done it. I have done away with a mortgage payment which allows me to fund my retirement account with that mortgage payment. We did some much needed landscaping with our cash out transaction, and will move on to improvements inside of the house. My reverse mortgage has a line of credit, and I feel sense security knowing it is there if I need it. Bruce explained that a reverse mortgage is not for everyone, but I feel certain that he paved the way for a strategy that worked for me. I will definitely do a refinance when the time is right. I will check in with Bruce to be sure what the benefits are when I do it again.

I have worked with Bruce Simmons for 15 years. Bruce is one of the best in the industry. He is extremely knowledgeable, kinds and detailed in what he does. His clients love working with him and trust him to help them with their Reverse Mortgage loans. I would recommend Bruce to anyone I know that is thinking about or wanting to do a Reverse Mortgage. He will always take very good care of the customers and make sure their needs are met! Class act and one of the best in the industry by far!

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Tim Mallory
Tim Mallory

Just left us a 5 star review

google
Tim Mallory
November 11, 2022

Bruce is one of the most professional, knowledgeable and efficient experts I have worked ŵith ever in any field. He is fast to answer and always ready to help...and he's a great guy!

google
Kathleen Mitchell
September 18, 2022

I was hesitate about getting a reverse mortgage until Bruce Simons put my mind at rest. He is easy to work with, extremely knowledgeable and efficient. Things get done and he will make sure that you understand every part of the process. I interviewed several other people and he was hands down.....The only choice.

google
Mike Hoeffner
August 30, 2022

Doing a Reverse Mortgage is a major decision, when working with Bruce he came out personally to go over every thing in detail, there was no pressure to finalize the transaction, I had even put the loan on hold for awhile even though I had locked in my rate, I had called Bruce off and on for a few weeks to ask questions that I had concerns about and he was always available to talk to me. In the end it gave me time to feel comfortable about my decision to move forward with the Reverse. Bruce was very pleasant to work with and would certainly recommend Bruce if you are going to consider a Reverse Mortgage.

google
Jonathan Maiolatesi
August 22, 2022

Bruce Simmons at American Liberty is one of the best in the reverse mortgage industry. I have known and worked with him for years and he always does a great job. You are in good hands with Bruce and know that he will take good care of you or your loved ones every step of the way.

google
Ronda Giblin
August 20, 2022

Best thing I ever did! Bruce Simmons at American Liberty Mortgage is the best. He is always there to answer your questions, and can easily explain the whole idea of a Reverse Mortgage. He takes the time and goes through the entire process with you. It worked out so well for me. Thank You Bruce!

google
John Bell
August 20, 2022

We had researched Reverse Mortgages for 5 years and after hearing about Bruce Simmons and meeting with him, we finally decided to move forward with the Reverse Morgage. It has been over a year now and we are still very pleased with our decision. We think Bruce is very professional, knowledgeable and honest. Thank you, Bruce, for all your help.

google
Mary Bernard
August 19, 2022

I first met Bruce Simmons 2017. I found him on the internet. I was looking for someone local. I called him and explained I was only looking into doing a reverse mortgage, so I did not want him to think this was something I was ready to do. Bruce was friendly, very open about the basics of a reverse mortgage. Bruce came to my home and presented the figures and other details that he could offer. The first thing that impressed me was this was not a hard sell, more of a informational meeting. He was very open about all of the details, and answered my questions without hesitation. What really was evident was he was establishing a relationship with me, and I realized he knew I would not take the loan at that time. There was not enough equity in my home, and I would have to bring money to the table. Although I was not ready to do a loan, Bruce assured me he is always available for questions. Four years later, I finally did do a reverse mortgage, and I couldn't be happier with having done it. I have done away with a mortgage payment which allows me to fund my retirement account with that mortgage payment. We did some much needed landscaping with our cash out transaction, and will move on to improvements inside of the house. My reverse mortgage has a line of credit, and I feel sense security knowing it is there if I need it. Bruce explained that a reverse mortgage is not for everyone, but I feel certain that he paved the way for a strategy that worked for me. I will definitely do a refinance when the time is right. I will check in with Bruce to be sure what the benefits are when I do it again.

google
LESLIE HINES
August 19, 2022

I have worked with Bruce Simmons for 15 years. Bruce is one of the best in the industry. He is extremely knowledgeable, kinds and detailed in what he does. His clients love working with him and trust him to help them with their Reverse Mortgage loans. I would recommend Bruce to anyone I know that is thinking about or wanting to do a Reverse Mortgage. He will always take very good care of the customers and make sure their needs are met! Class act and one of the best in the industry by far!