Reverse Mortgage In Colorado

Reverse Mortgage In Colorado

Need A Reverse Mortgage In Denver CO?

I am a reverse mortgage specialist and am ready to get your questions about getting a reverse mortgage in Colorado answered.

There still seems to be more misinformation out there than accurate reverse mortgage information. Of course, it depends on who you talk to as to whether or not you get the correct reverse mortgage information or some fear based myth.

**** Note ****

“The great enemy of the truth is very often not the lie – deliberate, contrived and dishonest, but the myth – persistent, persuasive and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought”

****John F. Kennedy****

Unfortunately, most of the myths tend to be promoted by supposed financial experts that you know and trust. But while they may be knowledgeable about investments, trusts, or real estate, they are not experts on reverse mortgages and do not have the proper knowledge or information to accurately advise you.

Hopefully you will find all the reverse mortgage information on this site that you need to make an educated, informed decision as to the usefulness of a reverse mortgage for your particular situation.
So let’s get started.


What is a Reverse Mortgage?

After talking with thousands of people and closing well over 650 reverse mortgages in Denver CO, this is still the number one question that I receive from people seeking reverse mortgage information.

In a nutshell, a reverse mortgage is an FHA insured loan that is specifically designed for homeowners, age 62 and above, that allows you to convert a portion of the value of your home into tax-free money*, without ever having to sell your home, give up title or obligate yourself to a monthly mortgage payment.

For more details, please visit my What is a Reverse Mortgage? page.

Sometimes I hear people say “This sounds too good to be true and what sounds too good to be true, usually is” The main thing to keep in mind when gathering reverse mortgage information is that this is not free money.

You are still charged interest on your reverse mortgage loan. The difference is that you are not required to pay the interest. Since you are not making a monthly payment to the lender, you are not really paying the interest out of your pocket, so it is added to the end of the loan balance. The balance on the reverse mortgage loan is actually getting larger over time.

If you think you want a reverse mortgage, you must be OK with this fact: The loan balance grows over the life of the reverse mortgage loan.

I cannot stress this enough.

You will get a statement every month and it will show your reverse mortgage loan balance growing with each statement. If looking at this statement is going to cause you more stress than having the reverse mortgage relieves, then DO NOT GET A REVERSE MORTGAGE! 🙁


What is a HECM Reverse Mortgage?

As mentioned in the brief description above, most reverse mortgage loans are insured by FHA, (Federal Housing Administration), which is a division of HUD, (Division of Housing and Urban Development). FHA’s reverse mortgage program is called HECM, (Home Equity Conversion Mortgage). I know it can be overwhelming, but try not to be too put off or intimidated by all the acronyms.

The HECM reverse mortgage is heavily regulated and controlled by FHA. They have a book of rules about as big as the phone book that the lenders have to follow, so this is the safest program for people to get.
One piece of reverse mortgage information that you should also be aware of is that no lender should ask you to sign anything until you have talked with a reverse mortgage counselor. The counselor is an independent third party that is approved by HUD to offer reverse mortgage information (counseling) to make sure that you understand exactly what it is that you are doing.


I hope that this reverse mortgage information page has been helpful. I just wanted to touch some of the most important reverse mortgage facts and concepts with you here. There is a whole lot more on this web-site, some pages go into very deep detail, while others just scratch the surface.

If you’d like some more general reverse mortgage information, please see the Reverse Mortgage FAQ and Reverse Mortgage Pros and Cons pages.

You can also learn a lot by checking out my blog.

As always, please feel free to contact me.

Reverse Mortgage Guide

Free Reverse Mortgage Guide

This 28-page Consumer Guide will help you make and informed decision whether a reverse mortgage is right for you.

Kathleen Mitchell
Kathleen Mitchell

Just left us a 5 star review

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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.

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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.

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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.

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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!

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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.

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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.

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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!