Exposing the myths. Answering your questions.

Reverse mortgages come with a lot of misconceptions. Let's clear them up, then answer the questions people ask most.

The myths

Myth #1

“The bank owns my home.”

Reality: False! You retain ownership of the home with the deed in your name(s). You are free to sell your home at any time, and there is no pre-payment penalty. A reverse mortgage is just a mortgage, with options compared to other mortgages.

Myth #2

“My heirs are personally liable when I pass away.”

Reality: False! Heirs have no personal liability. Buy it, sell it, heirs get the remaining equity. HECM reverse mortgages are FHA-insured and non-recourse. What if you live a super long time and the loan balance is greater than the value of the home? Nothing happens, it's non-recourse.

Myth #3

“A reverse mortgage is only for desperate homeowners.”

Reality: False! Financially savvy retirees have used these as a strategic retirement tool for decades, and you can too.

Myth #4

“I hear reverse mortgages are expensive.”

Reality: False! Like any mortgage, there are closing costs. However, reverse mortgages offer tremendous value for the flexibility and security they provide.

Frequently asked questions

Tap any question to see the answer.

What is a reverse mortgage?

A reverse mortgage is a specialized mortgage loan available exclusively to homeowners aged 62 and older. It's called a “reverse” mortgage because, unlike traditional mortgages, it doesn't require regular monthly payments. It allows you to tap into your home's equity and turn it into tax-free cash, all while continuing to live in your home. Unlike a traditional mortgage, there are no monthly payments required, so you can enjoy the financial benefits without worrying about repaying the loan until you sell your home or pass away.

Is a reverse mortgage right for me?

A reverse mortgage offers financial freedom, flexibility, and peace of mind; it's important to weigh the benefits and considerations.

No monthly payments: access your home equity without the obligation of monthly repayments.
Tax-free funds: the cash you receive is not considered taxable income.
Total flexibility: use the money however you need, home renovations, travel, healthcare, or as supplemental income.
Retain homeownership: you remain the full owner of your home, maintaining complete control and title.

How much money can I get?

Several factors determine how much money you can qualify for with a reverse mortgage, including:

Remaining mortgage balance or liens (if any) to be paid off
Your age(s)
Your home's appraised value
Interest rates at the time of the loan

I offer a no-obligation assessment to determine how much you qualify for. Schedule a call and let's find out together.

What if I already have a mortgage?

You can still take out a reverse mortgage if you have an existing mortgage. A reverse mortgage allows you to eliminate monthly mortgage payments while accessing home equity. Take the next step and see how much you can qualify for today. Schedule a call and let's explore your options together.

How do I qualify for a reverse mortgage?

Qualifying for a reverse mortgage is relatively straightforward. Homeowners aged 62 and over can easily apply with minimal documentation compared to a traditional mortgage. Call us to learn more: 720-471-2453.

What are the benefits of a reverse mortgage?

The key benefits include financial security, no monthly mortgage payments, maintaining your lifestyle, and accessing funds without selling your home.

Is a reverse mortgage a last-resort option?

No! A reverse mortgage is a strategic way to tap into your home equity so you can enjoy retirement on your own terms. Many financial experts support them because the proceeds are generally tax-free. Once any existing debts are paid off, you're free to use the money however you choose, whether that means buying a vacation home, home renovations, or helping fund your grandchildren's education. That flexibility can meaningfully improve your quality of life in retirement.

How long does it take to get approved?

Approval times are generally pretty fast, enabling you to access your proceeds within 4 to 6 weeks. The speed of the approval period also depends on how quickly you submit your application and required documentation. We will work quickly and efficiently to get you approved.

Will I or my heirs owe more than my home is worth?

With a HECM reverse mortgage, you will never owe more than your home is worth. This guarantee is backed by the FHA and is non-recourse to your heirs. Provided all loan conditions are met (property taxes, maintenance, homeowner's insurance, etc.), you will never owe more than your home is worth.

Is my surviving spouse stuck paying the reverse mortgage after I pass away?

As long as the surviving spouse is listed on the title deed, the spouse has the option to continue living in the residence without the requirement to repay the loan until the surviving spouse decides to leave or passes away.

Is a HELOC a better option than a reverse mortgage?

A HELOC (Home Equity Line of Credit) can be an excellent short-term borrowing solution for those who have the ability to qualify and to repay both the interest and principal on a monthly basis. It's important to thoroughly evaluate all your options, and I will present them to you in an easy-to-understand format. A reverse mortgage offers a long-term financial strategy that eliminates the need for monthly payments, helping you live financially comfortable in your golden years. Let's see what options you have available.

Can I use reverse mortgage cash for any purpose?

Yes! You can use funds for just about anything: home renovations, healthcare, travel, helping family, paying for grandchildren's education, supplementing your Social Security, or anything else. You can also keep it inside the growing line of credit included with your HECM reverse mortgage. It's your money, enjoy!

Are there any risks associated with reverse mortgages?

Reverse mortgages are designed to be a safe and secure option for senior homeowners. They are highly regulated and provide many senior homeowner protections. You are required by law to take a mandatory, HUD-approved HECM counseling session with an approved HECM counselor prior to proceeding with your reverse mortgage. I will share all of the information and timelines with you before moving forward.