Reverse Loans
Noel Bennett
NMLS# 290197
Boulder, CO Loan Originator
1844 Folsom St
Boulder, CO 80302
US
(303) 302-3848
NMLS# 290197
Licensed to originate: CO
| Day of the Week | Hours |
|---|---|
| Mon | 9:00 AM - 5:00 PM |
| Tue | 9:00 AM - 5:00 PM |
| Wed | 9:00 AM - 5:00 PM |
| Thu | 9:00 AM - 5:00 PM |
| Fri | 9:00 AM - 5:00 PM |
| Sat | Closed |
| Sun | Closed |
About Reverse Mortgages
A reverse mortgage enables homeowners 62 and older to convert home equity into tax-free cash without selling their home. A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash.
Apply for a Reverse MortgageBenefits of a Reverse Mortgage
Stay in Your Home
Low Risk of Default
Tax Free
Stay in your home: The key to a Reverse Mortgage/Home Equity Conversion Mortgage (HECM) it that it enables you to live in your home for as long as you want with absolutely no monthly mortgage payments (borrowers must remain current on their property taxes, homeowner’s insurance and HOA dues) and – in many cases – you can also get access to money to use for any purpose.
Low Risk: Unlike a home equity loan, with a Reverse Mortgage/Home Equity Conversion Mortgage (HECM) your home can not be taken from you for reasons of non-payment – there are no payments on the loan until you permanently leave the home. However, you must continue to pay for upkeep and taxes and insurance on your home.
Tax Free: As a Reverse Mortgage/Home Equity Conversion Mortgage (HECM) is a loan, the money from it is typically tax-free, whether you receive it as fixed income or in a lump sum.
Loan limits in Boulder, Colorado
Non-conforming loans are used when the loan amount is above the conforming loan limit for the property’s area. You can look up the conforming loan limits for your area.
Talk to a Reverse Mortgage ExpertTalk to a Reverse Mortgage ExpertFrequently Asked Questions
Can I buy a home with a reverse mortgage?
Yes. The Home Equity Conversion Mortgage (HECM) for Purchase allows people age 62 and older to buy a new home with HECM loan proceeds.
How can a reverse loan affect my monthly cash flow?
A reverse mortgage can provide eligible homeowners with tax-free cash flow by accessing money that they have built up as equity in their home. Borrowers can receive these funds in a lump sum, in monthly payments, or as a line of credit depending on which reverse mortgage they choose.
Will I qualify for a reverse mortgage?
To qualify for a reverse mortgage loan, the youngest borrower must be at least 62 years old, live in the home as their primary residence, and have enough home equity. Borrowers must also meet HUD financial eligibility criteria.