A Reverse Mortgage Loan in Colorado from an A+ Certified Lender and Mortgage Broker

The US home loan market, particularly in states like Colorado, Arizona, Wyoming and California is going through a boom phase. This is exactly when existing homeowners are taking full advantage of this situation. Be it buying a new house, building an ADU or remodeling an existing house, property owners are now applying for ‘secured’ reverse mortgage loans in Colorado, and other states, by using their present residence as a security or collateral for the new loan. And, it is a company like “Affordable Interest Mortgage” that not only lends, but connects borrowers to various A+ certified lenders in these states.

As a homeowner, you can think of borrowing somewhere between 40-60% of your property’s appraised value. The higher the valuation of your house, the more you can borrow. Most importantly, you don’t have to make any monthly mortgage payments or interest, unlike a traditional home loan in Colorado. The entire loan amount can be repaid, once you no longer reside in the property, and the loan would be passed on to your heir or legitimate successor. Thereby, he/she can sell the house and pay off the mortgage. This is one special feature of reverse mortgage.

Now Get Approved for a Reverse Mortgage in Colorado or Arizona on Easy Approval Terms

With a certified and accredited lender by your side, you can now think of securing an easy reverse mortgage Colorado, if you’re above the age of 62 and more. This particular type of home loan is classified as Home Equity Conversion Mortgage (HECM), which is one of the most common types of reverse mortgages in the US. Here, the owner can use his/her property as the principal residence, while applying for a loan. It means, the property owner must own the home outright or have a very minimal mortgage balance.

It must be kept in mind that such a home loan is not free of cost, and neither do the Department of Veteran Affairs (VA) offer any reverse mortgage loans. The monthly interest, insurance, taxes and other fees are added to the loan balance each month. As the loan balance increases every month, the equity decreases. This rising loan balance has to be eventually paid off by the legal heir, usually by selling the property. This is how it works.