Mortgage Specialists for Senior Homeowners
Are you a senior age 62 and older, a homeowner living in Colorado? If you are being sucked dry by living costs why not find out if you qualify for a reverse mortgage?
FHA Loan Limits in Colorado
FHA mortgage limits in Colorado are set on a county-to-county basis. In relation to limits in other states, Colorado is fairly average with a couple of counties with very high limits, which accounts for isolated areas of very high property values, such as Boulder and Durango areas.
FHA limits are key in determining which senior borrowers qualify for federally insured reverse mortgages, the Home Equity Conversion Mortgage or HECM. Homeowners in average markets, but whose home value is higher than the limit would likely benefit from a private reverse mortgage.
If you are considering a HECM remember to use HUD’s free resources to find a HUD-approved lender in Colorado.
Low Cost and Single-Purpose Reverse Mortgages
Colorado offers the Elderly Property Tax Deferral Program. Seniors age 65 plus, without income or disabled may qualify. The biggest difference between this and similar programs is the requirement that borrowers re-apply each year.
Reverse Mortgage Providers in Colorado
Use the list below to locate leading lenders in Colorado. Ask a loan officer to help you decide if this type of cash-flow product is right for you.
1 st Mariner Bank
Like many other retail banks, 1 st Mariner Bank in Colorado provides an impressive assortment of financial products and services, including reverse mortgages. This company promises low out-of-pocket costs and offers three of the most common reverse mortgages on the market: federally-insured Home Equity Conversion Mortgage, Fannie Mae’s Home Keeper and Financial Freedom’s Cash Account reverse mortgage. This threesome offers a something-for-everyone in reverse mortgages, from average homeowner to high value homeowner looking for a jumbo reverse mortgage.
Fidelity Reverse Mortgage
With headquarters in Denver, this Colorado based company specializes in providing nothing but reverse mortgages and ensuring that Colorado seniors age 62 and up receive the best counseling and products on the market.
Sun West Mortgage Company
Sun West Mortgage has been over 25 years in the reverse mortgage business. The company’s reverse mortgage division offers trained mortgage specialists that guide senior homeowners in two types of popular reverse mortgage products: the federally insured Home Equity Conversion Mortgage, which accounts for over 90% of all reverse mortgages; and the Fannie Mae Home Keeper, a similar product to the HECM but bundled with slightly higher limits to accommodate seniors with either high-value homes or those with homes that have a huge equity value to be tapped.
Wells Fargo
Wells Fargo is one of the leading retail banks and now a reverse mortgage lender. Offices are located nationwide, including Colorado. Customers may choose between two of the most popular and reliable reverse mortgage products in use: the FHA’s Home Equity Conversion Mortgage or the Fannie Mae Home Keeper.