Find the Best Reverse Mortgage Lenders in Denver, CO

How to get a reverse mortgage in Denver

There are many reasons seniors would pursue a reverse mortgage in Denver. Colorado cities rank among the best places to retire with 300 days of sunshine, an emphasis on a healthy lifestyle and an aging population devoted to staying active. An estimated 13 percent of Denver residents are above 62 years old, and 80 percent of “boomers” nationwide are retiring where they currently live to stay close to their home and families.

The top 10 Colorado cities to retire around Denver include Littleton, Englewood, Salida, Aspen, Evergreen, Montrose, Estes Park, Delta, Cortez and Wheat Ridge.

Zillow rates the Colorado real estate market as very healthy with only six percent of homeowners having negative equity as opposed to the national average of more than 10 percent. Homeowners nationally gained an average of $15,000 in home equity in 2017, with Colorado among the top six states at $21,000 per home.

A reverse mortgage in Denver can help retirees have a reliable income source to supplement retirement funds and Social Security. To qualify for a reverse mortgage, most companies require you to meet the following criteria:

• You must be 62 or older.
• The home must be your primary residence.
• The house must be a minimum of 800 square feet.
• Residents must continue to pay property taxes and homeowners insurance.
• You need to have sufficient home equity.
• The home needs to meet the standards and flood requirements of the Federal Housing Administration (FHA).
• Homeowners must continue to meet basic requirements for home maintenance based on guidelines by the FHA.

For more information about Home Equity Conversion Mortgages for seniors, hud.gov has a useful resource.