Capital Home Mortgage Colorado

Colorado Reverse Mortgage Loans

Reverse Mortgage Lender Colorado

Reverse Mortgage In Colorado

What is a Reverse Mortgage?

A reverse mortgage is a type of loan that allows homeowners aged 62 or older to convert a portion of their home’s equity into cash without selling their home or making monthly mortgage payments. The loan is repaid when the homeowner permanently leaves home or passes away. 

Types of Reverse Mortgage

There are three main types of reverse mortgages: Home Equity Conversion Mortgages (HECMs), single-purpose reverse mortgages, and proprietary reverse mortgages.

  • Home Equity Conversion Mortgages (HECMs): 

These are federally-insured reverse mortgages regulated by the Federal Housing Administration (FHA). HECMs can be used for any purpose and offer the most flexibility of the three types of reverse mortgages. They also have the highest loan limits and may offer lower interest rates than other types of reverse mortgages. However, HECMs may have higher fees and closing costs.

  • Single-purpose reverse mortgages: 

These are offered by state and local governments and non-profit organizations and are typically used for a specific purpose, such as home repairs or property taxes. Single-purpose reverse mortgages may have lower fees and interest rates than other types of reverse mortgages, but they may also have more restrictions on how the loan proceeds can be used.

  • Proprietary reverse mortgages: 

These are privately-insured reverse mortgages that private lenders offer. Proprietary reverse mortgages may provide higher loan amounts than other reverse mortgages but may also have higher fees and interest rates.

Pros and Cons of a Reverse Mortgage

Before choosing a reverse mortgage, evaluate the benefits and disadvantages of each type of loan and talk with a financial expert or housing counselor.

     Advantages of a Reverse Mortgage

  • Provides an income stream for older homeowners with significant equity in their homes.
  • There are no monthly mortgage payments required.
  • It can be used for anything.
  • The borrower is not required to sell their home.

     Disadvantages of a Reverse Mortgage

  • High fees and closing costs are possible.
  • It can diminish a home’s equity amount, thereby affecting the borrower’s heirs.
  • Rates of interest may be higher than on standard mortgages.
  • The debt must be repaid if the borrower moves out of the house or dies.

HECM Payout Options

There are several different payout options available for HECMs:

  • Lump sum: A lump sum payout provides the borrower with a single, one-time payment at the beginning of the loan.
  • Term payments: With term payments, the borrower receives fixed monthly payments for a specific term, such as 10 or 20 years.
  • Tenure payments: Tenure payments provide the borrower with fixed monthly payments for as long as they live in the home.
  • Line of credit: With a line of credit, the borrower can access the loan funds as needed, up to the maximum amount of the line of credit.
  • Modified term/tenure payments: Modified term and tenure payments combine the features of term and tenure payments, providing the borrower with a fixed monthly payment for a specific term and then switching to a tenure payment for as long as the borrower lives in the home.

Their financial circumstances and goals will determine the optimal payment choice for a borrower. A lump sum payout may be acceptable for a borrower who has to pay off a large debt. A line of credit may be more appropriate for a borrower who wants the flexibility to access cash. Before deciding on a HECM, borrowers should carefully weigh the benefits and drawbacks of each payout option and speak with a financial advisor or housing counselor.

Apply for a Reverse Mortgage in Colorado

Capital Home Mortgage can help you receive the funds you need to supplement your retirement income, whether you choose a reverse mortgage or another loan option. We are a direct mortgage lender, which means you can get the cheapest interest rates and fees in Colorado.

If you require additional information or have concerns about any mortgage products we provide, please contact us at (303) 226-1177. Our Home Loan Experts are only a phone call away!

Colorado Reverse Mortgage

A reverse mortgage is a loan that enables homeowners over 62 to turn a portion of their home equity into cash. Unlike a traditional mortgage, the borrower’s residential property often secures the loan and does not require monthly mortgage payments. Instead, interest and fees are added to the loan balance, increasing the amount payable over time. To qualify for the most common reverse mortgages, borrowers must be 62 or older.

It is crucial to understand that a reverse mortgage is not free money. The fees and other costs associated with borrowing money in this manner can be higher than those associated with other options, such as a home equity loan or a Home Equity Line of Credit. Furthermore, reverse mortgage loans must generally be repaid when the homeowner sells the property or no longer resides in the home, and the loan may be required to be repaid sooner if the borrower fails to pay property taxes or homeowners insurance or fails to keep the house in good shape.

Reverse Mortgage Payout

Reverse mortgages are available in various payment schemes, including a line of credit and equal monthly payments for as long as the borrower resides in the property.

  • Tenure payment plan

Borrowers choosing this choice receive set monthly payments for as long as they live in the property as their primary residence, even if the loan total exceeds the home’s value. Payments are only terminated when the borrower dies or moves out permanently.

  • Term payment plan

Borrowers with this option receive fixed monthly payments for a specific time frame. The length of the payment period is chosen when the loan is initially granted.

  • Line of Credit plan

This option grants borrowers access to a line of credit from which they can withdraw funds as necessary. The interest and fees are only applied to the loaned amount.

  • Modified tenure payment plan

This option combines the payment plan for the term with a line of credit. Borrowers receive set monthly payments and access to a line of credit for the duration of their residence.

  • Modified term payment plan

This option combines a term payment plan with a line of credit. Borrowers receive fixed monthly payments and access to a credit line for a specific time.

Overall, a reverse mortgage can be a valuable alternative for homeowners who wish to access their home equity in retirement, but before taking out a reverse mortgage loan, it is critical to analyze the costs and payback conditions thoroughly.

Apply For A Reverse Mortgage In Alaska

Capital Home Mortgage can help you get the funds you need to add to your retirement income, whether you choose a reverse mortgage or another type of loan. As a direct mortgage lender, we offer the most competitive interest rates and the lowest costs. Call (907) 531-5208 to speak with one of our Reverse Mortgage Specialists.

Reverse Mortgage Loans Alaska

With a reverse mortgage, homeowners 62 and older can convert the equity in their homes into cash. This loan does not require regular mortgage payments and is secured by the residence of the borrower. When the homeowner sells or vacates the home, or earlier if certain requirements are met, like failing to pay the mortgage, homeowners insurance, or property taxes, the loan must be paid back.

Reverse mortgage types

Reverse mortgages with a specific purpose, proprietary reverse mortgages, and home equity conversion mortgages are the three most common varieties (HECM).

A government- or non-profit-backed option for gaining access to home equity for a specific use is a single-purpose reverse mortgage.

An agreement between a lender and borrower known as a single-purpose reverse mortgage provides the lender with cash in exchange for a percentage of the borrower’s home equity. The borrower’s payments must be put to a specific, agreed-upon use that is outlined in the loan and approved by the lender.

A single-purpose reverse mortgage has the benefits of eliminating regular mortgage payments and providing access to home equity while the borrower is still a home owner and occupant.
converting a difficult-to-sell asset into cash that can be utilized to pay bills in retirement.
Reverse mortgages with a particular aim have disadvantages.
The loan balance increases with time, increasing the amount owed to the lender. As monthly interest and fees are added to the loan sum, the home equity diminishes.
A single-purpose reverse mortgage restricts the use of the funds to the uses specified in the loan and permitted by the lender. This restricts the possible uses for the money.
Private reverse mortgages that are not federally insured are known as proprietary reverse mortgages, and they are often given to borrowers who need more money than the HECM ceiling.

Instead of a reverse mortgage loan that is insured by the government, a proprietary reverse mortgage is a mortgage loan that is supplied and guaranteed by a private party. The homeowner is then able to access the equity in their home and use the money however they see fit. The same restrictions and guidelines apply to private and government-insured reverse mortgages. They are not regulated, though, thus the terms of the loans may differ greatly between lenders.

A Proprietary Reverse Mortgage Has These Benefits
Homeowners are free to use their home equity funds however they see fit.
Possible to obtain a larger sum of money than through government-insured reverse mortgages.
No upfront mortgage fees.
The most common sort of reverse mortgage is called a “HECM,” or “Home Equity Conversion Mortgage,” and it is guaranteed and governed by the U.S. Department of Housing and Urban Development (HUD).

The Federal Housing Administration (FHA)-insured Home Value Conversion Mortgage (HECM) reverse mortgage program enables seniors to access a portion of the equity in their homes. The HECM enables the borrower to take cash withdrawals in a line of credit, a predetermined monthly amount, or a mix of both. The primary residence of the borrower may also be purchased using a HECM.

Benefits of a HECM
No minimum credit score necessary.
tax-free money
There are no ongoing loan payments.
modest financial needs.
the capacity to obtain financing based on the value of their home.
Homeowners can obtain funds through a line of credit, a modified tenure, etc. depending on their preferences.

HECMs may also have certain drawbacks, too. The borrower must return the HECM if they sell their house or move, and their property must be their primary residence for the majority of the year. The borrower’s available net loan amount may also be lowered if covering HECM expenses is necessary. Additionally, the loan has a number of fees and charges, including mortgage insurance premiums, third-party costs, origination fees, interest, and servicing fees.

Submit a Reverse Mortgage Application Through Capital Home Mortgage

Whether you decide for a reverse mortgage or an other loan type, Capital Home Mortgage can assist you in getting the money you require to supplement your retirement income. We offer the state of Washington the most aggressive interest rates and lowest costs as a direct mortgage lender. To speak with one of our Reverse Mortgage Specialists, call (907) 531-5208.

Seniors must attend a counseling session scheduled by the Department of Housing and Urban Development, or “HUD,” in order to be accepted for a reverse mortgage.

The benefits of the loan, its fees to put it up, and how it works are all covered in this counseling. The loan can be modified for senior citizens who don’t want to continue making monthly mortgage payments or for those who want. With or without taking out cash, Alaska Reverse Home Mortgages can be used for a purchase or a refinance.

Why Colorado HomeBuyers are Choosing Capital Home Mortgage
Close On Time

Complete Control from Application to Funding

Low Rates & Low Fees

Direct Lender with Competitive Rates and Low Fees

Exceptional Service

7  Day a Week Support Application to Final Mortgage Payment

Colorado Mortgage Rates

Have you ever wondered why interests rates are what they are and what determines the final rate?  Why borrowers receive different interest rates? Or why rates go up and down?  Interest Rates are calculated using several factors.

  • Demand for the mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

Colorado REverse Home Loans

Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.

  • Purchase & Refinance
  • Primary Only
  • 62 Years or Older
  • Required Hud Counseling
  • Homeowners Insurance Required
  • Must Continue to Pay Taxes
  • Meet Required Equity Values
Colorado Mortgage Programs

Colorado Home Purchase

Thinking of Buying a Colorado Home?

Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.

  • Primary, Secondary, Investment
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo, Non QM
  • Reverse, Renovation, Manufactured

Colorado renovation home loans

Looking to Rehab a Colorado Home?

Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not look at a renovation loan?  Purchase the Perfect Home and make it your own. Call today.

  • Remodel, Renovate or Repairs
  • FHA 203K Streamline or full
  • fannie mae homestyle reno
  • freddie mac home choice reno

Colorado FHA Home Loans

Great for 1st Time Colorado Homebuyers

FHA Home Loans are great for first time home buyers, buyers with less than perfect credit, or buyers needing less out of pocket.   Call today to get started.

  • Smaller Down Payment
  • Flexible Underwriting
  • Higher Debt to Income Ratios
  • Lower Credit Scores OK

Colorado VA Home Loans

100% Financing for Colorado Veterans

Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.

  • Simply Qualifying for Veterans
  • No Down Payments Requirements
  • Lower Credit Scores Accepted
  • Manual Underwriting Allowed

Colorado Conventional Home Loans

Flexibility for Colorado Homebuyers

Conventional Home Loans are the best option for flexibility of property types and for mortgage loan terms. Call today to get speak to a Loan Officer.

  • Primary, 2nd Home, Investment
  • Great Rates & Low Fees 
  • Single Family and Multi-Family
  • Renovation Loan Programs

Colorado Jumbo Home Loans

Colorado Non Conforming Loans

Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits.  Call today to speak to a loan officer.

  • Primary Residence and 2nd Homes
  • Higher Loan Amounts – 3 Million
  • Great Interest Rates
  • Investor Specific Guidelines

Colorado USDA Home Loans

100% Rural Colorado Home Loans

USDA Loans are a great option for families wanting to live outside of the city.  Call today to speak with a loan officer to discuss your personal loan options.

  • Rural Properties Only
  • Primary Residence Only
  • Geographic Restrictions
  • Income REstrictions

Colorado Native American Loans

Colorado HUD 184 Home Loans

HUD 184 Home Loans are solely for Native American and offer a variety of benefits.  Call today to speak with a loan officer to find out more.

  • Primary Residence Only
  • Manual Underwriting for All Loans
  • No Credit Score Requirements
  • Tribal Grants Allowed

Colorado Manufactured Home Loans

Great Alternative Colorado Housing

Manufactured Home Loans offer options to purchase an existing residence or build your dream home on your own land. Call today to speak to a Loan Officer.

  • Existing Purchase or Refinance
  • OTC Land/ Home Combo
  • Lock Rate Before Completion
  • FHA, VA, USDA, & Native Loans

Colorado reverse mortgages

Your Colorado Home at Work

Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.

  • primary residence only
  • simple qualifying – equity based
  • credit scores not applicable
  • Minimum age 62

Colorado Non QM Home Loans

Making Colorado Mortgages Possible

Looking for Non Traditional Home Mortgage Loan?  Contact a Loan Officer Today to discuss the alternative mortgage options currently available.

  • Purchase, Rate and Term & Cash-out
  • Primary, Secondary and Investment
  • Full Doc & Bank Statements Programs
  • Corporations OK

Colorado One Time Close mortgages

Build Your Colorado Dream Home

Want to Build? But unsure of what the future looks like? Remove the risk with a One Time Close Construction Loan.  Call today to see how a OTC loan works.

  • Primary Residence Only
  • Close Once
  • Lock Rate at Contract
  • Traditional Final Mortgage

Colorado Refinance Mortgage Loans

Colorado Rate & Term Refinance

Refinancing can be a hard decision and the payback can sometimes be confusing.  Call today and let our Loan Officers walk you through the process.

  • Reduce Mortgage Term
  • Lower Monthly Payments
  • Appraisal Waivers
  • Streamline Options Available

Colorado Cash-out Home mortgages

Colorado Equity Mortgage Loans

Cash-Out Mortgage Loans make use of the equity in your home by allowing you to refinance the current mortgage and access this equity to use as you see fit.

  • Debt Consolidation
  • Investment Opportunities
  • Home Improvement
  • Vacation or Education

Colorado Mortgage Team

Dale Gremillion

Manager / Sr Loan Officer
NMLS 210325

Brad Rund

Director Native American Lending
Director Manufactured Housing

Conor Hayhurst

Manager / Sr Loan Officer
NMLS 743506

Kathy Rubin

Sr Loan Officer
NMLS 204449

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