Learn the Pros and Cons of Reverse Mortgages for Boulder, Colorado Retirees

Angella Conrard

Are you a retiree in Boulder, Colorado looking to learn more about taking out a reverse mortgage? With all the information, it can be difficult to know where to start. This page is designed to help you understand the benefits and drawbacks of this type of loan so that you can make an informed decision.

What is a Reverse Mortgage?

A reverse mortgage loan allows homeowners 62 or older to use their home equity as income. With this type of loan, borrowers receive funds as a cash lump sum, a credit line, a term or tenure payment, or a combination. Depending on your individual needs, you can access up to 50% of your home’s value with a reverse mortgage.

The Pros

There are several advantages to taking out a reverse mortgage. First, you can stay in your current home without worrying about making monthly payments or selling your property against your will. You’ll also have access to tax-free cash from your equity without having to qualify for a traditional mortgage.

The Cons

Despite its potential benefits, some potential drawbacks are associated with taking out a reverse mortgage that should be considered before making this decision. For example, a reverse mortgage is not a short-term loan. If you think you'll be moving soon, you may want to wait until you are sure this is your retirement home. A reverse mortgage may not fit into your financial philosophy.

Conclusion

A reverse mortgage is essential for many retirees living in Boulder, Colorado. If this option might work for you and your situation, then thoroughly research and seek advice from financial professionals like Angella Conrard, CRMP, before deciding to take out a reverse mortgage loan.

Ready to explore the potential of a reverse mortgage loan and learn more about how it could fit into your retirement plan? Order a free information package to get started today! Or, call Angella Conrard, CRMP, for a sales-free conversation about your unique situation.