Are you looking for a Reverse Mortgage in Colorado or Arizona?

Bingo Reverse Mortgage is your Local Experts for Reverse Mortgage broker located in Parker, Colorado, and now servicing Arizona. We have access to all of the top wholesale lenders to insure you are getting the best value and service. Reverse mortgages have become increasingly popular over the past few years as it has climbed from number five on the list in 2016, to number three in loan volume in 2020.

 What is a Reverse Mortgage?

A reverse mortgage is a loan available to seniors over the age of 55 which allows them to convert equity in their home into cash. These loans were created to give seniors access to cash for expenses such as home improvements, unexpected medical costs, and in-home care by utilizing the accumulated equity in their homes.

Reverse Mortgage

This type of loan is called a reverse mortgage because instead of the borrower making monthly payments to their lender as they would with a traditional mortgage, the lender makes payments to the borrower. Unlike a traditional home equity loan or second mortgage, a reverse mortgage does not have to be repaid until the borrower no longer occupies the home as their primary residence.

The most common reverse mortgage is the Home Equity Conversion Mortgage (HECM) which is insured by the FHA. An alternative option is the Proprietary Reverse Mortgage which is not backed by the federal government.

What are some benefits of a Reverse Mortgage?

PEACE OF MIND

  • Stop Mortgage Payment
  • Money in the Bank
  • Tax-free Cash

NO REGRETS 

  • Stay in Your Home
  • Boost Retirement
  • Financial Freedom

 

CONTACT INFO

19751 Mainstreet
Suite R10
Parker, CO 80138

Arizona Branch
2675 W SR89A #1158
Sedona, Az 86336

LICENSING

Company NMLS ID: 2268418
Mortgage Loan Originator NMLS ID: 2216012

Equal Housing Opportunity

If you qualify and your loan is approved, a HECM loan must pay off your existing mortgage(s). With a HECM, no monthly mortgage payment is required. Borrowers are responsible for paying property taxes and homeowner’s insurance (which may be substantial). We do not establish an escrow account for disbursements of these payments. Borrowers must also occupy home as primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan must be paid off when the last borrower, or eligible nonborrowing surviving spouse, dies, sells the home, permanently moves out, or does not comply with the loan terms. A HECM increases the principal mortgage loan amount and decreases home equity (it is a negative amortization loan). These materials are not from HUD or FHA and were not approved by HUD or a government agency.