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.
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?
- Stop Mortgage Payment
- Money in the Bank
- Tax-free Cash
- Stay in Your Home
- Boost Retirement
- Financial Freedom