Reverse Mortgage Facts
A reverse mortgage is a home loan that lets borrowers convert a portion of their home’s equity into cash. The equity they’ve built up over years of mortgage payments can now be paid back to them.
Unlike a traditional mortgage or a second mortgage, no repayment is required until the borrowers no longer live in the home, or if they don’t pay the regular property taxes and homeowners insurance–that’s a rule.
Most people who get a Colorado reverse mortgage stay in their home without ever having to make another house payment, until the last one of the borrowers die.