Reverse Mortgage Facts
Reverse Mortgage Facts
What is a reverse mortgage?
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.
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 or permanently leaves the home.
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