Routt County Colorado Reverse Mortgage
Your Routt County Reverse Mortgage Guide
Welcome to Routt County
As a homeowner in Routt County, you have worked hard to build equity in your home. Now, that equity can work for you in your retirement years with a reverse mortgage refinance loan. This type of loan allows you to tap into the equity you have built up in your home without the obligation to make monthly payments. Instead, the loan is repaid when you sell the home or pass away. Reverse mortgage loans can provide financial stability and peace of mind, allowing you to enjoy your retirement and age in place in the comfort of your own home.
Reverse Mortgage
Explore the possibilities of a Reverse Mortgage! Free yourself from worrying about monthly bills and take back control of your financial future. With a Reverse Mortgage, you can unlock the power of your home’s equity while maintaining ownership of your home. Find out today how you can start on the road to financial freedom.
Reverse Mortgage for Purchase
Did you know you can use a reverse mortgage to purchase a new home? A reverse mortgage for purchase allows seniors to buy a new home without making any monthly mortgage payments. Instead of getting an upfront lump sum payment like other reverse mortgages, the loan is used to purchase a new primary residence.
HECM to HECM Refinance
A HECM (Home Equity Conversion Mortgage) to HECM refinance, also known as a HECM loan refinance, is a type of reverse mortgage that allows a borrower to refinance an existing HECM loan with a new one. This can be beneficial for several reasons, such as lowering your interest rate, changing the loan terms, accessing additional equity, and improving your financial situation.
Cash Out Reverse Mortgage
A Reverse Mortgage allows you to take cash out of your house and use the equity in your home for the things you want. You can receive your cash as a lump sum, fixed monthly payment, or line of credit.
Jumbo Reverse Mortgage
A Jumbo Reverse Mortgage is a reverse mortgage that allows homeowners to borrow more money than allowed with a traditional HECM reverse mortgage. This is because a Jumbo Reverse Mortgage is not limited by the same lending limits set by the Federal Housing Administration (FHA) for standard HECM loans. With a Jumbo Reverse Mortgage, you can access more of the equity in your high-value home.
We Provide Reverse Mortgage Loans in the following cities in Routt County
Routt County Approved Reverse Mortgage Counseling Agencies
HUD Approved HECM Counseling Agencies
The following is the internet website address and telephone number provided by HUD for the purposes of acquiring HECM counseling:
- HUD Office of Housing Counseling Website: www.hud.gov/program_offices/housing/sfh/hcc
- HUD’s Interactive Voice System: (800) 569-4287
National Counseling Agencies
ClearPoint Financial Solutions
(800) 251-2227
https://www.clearpoint.org/
Money Management International
(877) 908-2227
https://www.moneymanagement.org/
Credit.org
(800) 947-3752
https://www.homeownership.org/
National Foundation for Credit Counseling
(866) 698-6322
https://www.nfcc.org/
Greenpath
(888) 860-4167
https://www.greenpath.com/
Navicore
(866) 855-7736
https://navicoresolutions.org/
Guidewell Financial Solutions
(800) 882-6171
https://www.guidewellfs.org/
NeighborWorks America
(202) 760-4000
https://www.neighborworks.org/
Housing Options Provided for the Elderly (HOPE)
(844) 432-6467
https://hopeforseniorsstl.org/
Colorado Counseling Agencies
Agency Name: BOULDER COUNTY HOUSING & HUMAN SERVICES,
AKA BOULDER COUNTY PERSONAL FINANCE PROGRAM
Agency ID: 90468
Address: 3460 N. BROADWAY
BOULDER, CO 80304-1824
Phone: (720) 564-2279
Website: https://www.bouldercountypfp.org/
Agency Name: CITY OF AURORA COMMUNITY DEVELOPMENT DIVISION
Agency ID: 81141
Address: 15151 E ALAMEDA PKWY
AURORA, CO 80012-1555
Phone: (303) 739-7914
Website: https://auroragov.org/
Agency Name: DOUGLAS COUNTY HOUSING PARTNERSHIP
Agency ID: 84681
Address: 9350 HERITAGE HILLS CIRCLE
LONE TREE, CO 80124-5518
Phone: (303) 784-7857
Website: www.douglascountyhousingpartnership.org/
Agency Name: GREENPATH FINANCIAL WELLNESS
Agency ID: 84244
Address: SUITE 3000 OFFICE O
2850 MCCLELLAND DR
FORT COLLINS, CO 80525-2586
Phone: (888) 860-4167
Website: https://www.greenpath.org/
Agency Name: HOUSING SOLUTIONS FOR THE SOUTHWEST
Agency ID: 80708
Address: 295 GIRARD ST
DURANGO, CO 81303-6828
Phone: (970) 259-1086
Website: https://www.swhousingsolutions.com/
Agency Name: NEIGHBOR TO NEIGHBORAgency ID: 80706
Address: 1550 BLUE SPRUCE DR
FORT COLLINS, CO 80524-2015
Phone: (970) 488-2364
Website: https://www.n2n.org/
Agency Name: NORTHEAST DENVER HOUSING CENTER
Agency ID: 80213
Address: 1735 GAYLORD ST
DENVER, CO 80206-1208
Phone: (303) 377-3334 ext 229
Website: https://www.nedenverhousing.org/
Routt County Colorado Frequently Asked Questions
How does a Reverse Mortgage work in Routt County Colorado?
A reverse mortgage in Routt County, Colorado, works similarly to a reverse mortgage in other parts of the country. The basic principle is that it allows homeowners 62 years of age or older to borrow money against the equity in their home without having to make monthly payments. Instead, the loan becomes due when the borrower moves out of the house permanently, sells the home, or passes away.
To obtain a reverse mortgage in Routt County, Colorado, the borrower must meet with a reverse mortgage lender and go through a counseling session to ensure that a reverse mortgage is a suitable choice for them. The lender will also appraise the home to determine its value and the amount the borrower is eligible to borrow.
Do I make mortgage payments on my Reverse Mortgage in Routt County?
No, you do not have to make payments on your reverse mortgage. You are still obligated to pay your property taxes, homeowners insurance, general home maintenance and upkeep, and any HOA fees, if applicable. The benefit of a reverse mortgage is that you do not have to make a regular monthly mortgage payment.
What qualifies for a reverse mortgage in Routt County?
A reverse mortgage loan is only available to seniors who are age 62 or older. This type of loan has been designed to help provide a solution to allow seniors access to equity in their homes while still living there. To qualify for a reverse mortgage, you must:
How do I receive my money when I get a reverse mortgage?
With a Reverse Mortgage, borrowers have the flexibility to choose how they want to receive their loan proceeds. This can include receiving the funds in one lump sum, periodically accessing them through a line of credit, receiving regular monthly payments, or a combination of these options. Speak with a licensed Reverse Mortgage Lender to discuss your options.
About Routt County Colorado
Welcome to Routt County, Colorado! Nestled in the Rocky Mountains, this vibrant community of 17,000 is the perfect place to explore, relax, and enjoy the great outdoors.
Routt County was founded in 1861 and has a rich history of mining, ranching, and logging. Today, it is a bustling hub of activity, with plenty of opportunities for outdoor recreation, shopping, and dining.
If you're looking for adventure, you can find it here. From skiing and snowboarding in the winter to hiking and biking in the summer, there's something for everyone. You can also explore the area's many parks and trails, including Steamboat Springs' Yampa River Botanic Park, which offers stunning views of the surrounding mountains.
For those who prefer a more relaxed pace, Routt County also offers plenty of cultural activities. From art galleries and museums to live music and theatre, there's something for everyone.
For families, Routt County is home to several excellent schools, including Steamboat Springs High School and Hayden High School. There are also several community centers and parks, including the Howelsen Hill Ski Area and the Yampa River Botanic Park.
No matter what you're looking for, you're sure to find it in Routt County. Come explore and see why this beautiful mountain community is the perfect place to call home.
Things To Do In Routt County
Top Sights in Routt County, CO
Reverse Mortgage Regulations
HUD – The United States Department of Housing and Urban Development is one of the executive departments of the U.S. federal government. It administers federal housing and urban development laws. They state, “Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is a Home Equity Conversion Mortgage (HECM) which is only available through an FHA-approved lender. The HECM is FHA’s reverse mortgage program that lets you withdraw a portion of your home’s equity.”
Consumer Finance Protection Bureau – The Consumer Financial Protection Bureau is an agency of the United States government responsible for consumer protection in the financial sector. They state, “A reverse mortgage is a special type of home loan only for homeowners who are 62 and older. With a reverse mortgage, the amount the homeowner owes goes up–not down–over time.”
NMSL – The Nationwide Multi-State Licensing System and Registry is the record system for non-depository financial services licensing.
NRMLA – The National Reverse Mortgage Lenders Association (NRMLA) is a professional association that serves as an educational resource for the Reverse Mortgage community. The NRMLA was established in 1997 to promote professionalism and provide support and guidance to lenders and education borrowers. In addition, they prioritize educating consumers on the advantages and disadvantages of obtaining a reverse mortgage, ensuring borrowers make informed decisions. They also provide training for mortgage professionals, enforce a code of ethics, and advise policymakers on reverse mortgage issues.
Reverse Mortgage Lenders near Routt County
Call us for a free, no-obligation consultation about your Reverse Mortgage options. One of our licensed professionals will answer your questions without the hassle of a sales pitch. You’ll learn what programs you may qualify for and discover the best options that will suit your situation.
We are proud to serve the residents of Routt County. We have been in the mortgage lending business since 2002 and would be happy to provide additional testimonials and references to clients we have worked with. We look forward to serving you and welcome the opportunity to meet and discuss your individual needs.
Reverse Mortgage Resource Center – Routt County
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Our Lending Team has been serving our clients since 2004. We are passionate about serving our clients with integrity to help them achieve their financial goals.