Reverse Mortgages
A reverse mortgage is a unique home loan designed specifically for homeowners age 62 and older that allows you to convert a portion of your home's equity into tax-free cash — without having to make a required monthly mortgage payment.
Unlike a traditional mortgage where you make payments to the lender, with a reverse mortgage, the lender pays you. You continue to own your home, retain the title, and can use the funds however you choose.
Whether you're looking to purchase a new home or refinance your current one, a reverse mortgage can provide greater financial flexibility and peace of mind during retirement.
How Does a Reverse Mortgage Work?
A reverse mortgage allows eligible homeowners to access the equity they've built in their home over many years. The money can be received in several ways:
The loan is typically repaid when the last borrower permanently moves out of the home, sells the property, or passes away.
Reverse Mortgage Refinance
Many homeowners use a reverse mortgage to improve their retirement lifestyle by:
Instead of watching the equity in your home sit unused, a reverse mortgage allows you to put that equity to work for you.
Who Qualifies?
Generally, borrowers must:
- Be at least 62 years old
- Live in the home as their primary residence
- Have sufficient home equity (or make an appropriate down payment for a purchase)
- Meet HUD financial assessment requirements
- Complete a required HUD-approved counseling session
You Still Own Your Home
One of the biggest misconceptions about reverse mortgages is that the bank owns your home. That is simply not true. You remain the homeowner, stay on title, and continue to benefit from any future appreciation in your home's value.
As with any mortgage, you remain responsible for property taxes, homeowners insurance, HOA dues (if applicable), and maintaining the property.
Common Myths
"The bank owns my home."
False. You remain the owner and keep the title to your property.
"My children won't inherit my home."
False. Your heirs can sell the home, refinance the loan if they wish to keep it, or simply allow the home to be sold. Any remaining equity belongs to your estate.
"I'll owe more than my home is worth."
Federally insured Home Equity Conversion Mortgages (HECMs) are non-recourse loans, meaning neither you nor your heirs will owe more than the home's value when it is sold, provided the loan terms have been met.
Why Clients Choose Front Range Lending
At Front Range Lending, we believe education comes before decisions. We take the time to explain every option in plain English so you can determine whether a reverse mortgage truly fits your retirement goals. There is never any pressure — just honest guidance, personalized solutions, and decades of mortgage experience.
Whether you're exploring a reverse mortgage for a refinance or to purchase your next home, we'll help you understand all of your options and answer every question along the way.
Frequently Asked Questions
Discover Whether a Reverse Mortgage Is Right for You
Every retirement plan is different. That's why we start with a simple, no-obligation conversation to understand your goals and answer your questions.
Whether you're interested in purchasing your next home or refinancing your current one, we'll help you determine if a reverse mortgage is the right solution for your financial future.
Schedule Your Complimentary Consultation* No required monthly principal and interest payment. Borrowers are still responsible for property taxes, homeowners insurance, and property maintenance.