A lot of Northern Colorado homeowners in their 60s and 70s want a single-level home, a smaller yard, or to be closer to family in Windsor or Timnath. A HECM for Purchase can help.
How it works
You make a larger down payment, usually from the sale of your current home or savings, and a reverse mortgage loan covers the rest of the purchase. There's no required monthly mortgage payment. Interest and fees are added to the loan balance, which grows over time.
Why the down payment is larger
The loan amount depends on the age of the youngest borrower, interest rates and FHA limits, which are set by FHA and updated annually. That's why the down payment is usually larger than a traditional loan.
Your responsibilities
You must live in the new home as your primary residence, pay property taxes, insurance and HOA dues, and maintain it. HUD-approved counseling is required and a financial assessment applies.
Scott Charpentier
Owner and Mortgage Advisor, Fort Collins Mortgage · NMLS #172296
33 years helping Northern Colorado families. (970) 222-7268
A reverse mortgage is a loan that must be repaid when the last borrower sells the home, permanently moves out or passes away. Borrowers must live in the home as their primary residence, stay current on property taxes, homeowners insurance and HOA dues, and maintain the home. Interest and fees are added to the loan balance, which grows over time. HUD-approved counseling is required. These materials are not from, or approved by, HUD or FHA. Fort Collins Mortgage, LLC, NMLS #172296.