Marketplace Home Mortgage: Brian Quigley

Reverse Mortgage In Colorado

You can apply for a Reverse Mortgage when you become 62 years of age. You have worked very hard to own your home, and the Reverse Mortgage can be a great way to help supplement your retirement income. The Reverse Mortgage is designed for many different purposes as you approach your golden years, and can be a huge benefit to you.

The following are some reasons why a homeowner would take out a Reverse Mortgage:

  • Pay off your current mortgage
  • Supplement your retirement income
  • Pay for healthcare Expenses

The way a Reverse Mortgage works is it allows you to transfer part of the existing equity in your home into cash without having to sell your home or pay additional monthly bills.

Here is the main difference with a Reverse Mortgage. You do not make monthly mortgage payments anymore to your existing lender. What happens is you will receive money from the lender and do not have to pay it back as long as you live in your house. The Reverse Mortgage Loan is repaid when you die, sell your house, or when you do not have it as your primary residence.

What we offer at The Mortgage Network in Colorado is a (HECM) Reverse Mortgage, or Home Equity Conversion Mortgage, and this Reverse Mortgage is backed by the U.S. Department of Housing and Urban Development (HUD).

Before applying for a Reverse Mortgage with The Mortgage Network, you must meet with a HUD Approved Counsellor. The counsellor is there to explain all of the options for you, the upfront costs, and possible alternatives to a Reverse Mortgage.

How much you can borrow with a (HECM) Mortgage depends on several different factors, including your age, appraised value, and interest rate.

NOTE – A rule of thumb is the older you are, the more equity you have, and less you owe, the more money you will get.

Here are the payment options for you when you choose a Reverse (HECM) Mortgage:

  • A “term” options – fixed monthly cash advances for a set amount of time
  • A “tenure” option – fixed monthly cash advances for as long as you reside in your home
  • A line of credit that lets you draw down the loan proceeds at any time in amounts you choose until you have used up the line of credit.
  • A combination of monthly payments and a line of credit.
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Testimonials

He was very professional and knowledgeable

we have closed several loans with Brian. He was very professional and knowledgeable on each. One of our loans had a few problems arise and he was very creative in finding solutions so that w…Read More

Closed purchase loan. Littleton, CO

Thanks for all of your hard work and patience

Brian, Thanks for all of your hard work and patience with me throughout the entire home buying process. You exhibited extreme understanding with my specific situation and helped me improve m…Read More

Jen, Security-Widefield, CO

Thanks a million, Brian!

A true pleasure to work with. Very friendly, polite and knowledgeable. I will do business with him in the future and will gladly refer people his way; Thank a million, Brian!…Read More

Closed purchase loan. Parker, CO