What should happen at your reverse mortgage closing?

Before you go to closing, your Loan Officer should have given you a copy of the closing documents for the state you live in. If you did not receive this for your review, you should request them.

Another document you should receive before attending your closing is a copy of the final HUD Settlement form. This will give you the actual charges being assessed for your reverse mortgage loan. It should be close to the Good Faith Estimate you received at application. If it isn’t, this would be a good time to question your Loan Officer on the differences. You can still back away from the loan at this point if you are not comfortable with the responses to your questions or concerns about the differences in charges. You should receive this form at least 24 hours before closing.

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Do you want to know how much you could qualify for with a reverse mortgage? AARP’s web site has a consumer friendly reverse mortgage loan calculator. Click on the following link to determine whether or not you can qualify and if so, what funds might be available to you.

AARP Reverse Mortgage Calculator

Call me anytime for additional information about the reverse mortgage calculator … I can be reached at 720.641.3482.

As retirement approaches, many seniors look to reverse mortgages as an additional tool for making the most of their “golden years” and ensuring greater independence and peace of mind. So why are seniors considering reverse mortgages?

• Benefit from a proven, safe financial tool
  Many homeowners age 62 and older in Colorado and across the nation are enjoying the benefits of a reverse mortgage. It can be a key component of a well-balanced retirement plan, providing seniors with extra cash to live a more fulfilling and independent life. With built-in government safeguards, it’s a financial tool that can be used with confidence. Read the rest of this entry »