When Do I Pay Back My Loan?
No monthly payments are due on a Colorado reverse mortgage while it is outstanding.
The loan is repaid when you cease to occupy your home as a principal residence, whether you (the last remaining spouse, in cases of couples) pass away, sell the home, or permanently move out.
The amount owed can never exceed the value of your home.
Furthermore, if the home is sold and the sales proceeds exceed the amount owed on the Colorado reverse mortgage, the excess money goes to you or your estate.
Below are links to some common questions asked by consumers about Colorado reverse mortgage loan.
More Colorado Reverse Mortgage Loan Information:
About Colorado Reverse Mortgages! | Does My Home Qualify? | How Much Money Can I Get? | What are My Payment Plan Options? | Line of Credit Option is Earning Interest, Right? | How Can I Use the Proceeds from a Colorado Reverse Mortgage? | How Does the Interest Work on a Colorado Reverse Mortgage? | Are There Any Special Requirements to Get a Colorado Reverse Mortgage? | What If I Have An Existing Mortgage? | What Is the Service Fee Set-Aside? | Will I Lose My Government Assistance If I Get a Colorado Reverse Mortgage Loan? | Why Do I Need to Get Counseling? | When Do I Pay Back My Loan?