What If I Have An Existing Mortgage?
You may qualify for a Colorado reverse mortgage even if you still owe money on an existing mortgage.
However, the Colorado reverse mortgage must be in a first lien position, so any existing indebtedness must be paid off.
You can pay off the existing mortgage with a Colorado reverse mortgage, money from your savings, or assistance from a family member or friend.
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?