Find Reverse Mortgage Specialists in Durango, CO
Directory of reverse mortgage specialists in Durango, Colorado. Verify credentials with the state state mortgage licensing authority before hiring.
Important: Listings are compiled from publicly available sources and have not been independently verified by BeforeMortgageUSA.com. We do not endorse any broker or guarantee outcomes. Verify licensing and disciplinary status with the
State Mortgage Licensing Authority of Colorado before hiring.
Showing 15 reverse mortgage specialists in Durango, CO
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
A reverse mortgage specialist in Durango, Colorado helps homeowners aged 62 and older convert home equity into tax free funds. Colorado law requires borrowers to complete a counseling session with a HUD approved counselor before obtaining a reverse mortgage. Durango residents can use these funds for home repairs, healthcare costs, or supplementing retirement income.
What Does a Reverse Mortgage Specialist in Durango Cost?
Typical costs for a reverse mortgage in Colorado include an origination fee of up to 2 percent of the home value, a mortgage insurance premium of 2 percent of the appraised value, and third party fees for appraisal, title search, and recording. These costs can range from 2000 to 8000 dollars depending on the home value. Colorado law does not cap these fees but requires full disclosure in the loan estimate. This is general information, not mortgage or financial advice.
* Cost estimates are general ranges based on publicly available data and compiled using automated research tools. Actual fees vary by agent and case complexity. This is not mortgage or financial advice — consult directly with an agent for fee specifics.
Frequently Asked Questions
What are the eligibility requirements for a reverse mortgage in Durango Colorado?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The home must be the primary residence and meet HUD property standards. Colorado law does not add additional age or property requirements beyond federal rules.
How does Colorado law affect reverse mortgage proceeds?
Colorado law does not tax reverse mortgage proceeds as income. The funds are considered a loan advance, not income, so they do not affect Social Security or Medicare benefits. However, they may impact needs based programs like Medicaid.
Can I lose my home with a reverse mortgage in Durango?
Yes, you can lose your home if you fail to pay property taxes, homeowners insurance, or maintain the property. Colorado law requires lenders to provide a notice of default and a 30 day cure period before foreclosure. You must also continue to live in the home as your primary residence.