Reverse Mortgages
Reverse mortgage solutions designed to turn your home’s equity into income, support your retirement goals, and give you peace of mind for the years ahead..
Tap Into Your Home Equity with a Reverse Mortgage
Designed for Seniors Seeking Financial Flexibility in Retirement
A reverse mortgage allows homeowners who are 62 and older to convert part of their home’s equity into income while remaining in the home and without having to sell it. At Points West Community Bank, we help eligible seniors across Colorado, Nebraska, and Wyoming use their home to provide income and a more comfortable retirement, with expert guidance and personal support.
Why Choose a Reverse Mortgage?
A reverse mortgage for seniors lets them tap into the equity in their home without having to make monthly mortgage payments. It’s a type of home equity mortgage where the lender pays you, either in a lump sum, monthly installments, or a line of credit, while you maintain your ownership and possession of the home. You could use the proceeds however you like, such as funding your retirement, covering medical expenses, or home improvements such as making the property more mobility-friendly. A reverse mortgage doesn’t have a credit score or income requirements, and your options include a Home Equity Conversion Mortgage (HECM) that’s insured by the Federal Housing Administration (FHA).
Reverse Mortgage Benefits and Eligibility
To be eligible for a reverse mortgage, an applicant must be 62 years or older and live in a home that they own and use as a primary residence. When you apply for a reverse mortgage, your loan amount is based on your age, your property’s value, and market interest rates. There’s no repayment required as long as you live in the home, and your bank reverse mortgage options include your choice of payment. You could receive the funds in a lump sum, as regular monthly payments, or as a line of credit that you could tap into as needed. If you move out of your home for more than 12 months, or you pass away, the reverse mortgage would be repaid by selling the home. Your heirs would have the right to pay off the mortgage and retain ownership of the property.
How to Apply for a Reverse Mortgage
If you’re thinking of applying for a reverse mortgage, one of our local lenders can explain the entire process, help you consider your reverse mortgage options, and find a solution that works for you.
1. Speak With a Points West Mortgage Specialist
One of our local mortgage lenders can give you an idea of how much reverse mortgage financing you could be eligible for and let you choose what works for you. If you’re ready to get started, you can apply online or call (970) 541-2520.
2. Attend Required Reverse Mortgage Counseling Session
Mortgage Counseling for reverse mortgages is required by federal law. A HUD approved lending counselor will explain how reverse mortgages work and the pros and cons of obtaining one.
3. Complete Your Reverse Mortgage Application
We can help you fill out your paperwork and make sure everything is in order. A HUD-approved appraiser will inspect your property and determine its current market value.
4. Receive Funds in Your Chosen Disbursement Method
Once your reverse mortgage is approved, you’ll receive payment by whatever method you choose: a lump sum, monthly payments, or a line of credit.
5. No Payments Required While You Live in the Home!
One of the key benefits of a reverse mortgage is that the lender pays you, while you’ll have no monthly mortgage payments to make.
Start My ApplicationWhy Choose Points West?
At Points West Community Bank, we’ve been serving our local communities across three states for more than four generations. We make all our lending decisions locally, with a team that focuses on senior financial well-being. We offer transparent guidance and the kind of personal service you would expect when dealing with a neighbor. Even though we’re a local bank, we have brokered access to the nation’s top reverse mortgage providers so we can find you a reverse mortgage solution that best fits your needs.
Your Local Bank with a Community Focus
At Points West Community Bank, we treat all our customers just like friends and neighbors. Our customers consist of the Front Range region of Colorado, including Fort Collins, Loveland, Greeley, Wellington, and Windsor. In Nebraska, we serve the Panhandle and central counties, including Sidney, Bridgeport, Fullerton, and beyond. Our Wyoming branches provide personalized service in communities such as Torrington, Pine Bluffs, Douglas, Lingle, and the surrounding areas. Wherever you live across our tri-state region, you’ll find a personal touch to banking at every one of our bank locations.
Ready to Get Started? Access Your Equity Today
A reverse mortgage can be a great way to tap into your home’s equity and receive a source of income while still holding onto your property. If you’re considering a reverse mortgage and aren’t sure where to start, we can explain the entire process and help you compare your options. To get started, apply instantly for a reverse mortgage using the link below. Don’t forget to check out our blog for information on mortgages and other financial topics.
Apply for a Reverse Mortgage