Reverse Mortgage Colorado Springs

A reverse mortgage in Colorado Springs can help senior homeowners tap into the equity they’ve built in their homes—without selling or taking on a new monthly mortgage payment. Whether you’re planning to age in place, supplement your retirement income, or eliminate an existing mortgage, reverse mortgages offer a flexible financial tool to support your long-term goals. Colorado Springs, known for its breathtaking mountain views and vibrant senior community, is an ideal location for homeowners seeking to access their home equity while continuing to enjoy the lifestyle they love.

Connect with our local team to explore how a reverse mortgage could fit your financial strategy.

What Is a Reverse Mortgage?

A reverse mortgage—specifically the Home Equity Conversion Mortgage (HECM)—is a government-insured loan available to homeowners aged 62 and older. Instead of making monthly payments, eligible borrowers receive payments from their lender. The loan is repaid when the home is sold or the borrower no longer occupies the property. For many Colorado Springs residents, a reverse mortgage provides the flexibility to stay in their home while improving their cash flow.

Learn more from HUD’s official HECM program guide.

Benefits of a Reverse Mortgage in Colorado Springs

Colorado Springs offers a unique blend of scenic beauty, access to healthcare, and a strong community of retirees, making it an excellent choice for aging homeowners. Here’s why local residents consider reverse mortgages:

• Stay in your home: Continue living in your familiar neighborhood with no monthly mortgage payments.
• Access tax-free cash: Receive a lump sum, monthly payments, or a line of credit.
• Financial independence: Supplement retirement income, cover medical costs, or finance home renovations.
• No impact on Medicare or Social Security: Reverse mortgage funds generally don’t affect benefits.

Want to explore your options? Request a personalized quote from the JD.Mortgage team today.

Who Qualifies for a Reverse Mortgage?

To qualify for a reverse mortgage in Colorado Springs, homeowners must meet the following criteria:

• Be at least 62 years of age
• Live in the home as their primary residence
• Have sufficient equity (typically 50% or more)
• Complete a HUD-approved counseling session
• Keep property taxes, homeowner’s insurance, and maintenance up to date

Visit the HUD counseling directory for approved agencies near Colorado Springs.

Using a Reverse Mortgage to Purchase a Home in Colorado Springs

Many people don’t realize that a reverse mortgage can also be used to purchase a new home. This is a great option for retirees relocating to Colorado Springs who want to buy a home without a monthly mortgage payment. Known as a HECM for Purchase, this program allows you to use the equity from the sale of your previous home (or other assets) as a down payment and finance the rest with a reverse mortgage.

Ready to learn more? Speak with a reverse mortgage specialist who understands the Colorado Springs market.

Common Questions from Colorado Springs Homeowners

Will I still own my home?

Yes. With a reverse mortgage, the title remains in your name. The loan is simply repaid when you sell, move, or pass away.

Can I lose my home?

As long as you meet the loan obligations—live in the home, pay property taxes and insurance, and keep it maintained—you will not lose your home.

What happens to my home when I pass away?

Your heirs can choose to repay the loan and keep the home, or sell the home and use the proceeds to repay the balance. Any remaining equity belongs to your estate. HUD offers guidance for heirs in this HECM inheritance resource.

Have additional questions? Our local team is happy to help.

Local Reverse Mortgage Trends in Colorado Springs

Colorado Springs consistently ranks as one of the top cities in the U.S. for retirement thanks to its low property taxes, mild climate, and access to amenities like Memorial Hospital, Garden of the Gods, and the Pikes Peak Greenway Trail. Reverse mortgages are gaining popularity among local retirees seeking to age in place while maintaining their financial independence.

Curious if your home qualifies? Check your eligibility now.

Why Choose the JD.Mortgage Team?

The JD.Mortgage team offers Colorado Springs homeowners personalized reverse mortgage solutions with no overlays, flexible underwriting, and a commitment to honest guidance. Our team understands the local real estate market and takes pride in helping clients navigate their options with confidence. From education to closing, we’re here to ensure your loan supports your long-term goals.

We also help retirees explore their options alongside traditional and non-traditional loan products. In fact, many of our clients also consider HELOCs, second mortgages, or even construction loans for building an accessible retirement home.

Let’s Talk About All Your Options

Not sure if a reverse mortgage is the best fit? We offer a wide variety of loan types for homeowners across Colorado Springs and beyond. Whether you’re interested in a VA loan, FHA, USDA, Non-QM, DPA, Jumbo, Conventional, or any other loan, we can help. Visit our Loan Options page for a full list of available solutions.