Looking to learn more about reverse mortgages in Denver, Colorado? You're in the right place.
Retirement Mortgage Specialist
Denver, Colorado Reverse Mortgage Lenders
Fairway Independent Mortgage has helped thousands finance their homes with a traditional mortgage loan or convert a portion of their home’s value into cash flow, using a reverse mortgage.
Customer care is not merely a slogan at Fairway - it’s how we do business. Highly-personalized service, consistent communication, and prompt loan turnaround times are what you can expect from George and his team. He will walk you through each step throughout the loan process.
As a Fairway Independent Mortgage reverse mortgage specialist, George Bain has completed specialized reverse mortgage product and policy training and continues his professional education, staying up to date on the most recent changes to federally-insured and private reverse mortgage loans.
Reverse Mortgage Stats in Denver
How many of your neighbors have done a reverse mortgage? Here are some interesting facts about reverse mortgages and the housing market in the Greater Denver area.
About Denver, Colorado
Denver is the largest metropolitan and most populous city in Colorado. Situated on the edge of the High Plains and near the great Rocky Mountains, 85% of the state’s population lives in the greater Denver metro.
In 1858, the Pike’s Peak Gold Rush attracted several prospectors to the banks of the South Platte River, in the then-named Kansas Territory, where the mining town of Montana City was established. This settlement was later to become Colorado’s largest city. The city’s present name comes from a competing settlement, which one of the founders named Denver City, to gain the favor of the Kansas Territorial Governor James. W. Denver. Three years later in 1861, the Colorado Territory was created along with Arapahoe County. Denver City served as the county seat for 41 years, until the consolidation of several counties.
Today the communities of Aurora, Littleton, Lakewood, and Glendale surround the Greater Denver metropolitan area.
Denver, Colorado Reverse Mortgage Facts
In 2021, the median home value in Denver is approximately $580,678. The current maximum lending limit for FHA-insured reverse mortgages in 2002 is $970,800 which means nearly all homes in the greater Denver area would see most, if not all, of their full home value considered in the calculation of the potential maximum reverse mortgage loan benefit. Homes above $970,800, may choose to apply for a private jumbo reverse mortgage for higher-valued properties.
Reverse mortgages calculate the maximum available loan benefit (before fees, costs, and lien payoffs) for qualified borrowers, based on the home’s appraised value, the age of the youngest borrower or named non-borrowing spouse, and the current/starting effective interest rate.
George and his team at Fairway Independent Mortgage are ready to answer any questions or concerns you may have about a reverse mortgage. It's important to get the facts first, discuss your unique goals and needs, and see how much you may be able to qualify for with a reverse mortgage.
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