Bruce E Simmons

Serving Denver

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1932 W. 33rd Ave.
Denver, CO 80211

Main (303) 467-7821


More about Bruce E Simmons

Reverse Mortgage Specialist Serving Metro-Denver And Front Range Since 2003.

Stay In your Home - Never Make Another House Payment - Convert Equity into Tax Free Income.
In a nutshell, a reverse mortgage is an FHA insured loan that is specifically designed for homeowners, age 62 and above, that allows you to convert a portion of the value of your home into tax-free money*, without ever having to sell your home, give up title or obligate yourself to a monthly mortgage payment.

"OK, that's what a reverse mortgage is," you say, "but how does it actually work? How is it that someone can actually get a loan that they never have to pay back?"

Great question. I'm so glad you asked!

What is a Reverse Mortgage?
The Details

As I said above, with a reverse mortgage, you never "obligate yourself to a monthly payment".

Please do not misunderstand me here - A reverse mortgage is not free money. You are still charged interest, it's just that you are not actually paying it out of your pocket. As long as you, or anyone else who is signed on the reverse mortgage loan, are

- Living in the home as your primary residence,

- Paying the property taxes and homeowner's insurance,

- Maintaining the property,

you will never, ever have to have to repay the loan or be forced to move. The reverse mortgage loan only becomes due and payable when the last person who is signed on the loan can no longer live in the home, or when the youngest borrower turns 150 years old.

In fact, there is a form that you sign at the closing called a "Limited Liability Notice" that states:

"Your liability under the Plan is limited to the net sale proceeds from the sale of the property. You will have no personal liability for the payment of the note. No deficiency judgment may be taken against you or the estate."

Please call me for more information, I would love to answer all of your questions.
Bruce Simmons

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