American Liberty Mortgage Reverse Mortgage Specialist – Bruce Simmons Featured on Colorado & Co!

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Reverse Mortgages featured on Colorado and Company - Bruce Simmons
Bruce Simmons, CRMP

Bruce Simmons, CRMP

Reverse Mortgage Manager NMLS # 409914

What is a Reverse Mortgage?

A Reverse Mortgage is an FHA insured loan that is specifically designed for homeowners, ages 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.

As mentioned above, with a reverse mortgage, you never “obligate yourself to a monthly payment”.

More specifically, 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. This is true as long as you, or anyone else who is signed on the reverse mortgage loan, meets the following criteria:

  • Living in the home as your primary residence
  • Paying the property taxes and homeowner’s insurance
  • Maintaining the property

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.

The “Limited Liability Notice” 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.”

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