The Romig TeamNorthern Colorado home loansReverse mortgages · Northern Colorado

🔄 Reverse Mortgages

Your equity, working for your retirement

A Home Equity Conversion Mortgage (HECM) — the FHA-insured reverse mortgage — lets homeowners 62 and older convert part of their home equity into funds while continuing to live in and own their home. No monthly principal-and-interest payment is required, though you must still pay property taxes and homeowners insurance and maintain the home. A reverse mortgage is a loan and must be repaid — typically from the sale of the home — when the last borrower sells, moves out, or passes away.

Is this you?

Reverse Mortgages tend to be a great fit for…

  • Homeowners 62+ who want to supplement retirement cash flow
  • Retirees with significant equity but tight monthly budgets
  • Buyers 62+ using HECM for Purchase to right-size without a required monthly P&I payment
  • Families who want the numbers explained honestly before deciding
Mom is 70, house is paid off, and her budget is tight. Is a reverse mortgage safe for her?
The honest answer: it depends on her situation, and independent HUD-approved counseling is required before anything moves — by design. Let’s walk through the real numbers together, obligations included, and she decides with full information.

Questions friends actually ask

Reverse Mortgages: straight answers

Do I still own my home with a reverse mortgage?

Yes — you keep title to your home. The loan is secured by the home like any mortgage, and you must keep paying property taxes and homeowners insurance and maintain the property. Failing those obligations can make the loan due.

When does a reverse mortgage have to be repaid?

A reverse mortgage is a loan and must be repaid — typically when the last borrower sells the home, moves out permanently, or passes away. It is most often repaid from the sale of the home; HECMs are non-recourse, meaning the debt repaid from the home’s sale cannot exceed the home’s value at that time.

Is a reverse mortgage a government benefit?

No. A HECM is FHA-insured, but it is a loan from a private lender — not a government benefit or entitlement. Independent HUD-approved counseling is a required step, which exists specifically so you understand the costs and obligations before committing.

Not sure if reverse mortgages are right for you?

That’s literally what Dominick is for. One conversation, all your options side by side, zero pressure to move forward.