Reverse Mortgages are Misunderstood

Wondering how to increase your income in retirement? Reverse mortgages can be used to achieve a wide range of financial goals for homeowners who are 62 years of age or older. 

Diane Beaumont, Branch Manager | NMLS ID: 247026 CO Mortgage License: 100019059

What can you do with a Reverse Mortgage?

Gain Financial Freedom

If you're a homeowner who's 62 years of age or older, a Reverse Mortgage with Benchmark can help you to re-gain financial freedom when you need it the most.

Pay Off Loan

Use it to pay off an existing mortgage.

Monthly Income

Supplement your monthly income with a fixed payment from your Benchmark Reverse Mortgage.

Line of Credit

Access capital when you need it.

New Home

Use funds from your Reverse Mortgage to purchase your dream home.

Reverse Mortgages With Benchmark

We’ve all heard the term and probably don’t know much about them except the bad things we’ve heard. But like snakes, sharks, and honey badgers… they’re not bad, just misunderstood and play an important role in the “ecosystem” of home loan financing.

Let’s address two of the biggest misconceptions about reverse mortgages for starters.

  1. “The bank will take your home and you will be left with no place to live in your elder years.”  The truth: You get to remain in your home indefinitely as long as it is your primary residence, property taxes and insurance are paid, and the home is kept in good repair.
  2. If I outlive the reverse mortgage my heirs or estate will be left paying for the loan”. The truth: The loan is payable at the time you leave the home or upon your death and it is a non-recourse loan which means you or your estate cannot owe more that the value of the property.

Did you Know?

The first reverse mortgage was done in 1961 and was written to Nellie Young in Portland, Maine by Nelson Haynes of Deering Savings & Loan. Haynes designed this very unique type of loan to help the widowed wife of his high school football coach to stay in her home after losing her husband.

The Truth About Reverse Mortgages With Benchmark

Reverse mortgages can be used to achieve a wide range of financial goals for homeowners who are 62 years of age or older like:

  • Paying off an existing mortgage
  • Setting up a line of credit to access as needed
  • Supplementing income with monthly payments
  • Purchasing a new home

All without having to take on a mortgage payment in your senior years.

So if you’ve wondered about ways to increase your income in retirement maybe to take a few more of those trips that are long overdue, maybe concerned about having enough in the future for healthcare expenses, want to downsize but retain the sale proceeds of your current property, or finally buy your dream home without being left house-rich and cash poor; a reverse mortgage might be the solution.

But like all home loans, expertise in matching the right loan with the right homeowner is paramount. And here at Benchmark Mortgage we are here to do that for you whether it be a traditional mortgage, VA loans, USDA loans, FHA loans and yes… even reverse mortgages.

Diane Beaumont, Branch Manager

NMLS ID: 247026 

CO Mortgage License: 100019059

Book a free consultation

Are you 62 or over and own a home with substantial equity? You could qualify for a Reverse Mortgage with Benchmark. 

Call us now

(719) 687-2112

Woodland Park Office

517 S. Baldwin Street Woodland Park, CO 80863

Crested Butte Office

311 Sixth Street, Suite A1 Crested Butte, CO 81224

Ark-La-Tex Financial Services, LLC d/b/a/ Benchmark Mortgage, 5160 Tennyson Pkwy STE 1000, Plano, TX 75024. NMLS ID #2143 ( 972-398-7676. This advertisement is for general information purposes only.  Some products may not be available in all licensed locations. Information, rates, and pricing are subject to change without prior notice at the sole discretion of Ark-La-Tex Financial Services, LLC. All loan programs are subject to borrowers meeting appropriate underwriting conditions. This is not a commitment to lend. Other restrictions may apply. Ark-La-Tex Financial Services, LLC is a licensed Mortgage Banker in the State of New York and Oregon. No mortgage solicitation activity or loan application for properties in the State of New York and Oregon can be facilitated through this site or advertisement. (