Your Partner for Home Loans in  Colorado, Texas, Oregon

Get a Quote
Apply Now

Reverse Mortgage

  • Maximize your home equity and enjoy a smoother retirement with Locus Mortgage’s flexible programs. We believe seniors deserve to make the most of their primary residence, not fear it becoming a financial burden. Choose from options like:
  • Reverse for Purchase:  Buy your dream home, even in retirement and achieve financial freedom.
  • HECM Refinance: Lower your interest rate or access more cash with a strategic refinance of your existing FHA HECM mortgage.
  • HomeSafe Reverse: Go beyond FHA limits and unlock even more equity with this specialized solution.
  • HomeSafe Second: This unique 2nd mortgage complements your existing loans to offer added flexibility.

Ready to empower your retirement? We also offer reverse mortgage refinance and reverse mortgage purchase.

Contact Locus Mortgage for a personalized consultation or access our informative guide.

Reverse Mortgage Pros and Cons

We believe informed decisions lead to financial well-being. Hence, it’s worth knowing the pros and cons:

Pros:

  • Supplemental Income: You can tap into your home equity, providing a consistent income stream to supplement retirement earnings and alleviate financial pressure.
  • Staying Put: You maintain ownership and keep living in your home as long as you meet the loan terms, offering stability and comfort during retirement.
  • Limited Liability: Unlike traditional mortgages, you or your heirs won’t be responsible for any debt exceeding the home’s value at the time of sale or loan maturity.

Cons:

  • Costs and Interest: Be prepared for fees like origination, closing, and mortgage insurance.
  • Inheritance: The loan becomes due when you move out or pass away, potentially requiring the home’s sale to settle the debt.
  • Reliance on Home Equity: If your primary asset is your home, it could amplify your financial vulnerability to real estate market downturns.

Types Of Reverse Mortgage Rates

Two main interest rate options are offered:

Fixed Rates: This option provides stability and predictability throughout the loan. Your  average mortgage rate Colorado remains consistent, meaning your loan balance increases at a steady pace.
Variable Rates: These rates can fluctuate based on market changes. While they might decrease eventually, they could also rise, leading to a faster loan balance increase.

Frequently Asked Questions

What is a Reverse Mortgage?

Think of a reverse mortgage as accumulating cash from your home’s equity without the burden of monthly payments. The cash and interest accumulates on your home without you having to make payments. It’s a special loan designed for seniors aged 62 and above.

Are there different types of reverse mortgages?

The most common type is the HECM, but if your home has a high value, a jumbo mortgage might be an option.

How much can you qualify for?

The loan amount depends on factors like your age, interest rates, and your home’s value.

Can I use a reverse mortgage loan to buy a home?

Absolutely! This is one of the most overlooked options for qualified buyers looking to downsize or move into a new home. Using a reverse mortgage for a home purchase often has qualifying advantages versus using a conventional mortgage.

When does the Reverse Mortgage need to be paid off?

The loan must be repaid when you no longer permanently occupy the home (due to a move, sale, or passing away).

What if I don’t want to lose the Equity in my home?

There is no rule that forbids you from making an interest-only payment on your reverse mortgage. This payment will be lower than a full Principal and Interest payment, and your loan balance will not increase as long as you make an interest-only payment. It’s genius! Check with us for more information.

Quick Links

Services

Get InTouch

@2025 Locus Mortgage

Need help?

Our team is here to answer your questions.

Whether you’re not sure how to get started or want help understanding your options, we’re happy to assist.

  • Call us at 303-444-5251
  • Email info@locusmortgage.com
  • Or just click the green “Get a Quote” button to begin — we’ll follow up.

We believe in pressure-free guidance, not sales calls. Reach out anytime.

Rate Alert

Want to track rates that match your exact scenario?

Click “Personalize My Rate” to receive bi-weekly updates based on the information you’ve entered.

  • You’ll see updated rates for your specific loan size, credit score, and property type.
  • No spam — just clean rate updates every other week.
  • You can unsubscribe at any time with one click.

This is the easiest way to watch the market and lock in when the timing is right — without re-entering your info each time.

What is this page?

This is the same live rate sheet we use when you call in for a quote.

Rates are shown from lowest to highest. Here’s how to understand the options:

  • Lower rates typically come with a discount fee (or “points”).
  • Higher rates may include a lender credit to offset your closing costs.
  • We display multiple loan terms — 15yr, 20yr, and 30yr — so you can compare.

This page gives you full transparency. You can see exactly what you qualify for and how your choices affect the rate and costs.

Where do I start?

To get an accurate quote, begin at the top of the form.

Enter all the requested information as accurately as possible:

  1. Choose Purchase or Refinance.
  2. Fill in your ZIP code, purchase price or home value, down payment or mortgage balance, and credit score.
  3. Select your property type and how it will be used.

These inputs directly affect your quoted rate. The more accurate your entries, the more personalized and reliable your quote will be.

Fee Breakdown Guide

This quote includes lender fees only.

To see an estimate of all fees, including third-party costs:

  1. Click the blue Fees link.
  2. In the pop-up, click Details.
  3. Then select Closing Cost PDF.

This will show estimated title fees, appraisal, taxes, and insurance. Since those vary by property and location, we only display lender fees here — the part we can quote precisely.