Feeling the Pinch from Rising Costs? A Reverse Mortgage Could Be Your Solution

2024 has brought unexpected financial challenges for many Coloradans. A sharp increase in property tax bills and homeowner’s insurance premiums is forcing many homeowners to drastically cut their budget, often by thousands of dollars. 

In 2023, county assessor offices across Colorado reassessed property, leading to a median increase of at least 30% in most counties, and over 50% in some. While Colorado state lawmakers responded with Senate Bill 24-233 to slightly reduce the property tax rate, the relief was minor. Homeowners saw only a few hundred dollars in savings, while their overall tax bills soared by thousands.

Adding to this financial strain, the average Colorado insurance premium has spiked by 30% to 50%. Insurance companies are passing on the costs of increased labor and materials, excessive hail damage, and recent wildfires to homeowners. 

For those on fixed incomes, these rising costs can be overwhelming. But there’s hope for homeowners aged 62 and older. You can offset these higher costs by tapping into your home’s equity with a Reverse Mortgage or Home Equity Conversion Mortgage (HECM).

As of April 2024, the median sale price for a home in Denver is $620,000, according to Redfin. This increased equity can be converted to cash for your needs, allowing you to maintain your lifestyle without the stress of budget cuts.

At Peak Financial, we’ve been helping Coloradans find financial peace for almost twenty years. Let us help you explore your options. Contact us today to see how a Reverse Mortgage can benefit you. 

Tim McWhite NMLS 132529
1780 S Bellaire St, Ste 780
Denver CO 80222
303-962-4840 / tim@peakfinancial.org 

*For cost information and conditions contact Peak Financial NMLS 107360
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