Colorado Springs Reverse Mortgage — Let Your Equity Take Care of You
Colorado Springs homeowners 55+ can access their home equity with no monthly mortgage payments. Stay in your home. Keep your title. Use the funds however you choose. Property taxes, homeowners insurance, and home maintenance remain your responsibility.
Could a Reverse Mortgage Work for You?
3 quick questions. See your recommended program instantly.
No credit impact · No obligation · Adult children welcome
This is a preliminary estimate for educational purposes only. Your actual eligibility and accessible equity depend on your age, property type, current interest rates, and program-specific factors. Bobby runs your complete numbers — no cost, no obligation.
*No monthly mortgage payment required. Borrower must continue paying property taxes, homeowners insurance, HOA dues (if applicable), and maintain the home. Failure to meet these obligations may result in loan default.
Let's Clear the Air About Reverse Mortgages in Colorado Springs
If you're reading this page, you've probably heard something negative about reverse mortgages. Maybe a neighbor told you “they take your house.” Maybe you saw a confusing TV commercial. Maybe your kids are worried.
Here's the truth: A reverse mortgage is a federally regulated loan — not a scam, not a gimmick, and nobody takes your house. You keep full ownership and title. You stay in your home as long as you want. And your heirs inherit the property when the time comes — they simply pay off the loan balance or sell the home and keep the difference.
The stigma comes from the 1990s, when reverse mortgages had fewer consumer protections. Today, HUD-approved counseling is mandatory, non-recourse protection is built in (meaning you or your heirs can never owe more than the home's value), and the products are regulated by the Federal Housing Administration.
One thing I always make clear upfront: a reverse mortgage eliminates your monthly mortgage payment, but it does not eliminate your responsibilities as a homeowner. You still pay property taxes, homeowners insurance, and maintenance. These are the same obligations you have now — the difference is you're no longer making a mortgage payment on top of them.
I wouldn't offer them if I didn't believe in them. And I wouldn't build an entire practice around them if they weren't genuinely good for Colorado Springs seniors.
“The fear is almost always worse than the reality. Once we run the numbers together, the path forward gets clear.”
Bobby Friel
CO Home Equity · Founder · NMLS# 332039
$0/month
What your monthly mortgage payment becomes with a Colorado Springs reverse mortgage.
Property taxes, insurance, and home maintenance remain your responsibility. But imagine what eliminating your largest monthly bill would mean for your retirement.
Two Types of Reverse Mortgage — Which Fits Your Colorado Springs Home?
HECM — For Most Colorado Springs Homes
FHA-Insured Reverse Mortgage- •Age: 62+
- •Loan limit: Up to $1,249,125 (2026 FHA limit)
- •FHA-insured with non-recourse protection
- •Disbursement: lump sum, monthly payments, line of credit, or combination
- •Line of credit grows over time (unused portion increases)
- •HUD-approved counseling required
- •Mortgage insurance premium: 0.50% annually
- •Ongoing obligations: Property taxes, insurance, maintenance
Best for: Colorado Springs homeowners with home values under $1.25M who want federal protections and flexible disbursement options.
Jumbo — For High-Value Properties
Proprietary Reverse Mortgage- •Age: 55+ in Colorado
- •Loan limit: Up to $4,000,000
- •No FHA mortgage insurance premiums — saves thousands
- •No origination fees on certain programs
- •Non-recourse protection (same as HECM)
- •Line of credit option available
- •Ongoing obligations: Property taxes, insurance, maintenance
Best for: Select high-value Colorado Springs properties above the $1.25M HECM limit, or homeowners age 55–61.
| Factor | 🏛️ HECM | 🏔️ Jumbo |
|---|---|---|
| Minimum age | 62 | 55+ in Colorado |
| Max loan amount | $1,249,125 | $4,000,000 |
| Mortgage insurance | Yes (0.50%/year) | No |
| Origination fees | Yes | No (on certain programs) |
| FHA insured | Yes | No (privately funded) |
| Non-recourse | Yes | Yes |
| Monthly mortgage payments | None required | None required |
| Counseling required | Yes (HUD-approved) | Yes |
| Ongoing obligations | Property taxes, insurance, maintenance | Property taxes, insurance, maintenance |
| Best for Colorado Springs | Most homes in the area | Select high-value properties or age 55–61 |
Not sure which fits your Colorado Springs home? That's what the equity review is for.
Schedule Your Equity ReviewColorado Springs Seniors Who Put Their Equity to Work
Look at the Colorado Springs homeowners below. Each one found a different path through their reverse mortgage. Which situation sounds closest to yours?
Funding Accessibility Modifications on a Military Pension
James, age 66, retired from Fort Carson after 24 years of service. His home near the base is worth $520K — paid off using VA loan benefits over the years. Property taxes, insurance, and maintenance were consuming $1,100/month of his military pension and Social Security. A HECM eliminated the financial stress — he drew $80K for accessibility modifications (wider doorways, walk-in shower, ramp) and kept a $150K line of credit for future needs.
Staying in the Community After Losing a Spouse
Patricia, age 72, lost her husband last year. Their Briargate home is worth $560K with no mortgage. She needed a financial safety net — the house was too much for one person to maintain, but she didn't want to leave her church, her doctors, and 25 years of friendships. A HECM provided $225K — she drew $45K for maintenance and accessibility updates and kept $180K as a growing line of credit for future in-home care and medical expenses.
Bridging the Gap Between Social Security and Reality
Robert, age 70, lives alone in a paid-off Old Colorado City bungalow worth $390K. His Social Security of $2,100/month barely covers property taxes, insurance, utilities, and groceries — leaving nothing for home maintenance or unexpected expenses. A HECM established a $155K line of credit. He draws $800/month to supplement his income and keeps the rest growing for future needs. His monthly stress is gone.
Right-Sizing While Staying Near Family
Frank and Diane, both 71, raised four kids in their 4-bedroom Northgate home. At 3,200 square feet with a large yard, it was too much to maintain. They sold for $510K and used the HECM for Purchase program to buy a 2-bedroom patio home in Briargate for $380K. Combining $220K from the sale with a reverse mortgage, they own the new home outright — plus $290K from the sale stays in their retirement accounts.
These are illustrative examples based on typical Colorado Springs scenarios. Actual amounts depend on age, home value, interest rates, and program-specific factors. All programs require ongoing payment of property taxes, homeowners insurance, and home maintenance.
“The stigma around reverse mortgages comes from a product that no longer exists. Today's reverse mortgage is federally regulated, has non-recourse protection, and lets you stay in your home for life. When was the last time someone actually explained how it works — not what you've heard, but how it's regulated today?”
Bobby Friel · CO Home Equity
Questions Worth Asking Yourself
Have you explored what your Colorado Springs home equity could do for your retirement — without selling your home?
Your home has been building wealth for decades. A reverse mortgage lets you access that wealth while you continue living in it. No monthly mortgage payment. No giving up your title. The equity you built works for you instead of sitting idle.
When was the last time someone explained how a reverse mortgage actually works today?
Forget what you heard in the 1990s. Today's reverse mortgages are FHA-regulated with mandatory counseling, non-recourse protection, and your heirs inherit the property. The product has changed. The conversation should too.
What would eliminating your monthly mortgage payment mean for your monthly budget?
The average Colorado mortgage payment is $2,200–$2,800/month. Eliminating that — while keeping your home — frees up significant cash for healthcare, travel, helping grandchildren, or simply reducing financial stress. Property taxes and insurance continue, but without the mortgage, your monthly picture changes dramatically.
If your Colorado Springs home is worth over $1M, has anyone told you about jumbo reverse mortgages?
Standard HECM reverse mortgages cap at $1,249,125. Colorado Springs homes often exceed that in premium neighborhoods. Jumbo proprietary programs access up to $4M with no FHA mortgage insurance premiums. If your bank said you don't qualify, they were looking at the wrong program.
Have your adult children been part of this conversation? We welcome them on every call.
Reverse mortgage decisions often involve the whole family. Adult children have questions about inheritance, about whether the home is "at risk," about what happens long-term. Bobby welcomes them on every consultation call. Transparency builds trust — and this decision should have everyone's confidence.
What's the one financial concern that keeps coming back — and what would solving it look like?
For some Colorado Springs seniors, it's the monthly payment stress. For others, it's funding in-home care. For others, it's helping grandchildren or preserving investments during a market downturn. Whatever keeps you up at night — that's the conversation worth having.
What a Colorado Springs Reverse Mortgage Actually Looks Like
| Home Value | Product | Approx. Accessible Equity | Monthly Payment | Mortgage Insurance |
|---|---|---|---|---|
| $500,000 | HECM | $200K–$275K | $0/mo* | 0.50%/year |
| $750,000 | HECM | $300K–$400K | $0/mo* | 0.50%/year |
| $1,000,000 | HECM | $475K–$575K | $0/mo* | 0.50%/year |
| $1,250,000 | HECM (at limit) | $550K–$650K | $0/mo* | 0.50%/year |
| $1,500,000 | Jumbo | $650K–$850K | $0/mo* | None |
| $2,000,000 | Jumbo | $850K–$1.1M | $0/mo* | None |
| $3,000,000 | Jumbo | $1.2M–$1.6M | $0/mo* | None |
| $4,000,000 | Jumbo | $1.6M–$2.2M | $0/mo* | None |
*No monthly mortgage payment required. Borrower must continue paying property taxes, homeowners insurance, HOA dues (if applicable), and home maintenance. Accessible equity depends on age, interest rates, and property type. These are approximate ranges based on current market conditions.
Which row matches your Colorado Springs home value? The accessible equity column tells you what's potentially available — Bobby confirms your real number in a free review.
55+
The minimum age for jumbo reverse mortgage programs in Colorado.
If you've been told you're too young at 55, 56, or 58 — that was based on HECM rules. Jumbo programs start at 55. The conversation may be different than you think.
What Colorado Springs Seniors Get Wrong About Reverse Mortgages
“The bank takes your house”
No. You keep full ownership and title — exactly the same as any other mortgage. The lender places a lien, just like your original mortgage did. You live in your home as long as you want. The loan is repaid when you move, sell, or pass away — and your heirs inherit the property.
“My kids won’t inherit anything”
Your heirs inherit the home. They can pay off the loan balance and keep the property, or sell the home and keep the difference between the sale price and the loan balance. And with non-recourse protection, they’ll never owe more than the home is worth — even if the loan balance exceeds the value.
“I’ll owe more than my home is worth”
Non-recourse protection means you or your heirs can never owe more than the home’s fair market value at the time of repayment. If the loan balance grows beyond the home’s value, the FHA insurance (on HECMs) or the lender (on jumbo loans) absorbs the difference. You’re protected.
“I’m not old enough — you have to be 62”
For a standard HECM, yes — 62 is the minimum. But jumbo proprietary reverse mortgages are available to Colorado homeowners as young as 55. If you’re between 55 and 61 with a high-value home, this may be your best option.
“My Colorado Springs home is too expensive for a reverse mortgage”
Standard HECMs cap at $1,249,125. That’s exactly why jumbo reverse mortgages exist — with limits up to $4M. Your Colorado Springs home isn’t too expensive. Your bank’s product may just be too small.
“I won’t have any ongoing costs”
A reverse mortgage eliminates your monthly mortgage payment, but property taxes, homeowners insurance, HOA dues, and home maintenance remain your responsibility. Bobby reviews these obligations with every borrower before proceeding — and your lender may set aside a portion of loan proceeds to help cover taxes and insurance.
“I should wait until I really need the money”
Waiting can actually reduce what you qualify for. Interest rates change, home values fluctuate, and your age at application directly affects your principal limit — older borrowers qualify for more. A HECM line of credit also grows over time when unused, so opening one now creates a larger safety net later. Many financial planners recommend establishing the line of credit early as a retirement planning tool.
“My bank already told me I don’t qualify”
Banks typically offer one product — their own. If your home exceeds $1.25M, a bank offering only HECMs would tell you the loan limit doesn’t cover your value. If you’re 55–61, a bank offering only HECMs would tell you you’re too young. A broker like Bobby compares HECM and jumbo programs across multiple lenders to find the right fit.
How Bobby Handles Your Colorado Springs Reverse Mortgage
📞Free Consultation
Tell me your situation. Age, home value, goals. No pressure, no commitment. Your adult children are welcome to join.
📊I Run Your Numbers
HECM vs Jumbo comparison with YOUR specific Colorado Springs home. Accessible equity, ongoing obligations, tax and insurance estimates.
🎓HUD Counseling
Federal law requires independent counseling before a reverse mortgage closes. I help you schedule it and prepare you for what to expect.
🏦I Match You to the Right Program
HECM or Jumbo. Lump sum, line of credit, monthly payments, or combination. I place your file with the lender that fits your situation best.
✅Funded — Your Equity Works for You
Closing is simple. Funds arrive. Your monthly mortgage payment stops. Property taxes, insurance, and maintenance continue as normal.
Do You Qualify for a Colorado Springs Reverse Mortgage?
Age
55+ for jumbo proprietary programs. 62+ for standard HECM. If your spouse is younger, special rules may apply — Bobby walks you through the specifics.
Home Equity
Substantial equity required — generally 50%+ equity for the best terms. The more equity you have, the more you can access. Paid-off homes qualify for the highest amounts.
Property
Must be your primary residence in acceptable condition. Single-family homes, condos, townhomes, and 2–4 unit properties are eligible. The property must meet minimum standards.
Ongoing Obligations
Must demonstrate ability to pay property taxes, homeowners insurance, and HOA dues. Lender may require a “set-aside” from loan proceeds to cover these. Bobby reviews this with every borrower.
Colorado Springs Neighborhoods — Reverse Mortgage Equity Access
| Neighborhood | Median Value | Equity Range | Top Use Case |
|---|---|---|---|
| Broadmoor | $1.2M | $750K+ | Portfolio protection & luxury aging |
| Briargate | $550K | $300K+ | Accessibility mods & pension supplement |
| Manitou Springs | $520K | $280K+ | Historic maintenance & income |
| Northgate | $480K | $250K+ | Mortgage payoff & downsizing |
| Old Colorado City | $380K | $180K+ | Income supplement & payment relief |
| Fort Carson Area | $420K | $220K+ | VA loan payoff & accessibility |
Approximate ranges based on age 70, current rates, and estimated equity. Your free equity review shows exact numbers.
Colorado Springs Neighborhoods — What Seniors Can Access
Broadmoor
$800K – $3.0M+
Colorado Springs' most prestigious neighborhood, anchored by the historic Broadmoor Hotel. Many homes here exceed the HECM limit, qualifying for jumbo programs. Long-time residents hold $750K+ in equity. Common HECM uses include portfolio preservation, property tax coverage, and luxury aging in place with premium in-home care.
Briargate
$420K – $700K
A well-established master-planned community in north Colorado Springs with excellent amenities, parks, and proximity to healthcare. Many military retirees settled here after leaving Fort Carson or Peterson. HECM proceeds commonly fund accessibility modifications, supplement military pensions, and cover rising healthcare costs.
Manitou Springs
$380K – $680K
An artistic mountain community at the base of Pikes Peak with Victorian-era homes, mineral springs, and a vibrant downtown. Older homes require ongoing maintenance — roofing, foundation work, and weatherproofing. Seniors use HECM funds to preserve their unique properties while supplementing retirement income in this walkable, character-rich town.
Northgate
$380K – $600K
A growing area near the U.S. Air Force Academy with newer construction and mountain views. Proximity to the Academy and I-25 makes this popular with military families. HECM funds here are frequently used for mortgage payoff, freeing up pension and Social Security income that was going to monthly payments.
Old Colorado City
$280K – $480K
Colorado Springs' original settlement with a mix of historic bungalows, Victorians, and artist studios. Lower price points mean HECM access is more modest, but the impact is significant — mortgage payoff, basic accessibility modifications, and supplemental income. Many long-time residents here live on Social Security alone and benefit greatly from payment elimination.
Fort Carson Area
$320K – $520K
The neighborhoods surrounding Fort Carson are home to many military retirees who purchased using VA loans and have built strong equity over 15–25 years. HECM reverse mortgages here typically pay off remaining VA loan balances, eliminate monthly payments, and establish credit lines for healthcare costs and accessibility modifications.
These are approximate ranges based on age 70, current rates, and estimated equity. Your actual numbers depend on your specific age, home value, and existing mortgage balance. The equity review is free.
Colorado Springs Risk Intelligence for Reverse Mortgage Borrowers
Hail & Severe Weather Exposure
Colorado Springs averages 3–5 significant hail events per year, with some storms causing widespread roof and siding damage. Insurance premiums have increased 20–40% since 2020, and hail deductibles have risen to 1–2% of home value. Reverse mortgage borrowers must maintain continuous coverage — budget for rising premiums and higher deductibles in your long-term plan.
Wildfire Risk (Western Neighborhoods)
Neighborhoods near the foothills — Manitou Springs, Skyway, and parts of the Broadmoor — sit in moderate to high wildfire risk zones. The 2012 Waldo Canyon Fire demonstrated this risk. Insurance costs for foothill properties can be 30–50% higher than east-side homes. Ensure your reverse mortgage plan accounts for these premium differences.
Military Base Realignment
Colorado Springs' economy is significantly tied to military installations (Fort Carson, Peterson, Schriever, USAFA, NORAD). While base closures are unlikely, realignment decisions can affect local housing demand and property values. Diversification of the local economy — particularly tech and cybersecurity — has reduced this risk in recent years.
HOA & Metro District Fees
Many Colorado Springs master-planned communities (Briargate, Northgate, Flying Horse) carry HOA fees of $100–$400/month. Some newer developments also have metro district fees. These are ongoing obligations that must be maintained with a reverse mortgage. Factor total carrying costs — taxes, insurance, HOA, metro districts — into your HECM structure.
How Colorado Springs Seniors Use Reverse Mortgage Equity
Military Pension Supplement
Many Colorado Springs military retirees find that pension plus Social Security doesn't fully cover rising costs of living. A HECM line of credit provides flexible monthly draws — $1,000–$2,500+ depending on your equity — to bridge the gap.
Accessibility & Aging in Place
Colorado Springs' mild climate and strong medical infrastructure (including military healthcare at Evans Army Hospital) make it ideal for aging in place. HECM funds can finance wheelchair ramps, walk-in showers, grab bars, stair lifts, and main-floor bedroom conversions.
Mortgage Payment Elimination
Many Colorado Springs homeowners still carry a mortgage into retirement — especially those who purchased with VA loans and refinanced over the years. A HECM pays off your existing balance first, eliminating monthly payments immediately.
HECM for Purchase (Downsizing)
Sell your larger Colorado Springs home and buy a right-sized property using HECM for Purchase. This works exceptionally well in COS where you can sell a 4-bedroom in Northgate for $500K+ and buy a patio home or condo for $350K–$400K — freeing up significant cash while eliminating monthly mortgage payments on the new home.
Colorado Springs Reverse Mortgage Mistakes to Avoid
Assuming VA loan benefits conflict with a reverse mortgage
Many military retirees believe their VA loan history prevents them from getting a reverse mortgage. In fact, a HECM can pay off an existing VA loan balance — eliminating your monthly payment while preserving all VA benefits. Your VA disability, military pension, and Tricare are completely unaffected by a reverse mortgage.
Ignoring El Paso County property tax increases
While El Paso County taxes are moderate compared to Denver or Boulder, they still rise over time. A home valued at $450K carries $2,500–$3,500 in annual property taxes. Failing to plan for gradual increases can create a compliance issue with your reverse mortgage. A tax set-aside or dedicated credit line draw prevents this problem.
Not considering hail damage insurance requirements
Colorado Springs sits in one of the nation's most active hail corridors. Insurance premiums have risen 20–40% in recent years, and deductibles for hail damage have increased. Reverse mortgage borrowers must maintain continuous homeowners insurance — budget for $2,000–$4,000+ annually and factor premium increases into your HECM planning.
Waiting too long to establish a credit line
The unused portion of a HECM line of credit grows over time — regardless of what happens to your home's value. A Colorado Springs homeowner who establishes a $180K credit line at age 65 could have $250K+ available by age 75. Waiting five years to apply means losing five years of compounding growth on your available credit.
Your Reverse Mortgage Requires Insurance — When Was the Last Time You Actually Compared?
Your reverse mortgage lender requires active homeowners insurance with 100% replacement cost coverage. Colorado Springs sits in Colorado’s Front Range hail corridor — the most active in the country. If your coverage is based on outdated valuations, you may be significantly underinsured.
Before your reverse mortgage closes, we run a full insurance review through our partners at Direct Insurance Services — not just to satisfy your lender's requirements, but to make sure there are no coverage gaps and confirm you have the best premium costs. This saves headaches and money.
Colorado Springs Housing Market — What It Means for Reverse Mortgages
Colorado Springs is Colorado's second-largest city and one of its most dynamic housing markets. With a population of 478,000+ and a median home value around $450,000, the city offers strong equity potential at significantly lower price points than Denver or Boulder County. For the region's large population of military retirees and senior homeowners, that equity represents a powerful — and often untapped — retirement resource.
The military presence shapes Colorado Springs' reverse mortgage market in unique ways. Fort Carson, Peterson Space Force Base, Schriever Space Force Base, the U.S. Air Force Academy, and NORAD have attracted generations of service members who settled here after retirement. Many purchased homes using VA loans, built substantial equity over 15–25 years, and now find that military pensions and Social Security don't fully cover rising costs.
El Paso County's moderate property taxes, access to military healthcare, and relatively affordable cost of living make Colorado Springs one of Colorado's strongest markets for aging in place. The city's sprawling layout means most neighborhoods are car-dependent, but the medical infrastructure — including UCHealth Memorial, Penrose Hospital, and Evans Army Community Hospital — is strong and well-distributed.
Bobby Friel works with Colorado Springs homeowners and military retirees to structure HECM reverse mortgages that complement existing benefits and retirement income. Whether you need to eliminate an existing mortgage payment, fund accessibility modifications, establish a growing line of credit, or downsize within the community — the process starts with a free equity review and honest conversation about whether a reverse mortgage makes sense for your situation.
Colorado Springs Reverse Mortgage Questions — Answered
Bobby's Take on Reverse Mortgages in Colorado Springs
Reverse mortgages are the most misunderstood product in the mortgage industry — and arguably the most underutilized. Colorado Springs seniors are sitting on significant home equity. With a median home value of $450,000, the average homeowner over 60 holds equity that could meaningfully change their retirement picture.
The stigma is outdated. It comes from a product that existed 25 years ago. Today's reverse mortgages are federally regulated, require independent counseling, offer non-recourse protection, and let you stay in your home for life. Have you taken the time to see how the product actually works today — not what you've heard from someone who hasn't looked at it since the 1990s?
And I'm always transparent about one thing: a reverse mortgage is not free money. Your property taxes, insurance, and maintenance don't go away. What goes away is the mortgage payment — and for most Colorado Springs seniors I work with, that's the single biggest line item in their monthly budget.
I welcome adult children on every call. This is a family decision, and transparency builds confidence. If you've been thinking about it — or if your children have been asking questions — the conversation is free. What's the one financial concern that keeps coming back for you? That's what we should talk about.
More Ways to Access Your Colorado Springs Equity
Reverse Mortgages in Nearby Communities
Your Colorado Springs Home Has Been Taking Care of Your Family for Decades. Now Let It Take Care of You.
Schedule a free, no-obligation equity review. Bobby walks you through your options — HECM, Jumbo, or whether a reverse mortgage is even right for your situation. Your adult children are welcome on the call.
No monthly mortgage payment required. Borrower must continue paying property taxes, homeowners insurance, and home maintenance.
Bobby Friel · NMLS# 332039 · Friel-Good Mortgage, Inc. · NMLS# 1901977