In April I wrote a check for my Arapahoe County property taxes, It was about 30% more than last year. And I am not the only Colorado senior who is feeling the pinch of higher property taxes and Home insurance rates. What can you do?

I turned 65 in 2024, and we’ve lived in our home for more than 10 years that means I’ll qualify for the Colorado senior tax exemption in 2025. (Google property tax exemption for senior citizens in Colorado)

Next year the exemption will give us a 50% discount on the first $200,000 of value of our primary residence. I’m not sure how much it will be but it is the only sure way to reduce my property taxes.

I know people who have challenged their tax valuations, there is a chance you might get a lower tax assessment, but you’ll still have to pay more because the rate has gone up, a lot.

Homeowners Insurance has also taken a upward turn in our state. Last year my insurance paid a big hail claim on our home. Colorado insurance companies are becoming very skittish due to their huge loses and ongoing liabilities.

Taxes Are Up, Insurance Is Up, Incomes Are Not.

If you’re making a monthly mortgage payment, you’ve already seen an increase in your impound or escrow account. That is a big bite out of your monthly budget. That gives you two options; cut spending, increase income. I’m pretty sure you’ve already cut your budget nearly to the bone. The other option is more money?

So you know, we will do a Reverse Mortgage on our home when the time is right. We are both still working and my wife is younger. We could do one now but the time isn’t quite right.

Is The Time Right For You?

Are you making a monthly mortgage payment on a loan you probably won’t pay off?

Would the addition of your monthly principle & interest payment help your budget?

Would it be better if you didn’t have to worry about the security of your property?

If you could have some more money in reserve, would that be worthwhile?

Do you know enough about a Reverse Mortgage to make a Yes or No decision?

What you don’t know can hurt you, what you do know will help you.

I didn’t mention inflation in my “Taxes & Insurance” examples because we all know things cost much more than they did even a few years ago. That is another big bite out of our monthly money.

I don’t want or need to sell you on a Reverse Mortgage. I simply what to share the full story so you can see if this is the right time for you. If not, then you’ll know and that is valuable.

Thanks for stopping by.

Mark Schmidt 720-206-4539

Remarkable Reverse Mortgage NMLS 846014