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Colo. Rev. Stat. § 11-38-101 Legislative declaration
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(1) The general assembly hereby finds that Colorado's elderly homeowners should have the opportunity and be permitted to meet their financial needs by accessing the equity in their homes through a reverse mortgage loan transaction. (2) The general assembly further finds that many…
Colo. Rev. Stat. § 11-38-102 Definitions
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As used in this article 38, unless the context otherwise requires: (1) "Borrower" means the person receiving cash advances pursuant to the terms of and obligated for repayment of a reverse mortgage. "Person" includes plural as well as singular. (1.3) "Force majeure" means fire, e…
Colo. Rev. Stat. § 11-38-103 Prepayment
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Payment of a reverse mortgage, in whole or in part, shall be permitted without penalty at any time during the period of such reverse mortgage. Source: L. 92: Entire article added, p. 940, § 1, effective April 23.
Colo. Rev. Stat. § 11-38-104 Intervening liens
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All advances made under a reverse mortgage and all interest on such advances shall have priority over any lien arising after recording an instrument evidencing the lien arising from such reverse mortgage with the clerk and recorder of the county where the real property securing s…