Month: December 2014

The Time is NOW to Consider a Reverse Mortgage

Posted on by janjordan

reverse mortgage loveland fort collins greeley longmont westminster coloradoDid you think it could be better timing to act now when drawing on the equity of your house? It might seem the longer you wait the higher your equity will become, and thus the greater advantage you will have in drawing upon it.

 

Not so in the case of a reverse mortgage right now, for there is an unusual opportunity to increase your credit line if you act sooner rather than later.

 

If you are considering a reverse mortgage and secure a credit line at the lower rates available presently, then your credit line will actually INCREASE as the interest rates inevitable rise. The credit lines are set up on a proportionate system based on the current rate and the mortgage insurance premium which means as rates rise in the future, the credit line also grows.

 

Considering a reverse mortgage now may be the perfect option to be sure you do not outlive your equity, putting your hard work to use for your comfort and your need now. Taking advantage of the lower interest rates could give you a high credit line up front, and lead to an even higher line as the rates grow. Age has less benefit than the present low interest rates.

 

This means that obtaining a reverse mortgage, which might seem like it is increasing your obligation or debt, could actually yield you the opposite by giving you more, it is a sure fire investment reaping long term benefit from your years of investing in your home.

 

The time is now to consider a reverse mortgage.

 

For seniors 62 and older, regardless of credit or income through April 27, 2015 (at which time some changes will be implemented to the qualifying process), a reverse mortgage line of credit is very feasible option.  Utilizing the equity of the asset you already have can help fund the retirement of your dreams  – or just your retirement.  You will always retain the title to your home and will live mortgage payment free.  How you decide to use this asset is up to you, but the line of credit option is an interesting opportunity that should not be overlooked.  And a common misconception is that your home will be lost after you pass.  With proper education via required third party counseling and retirement planning, this does not need to be the case.

 

Jan Jordan is a Reverse Mortgage Specialist serving the Fort Collins, Loveland, Longmont, Greeley, and Front Range areas of Colorado as well as Cheyenne and Laramie, Wyoming. Click here to contact Jan and learn if reverse mortgage is right for you.

Win – Win with a Reverse Mortgage

Posted on by janjordan

What Will Happen To My Home?

Our country holds value for you having a home you love, and also gives you room to grow and change as life inevitably does. In 2008 the FHA instituted a program making it possible to BUY a home with a reverse mortgage. What an option this could be, and it is only one of many smart financial possibilities reverse mortgages could afford, literally afford, to you.

 

If you are settled into your place, loving the thought of continuing for many years where you are, you could use a reverse mortgage to pay off any existing mortgages, liens or debts. Reducing your monthly expenses opens all sorts of doors to living the life you wish, perhaps trying a new hobby, visiting family or friends, or even embellishing on the home you have.

 

As mentioned above, you could also buy a new home with your reverse mortgage. Why might you want this option? Perhaps you want to relocate to a city closer to loved ones, or even change the layout of your home to suit your present needs or desires. Purchasing a new home with a reverse mortgage creates a win-win for all involved! It gives you the financial resources to pay for your dream home in full, up front, avoiding monthly payments. Even realtors and builders benefit when the home creates movement for the local economy as it is released, put on the market, sold and perhaps even renovated.

 

There is also another compelling consideration for taking advantage of a reverse mortgage. This is YOUR equity, the fruit of years of hard work, devotion and care. It is there for you to enjoy in THIS life so why not give yourself this gift? You could spend the equity before touching your cash assets, giving you physical and emotional security by providing a steady financial foundation. The outcrop here is lightness, joy and options for your continued happiness.

 

For seniors 62 and older, regardless of credit or income, this is very feasible option.  Tap into the equity of the asset you already have and live the life you want through your retirement years.  You will always retain the title to your home and will live mortgage payment free.  How you decide to use this asset is up to you.  And a common misconception is that your home will be lost after you pass.  With proper education and planning, this does not need to be the case.

 

Jan Jordan is a Reverse Mortgage Specialist serving the Fort Collins, Loveland, Longmont, Greeley, and Front Range areas of Colorado as well as Cheyenne and Laramie, Wyoming. Click here to contact Jan and learn if reverse mortgage is right for you.