Month: January 2015

First a Vision, Then a Plan – Reverse Mortgage a viable option

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Life in our country continues to change and one major shift is our personal life span, we are all living much longer, ready to enjoy the latter years of our life after many years of work, much longer. Since retirement now spans up to thirty years and sometimes more, moving into life without steady work income requires a plan.


Before a plan, however, it is most helpful to create a vision. If your time for retirement is near or far, it can be efficacious to ask yourself questions now, even if you might change down the road.


What are some of your retirement desires? Where would you like to live? Near family? In warm weather? What type of lifestyle do you desire? Quiet and serene in nature yet near to a small town? Active community with lots of senior social events easily available to you? When you note your desires, you can then look into the practical implications of a plan to give you what will make you happy.


In addition to writing down your desires, ask yourself a few questions about the possible challenges and how you can meet them to stay on track. What could be additional costs down the road that could hinder your vision? Consider health care costs, the expected and the unexpected. How much is it going to cost to maintain your present home? What is your debt going to require down the road? Tally with honesty these costs so they can be a part of your plan up front.


Talk about money now. Erase the unspoken assumptions that exist between you, your spouse and/or your family. These types of conversations are not always easy, but they are always fruitful. Being clear with those we love can give everyone the gift of ease when the time for you to pass does arrive. Is inheritance part of the equation? Do your children want this? How do you and your spouse look at retirement and desires? Are your desires the same? For instance, you may want to travel (higher expense) and your spouse may want to spend long hours in their garden. When it comes to inheritance, they may have a different view, have you talked about it?


Even if all the details are not worked out, the lines of communication will be open and decisions can be made from a place of consideration for all, including yourself. Oftentimes the answers can be surprising when we ask questions and allow those we love to share freely.


Once you identify your vision, and look to a plan, you may discover that reverse mortgage can be foundational to achieving your dream. Created to aid those in our society having worked all their lives to have a time of true rest, a reverse mortgage gives access to equity in your home, value that is already yours. It could eliminate expenses that limit reaching your goals, help you move from one home to the home that fits your new lifestyle, and even give a sense of ease to those with limited incomes.  It is certainly a tool worth considering for your retirement plan.


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.

Unexpected benefits of Reverse Mortgage – Stay at home!

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As you grow older your needs of body, mind and heart change, sometimes requiring assistance. Have you even considered a reverse mortgage to help you with this assistance to stay in your home, instead of moving where that is provided like assisted living or nursing home?


This is a very possible option for those who wish to remain in the place where family memories are held, and familiar rooms hold personal furniture and mementos marking the years.


The average resident of a nursing home lives about four months, so short a time for this cherished time of life. With a little investigation by you, or by your loved ones, a number of other options could prove to be the best choice.


For one, home health care has grown exponentially over the years. Certified aides, care givers and nurses can come to you to meet your defined needs. Add in a bit of tender loving care from family and friends to balance home care, doctor’s appointments, therapy and all the rest and a second option presents itself. In addition to the one on one focus both these options provide are an endless stream of senior services such as meals on wheels, senior centers, day care assistance and many more falling under the umbrellas of social services.


A Reverse Mortgage could be an easy way to create the lifestyle you want, meeting your changing needs, right within your own home!


The first step would be to create a plan for your life of retirement.  Set your vision for the future, naming long term health care providers, establishing the roles of family members, look at your resources (or seek professional counsel to assess costs of living for years to come,) and be honest about what needs you have now, and what needs you want to provide for in the future. Include the unexpected in your assessment so the stress of change is not compounded by lack of resources.


Once you make your plan, discuss it with all involved. If it makes sense include those helping you in your will so they can provide a line of continuity from their care for you, to the care of your estate and affairs once you pass.


Review your plan yearly so you have the security and freedom to change as you change. A reverse mortgage can not only provide you by covering your monthly expenses as you live mortgage payment free, but can also be included in the planning process increasing your options as you see how much you will receive from the equity of your home.


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.