May 2015 - Colorado Reverse Mortgage Specialist

Month: May 2015

Reverse Mortgage – How Adult Children Can Help Their Parents

Posted on May 27, 2015 by janjordan

Perhaps your parents raised you in the home they are now ambling about. As you see them begin to slow, or have to jump on a plane every time they wish to see you, thoughts of helping them to have an easier time come across your mind. After all they deserve at this time of their life to relax, do what they wish to do, and be able to manage their health and their finances with comfort.

Considering a reverse mortgage is one good option. It gives more wiggle room to work with when balancing the growing needs of health, home, and retirement.

As you discuss the future and it’s possibilities, there are a few questions to ask yourself and everyone else involved.

First, do you or other siblings have concerns about inheritance and/or equity? Your parents probably care that all of you feel you have received from them as they pass. While this discussion is not always easy, it is undeniably beneficial. Talking will give clarity, which in turn provides direction. It also gives everyone a chance to be heard.

Second, do you have financial resources to help your parents? Health needs as we age are difficult to determine but it is important to build in a buffer for the unexpected. The stress of aging is enough in and of itself, being able to take care of the costs should not have to be an additional worry for those that raised you.

Another good question that only your parents can answer is, ‘What are my parent’s wishes about staying in their home, especially if their medical needs grow?’ For some they are ready to let go of the home of their youth and family, wanting to change and simplify their lifestyle. For some being closer to you is the most important desire. And for some staying in their home as long as possible is the most important wish that could be fulfilled. Since the decision about reverse mortgage as a way to fulfill desires is a big one, looking toward the future and developing a plan will only benefit everyone – and ultimately make your parents’ happy.

Reverse mortgage is an individualized, specialized loan for those 62 and older that allows seniors to tap into the equity of their home while living mortgage and loan payment free. The funds can be accessed via a lump sum, line of credit, monthly installments, or even to purchase a home. If you are planning ahead let your specialist guide you creatively to suit your needs and desires.

Jan Jordan is a Reverse Mortgage Specialist serving the Fort Collins, Loveland, Greeley, Longmont, Boulder and other Front Range areas of Colorado. Contact Jan and learn if reverse mortgage is right for you.

A Reverse Mortgage Appraisal – Preparation

Posted on May 22, 2015February 12, 2024 by janjordan

After you fill out the application for a reverse mortgage, with the help of a trusted and reputable reverse mortgage specialist, an appraisal of your home needs to be conducted.

This can be a nervous moment to have a stranger come into the home you have enjoyed for many years for the purpose of evaluating it. Since you may not know what to expect you might even wonder if they are going to ask questions you cannot answer, or notice the cleanliness of the refrigerator.

There are many steps you can take before the appraiser comes to your home. IF you take a little time the value will increase and the appraiser will only have to make one visit instead of numerous ones because you had work to do.

Here is a list of the types of questions to honestly ask yourself and if your answer to any of them is yes, fix it before they arrive.

• Do you have exposed electrical wires? Or faulty electrical?

• Are there staircases or decks without rails or in poor condition?

• How is your paint looking? Inside AND outside.

• Do you have any water leaks?

• What is the status of your roof, are there any leaks or damage?

The better shape your home is in when the appraiser comes, the better the listed value will be and the more money will be in your pocket from your reverse mortgage loan.

Maybe you are looking for a loan for the sake of repairs, as a senior this kind of help is possible for you just ask your lender for more information so the focus of the loan is included.

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

A Reverse Mortgage Appraisal – The Facts

Posted on May 14, 2015 by janjordan

Getting assessments on just about anything can seem laborious or tedious, who wants to have something close to them looked at with a magnifying glass? But appraisals for reverse mortgage loans can be very helpful for you because they lay down where you are in equity. In fact they are required. The process is very simple.

First, after talking with a reputable reverse mortgage specialist, you will submit your application. The lender will be the one to contact an appraiser who will in turn contact you to set up a time for them to look at your home.

The procedure is standard and involves three steps, the inspection, the research, and the report.

Inspection:

The appraiser will walk through your home with you, he or she might take photographs. It will document features that add value to your home. If the appraiser takes a picture of something in need of repair it lets you know that it matters and gives you a chance to fix it.

Research:

Once the walk through is done, the appraiser’s work continues as they research factors that influence the value they place on your home. Home sales in your area are one area of research. Others include multiple listing services, tax assessor’s records and public records come into play. Anything that will help to give the present value will be taken into account.

The Official Report:

This is the synthesis of the appraiser’s home visit and all the research. The report is used with your loan request. If photographs were taken, they will be included as well.

The appraiser gives this report to the lender who will give you a copy and an updated reverse mortgage figures taking into account the new information.

There are simple things you can do before the appraiser gets to your home to help your loan request. Coming in the next article.