October 2015 - Colorado Reverse Mortgage Specialist

Month: October 2015

Should Reverse Mortgage Be Part Of Your Retirement Portfolio?

Posted on October 28, 2015November 2, 2015 by janjordan

For the past quarter century seniors have easily managed to retire on three things: company pension plans, social security, and personal savings. But with a rocky economy not long behind us – and still unsteady in many areas, baby boomers are being forced to take a second look at their retirement portfolios. Previously, tapping into home equity for retirement has been considered a last resort. But should it be?

Both company pensions, personal investments, and social security benefits face much uncertainty down the road. And if retirees have had the ability to hold onto any personal savings during the economic downturn, it likely took a hit as well. But when adding home equity into the retirement equation, statistics show most baby boomers 51 and over have enough to retire comfortably. So where does this leave reverse mortgages?

In a recent Forbes article, author and retirement income planning expert, Jamie Hopkins says: “The lack of focus on home equity in retirement income planning is nothing short of a complete failure to properly plan and utilize all available retirement assets. This needs to change immediately because strategic uses of home equity, especially reverse mortgages, could save many people from financial failure in retirement and help stem the overall retirement income crisis facing Americans.”

And he’s absolutely right.

For seniors 62 and over, reverse mortgage is something that should be considered when seeking retirement funding solutions. Homeowners can access the equity in their home and no repayment is due until the last borrower passes or permanently leaves the home. For retirees, it could mean the difference between living, living comfortably, and living out retirement dreams.

When looking down the road toward financial planning for retirement, ask yourself a few questions and determine if a reverse mortgage might fit into your Plan A or your Plan B. Discuss it with your spouse and with your financial planner. Learn the facts about reverse mortgage and how it will affect your loved ones after you pass.

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

What Happens to a Reverse Mortgage After Owners Pass?

Posted on October 19, 2015April 19, 2016 by janjordan

A common question and concern surrounding reverse mortgage is what will happen to the home after the homeowners pass away? Will the bank take possession? Will it be allowed as inheritance? Will it be possible to keep the home in the family?
These are very valid concerns – so I’d like to offer some clear and concise guidance.

When the last homeowner passes, whether we’re talking about you or a loved one, the home will transfer into the estate or a specific person according to the wishes expressed in the homeowner’s will. At this time there are three main options:

1. Pay off the remainder of the loan

Depending on the amount of equity that still exists in the home, the financial situation of the family, and just the overall ability of those involved, this may or may not be a feasible option. It’s not uncommon for a portion of life insurance to be used in this manner.

2. Obtain a conventional loan.

Many mortgage brokers are familiar with the reverse mortgage process and the right broker will be able to help those in need identify the best route in obtaining a conventional loan and keeping the home.

3. Sell the home

The final option is to sell the home. When there is not a desire to keep the home, the heirs can sell the home.

One last note, as long as the communication lines remain open, the bank will typically allow up to one year to help with the transition. This one year is allotted in three month increments.

Jan Jordan Reverse Mortgage Info for Fort Collins, Loveland, Greeley, and Front Range areas of Colorado.

Salute to Seniors Expo 2015 at the Ranch in Loveland – Reverse Mortgage

Posted on October 12, 2015April 19, 2016 by janjordan

I’m looking forward to attending the 2015 Salute to Seniors Expo on Thursday, October 14, 2015 from 9:00am – 3:00pm!

The Salute to Seniors Expo will be held at the First National Bank Exhibition hall, just south of the Budweiser Events Center on the grounds of the Ranch Events Complex in Loveland, Colorado.

Please stop by and say hello if you are in attendance. I will be available to answer questions about both traditional reverse mortgages and the reverse mortgage for purchase program.

Jan Jordan Reverse Mortgage Info for Fort Collins, Loveland, Greeley, and Front Range areas of Colorado.

Reverse Mortgages Helping the Elderly Age at Home

Posted on October 8, 2015April 19, 2016 by janjordan

As traditional forms of elder care continue to be overshadowed by numerous other options, reverse mortgage is often helping senior individuals stay in their homes while they age. Since reverse mortgages can open up opportunity to turn home equity into liquid cash, without having to move or make a mortgage loan payment, seniors and their families are using this opportunity to pay for care that would otherwise not be covered by basic Medicare or Medicaid.

Traditionally, “long term” elder care takes place in a nursing home or assisted living facility. Medicare or Medicaid will often cover these expenses. but there is little public assistance for “in-home care”, although it varies from state to state. As economic woes lend to retirement fears, reverse mortgage is more commonly being utilized for what it can do best, provide security for those most in need and offer a longer-term lifeline without disrupting the lives of the recipients.

Studies have shown that the benefits of aging in place can be enormous for the right candidate. Not only can a move be both emotionally and physically challenging on a senior, especially one with medical concerns, it’s known that the quality of life tends to increase when seniors maintain their independence and their community ties. Benefits include:

Comfort. We all know the saying “There’s no place like home”, but this is often especially true when a senior has lived in a home for years or has lost a spouse. Uprooting from such familiarity can have drastic affects.
Community Ties. More often seniors are developing strong community ties well into their retirement years. Family and friends are wonderful for grounding an aging loved one.
Independence. Remaining independent keeps seniors healthier than ever realized before. It also allows them to continue doing many of the things they have always done and enjoyed.
Mentality. Our home life strongly impacts how we feel mentally. If a senior stays home to age they are likely to feel much better and happier than one that has been put into a nursing home or assisted care facility.

Jan Jordan Reverse Mortgage Info for Fort Collins, Loveland, Greeley, and Front Range areas of Colorado.