Category: Appraisals

Tips To Prepare Your Home For A Reverse Mortgage Appraisal

The Reverse Mortgage Appraisal Fort Collins Loveland Longmont Greeley ColoradoAfter 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.

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

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.

What To Expect When Getting A Reverse Mortgage Home Appraisal

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 are not only very helpful for everyone involved, they’re required by the lender.  Part of what determines the amount of funding available from a reverse mortgage is the appraised value of the home.  Luckily the process is very simple.

First, after talking with a reputable reverse mortgage specialist, you will submit your application. The specialist or 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. Read my article about preparing your home for an appraisal by clicking here.

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 in the many scenarios that are possible and the two of you can think creatively about your needs and desires.

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

Tips for Selling an Inherited Property

reverse mortgage loveland fort collins greeley longmont westminster coloradoSelling an inherited home can be one of the most difficult situations for both realtor and seller. It can be an overwhelming experience, filled with emotion and lots of questions.

While talking about it is hard, it is smart to be prepared. This includes having conversations as a family to determine who will be included in the will to inherit the home, where the deed to the home is kept and where other paperwork is located.

It’s important to remember that each situation is unique, but regardless of the individual situation there are certain ways you can plan.

Here are four tips to help prepare to sell an inherited home:

Work with a Strong Team of Professionals

This is not a task you want to take on alone, and in addition, you want to work with people who are skilled in this area.  This will include a real estate agent, estate lawyer and potentially a tax specialist.

A real estate agent can offer crucial, local market information that is helpful if the heir does not live nearby.

Lawyers and tax specialists can help with important information such as how it will affect the estate and the tax implications the heir may face due to the sale.

Get Organized and Do a Walk Through

Going from room to room and looking at everything from the condition of the floors to how fresh the paint looks can help determine what may need to be done to the home to help it sell quickly.

If the inherited property is older, a home inspection is important before making any decisions as there may be certain systems that need renovations.

Equally important is to gather all of the necessary paperwork such as the deed to the home as well as researching whether there are any mortgages on the inherited property that need to be paid.

Even if the original mortgage was paid off, a reverse mortgage may have been negotiated to help cover expenses. Also look into local property taxes and when they were last paid.

Get the Home Appraised and Price it Correctly

A real estate agent can also provide counsel on an appropriate listing price to match market value. If the heir happens to live out of town, a real estate agent can offer direction to competent inspectors to complete the appraisal, as well as other professionals to assist in the home selling process.

Consider Staging and Cosmetic Improvements

It’s not uncommon for the interior of an inherited property to be outdated.  Staging and making cosmetic improvements can really make a difference in these situations. 

If you’re not sure staging is necessary, ask your real estate agent.  They have a good pulse on similar homes on the market, when you may not. They may also suggest making home design improvements such as repainting rooms and/or landscaping.

Other points to consider are landscaping and the exterior of the home.  Even if the inside is top-notch, don’t make getting them through the front door a challenge.

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

Reverse Mortgage Appraisal – The Facts

Reverse Mortgage for Purchase Loveland Fort Collins Greeley Longmont Westminster Colorado Cheyenne Laramie WyomingGetting 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.

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 in the many scenarios that are possible. Think creatively about 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.  Click here to contact Jan and learn if reverse mortgage is right for you.

The Reverse Mortgage Appraisal – Preparation

reverse mortgage loveland fort collins greeleyAfter 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.

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.  Click here to contact Jan and learn if reverse mortgage is right for you.

Colorado Home Appraisals in High Demand

Reverse Mortgage for Purchase Loveland Fort Collins Greeley Longmont Westminster Colorado Cheyenne Laramie WyomingColorado’s housing market is hotter than ever.  Home prices are high, inventory is moving fast, and home appraisers are struggling to keep up with the demand.  Because of this, when scheduling a home appraisal, the wait time between scheduling and the date of the actual appraisal is on average 4-5 weeks – and sometimes more.  The cost of appraisals are also creeping up as the market stretches those in the profession thin.  This is great news for for those invested in the housing market because it shows a positive uptick in Colorado’s economy.  But it can cause problems as well, especially for those who are expecting the process to move fast.

What does this mean for Reverse Mortgage?

A critical part of the reverse mortgage process is the home appraisal. This is the case whether obtaining a traditional reverse mortgage or a Reverse Mortgage for Purchase.  The appraised value of the home is one of the important factors that determines the amount available through the reverse mortgage loan (or in the case of a purchase loan, the amount available to purchase the home).  With appraisals being a hot commodity in Colorado, if you’re considering a reverse mortgage, don’t drag your feet!  Get your application in now so we can get your appraisal on the books and locked in!

Other factors that play into the amount available through a reverse mortgage are the age of the borrower (or the youngest borrower in the case of a married couple) and current interest rates.

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.

 

Breaking Down the Reverse Mortgage Home Appraisal

reverse mortgage loveland fort collins greeley longmont westminster coloradoGetting 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 are not only very helpful for everyone involved, they’re required by the lender.  Part of what determines the amount of funding available from a reverse mortgage is the appraised value of the home.  Luckily the process is very simple.

First, after talking with a reputable reverse mortgage specialist, you will submit your application. The specialist or 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. Read my article about preparing your home for an appraisal by clicking here.

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 in the many scenarios that are possible and the two of you can think creatively about 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.  Click here to contact Jan and learn if reverse mortgage is right for you.