Tag: in home senior care

Fort Collins & Loveland Colorado Top Nation’s Most Satisfied Cities

Reverse Mortgage Fort Collins Loveland Greeley Longmont

 

For those already residing in Fort Collins or Loveland, it will come as no surprise that these cities ranked #1 in a nationwide Gallup poll which asked residents how satisfied they were with their city.  But for those living elsewhere, it will suggest there is something wonderful and special in this area.  Fort Collins/Loveland has always ranked high in this poll, but it continues to do better.   Times Magazine has great write-up about this poll here.

 

This is a reason reverse mortgages (whether traditional or for purchase) are so popular in northern Colorado.  Who would want to leave such a wonderful place?  And many seniors want to retire here.

 

With a reverse mortgage, seniors 62 and over are able to stay in their home throughout their aging years while living mortgage payment free, and without income or credit requirements.  Aging in place has quickly become the norm among seniors, opting out of nursing homes or choosing to not move in with adult children.  Reverse mortgages help to make this happen.

 

With a reverse mortgage for purchase, individuals and married couples have the ability to purchase a home and live their years mortgage payment free.  With this option, borrowers must have a required down payment which is calculated according to the purchase price of the home.  Borrowers are able to chose where they want to live and choose the residence, including homes and condos in senior living communities.

 

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.

Strong Home Sales Highlight Reverse Mortgage for Purchase

reverse mortgage colorado fort collins lovelandAs existing home sales rose in December of 2013, the year ended with the strongest sales since 2006, as reported by Realtor.org report.  This is great news according to Lawrence Yun, NAR chief economist, who said housing has experienced a strong and encouraging recovery over the past two years.

 

“Existing-home sales have risen nearly 20 percent since 2011, with job growth, record low mortgage interest rates and a large pent-up demand driving the market,” Yun said. “We lost some momentum toward the end of 2013 from disappointing job growth and limited inventory, but we ended with a year that was close to normal given the size of our population.”

 

The national median existing-home price for all of 2013 was $197,100, which is 11.5 percent above the 2012 median of $176,800.

 

What does this mean for reverse mortgages?  Well, it may mean it’s the perfect time to consider a reverse mortgage for purchase.   Here’s how the program works:

 

For seniors 62 and over, with minimal credit and income requirements, home buyers are able to use reverse mortgage to purchase a new home. The amount of the down payment required from the buyer will depend on the amount of the home they are purchasing. But unlike a conventional loan, not only will the lender provide the funds to make up the difference between the home price and the down payment, the new home owners will also be able to live mortgage payment free for as long as they remain in the home.

 

There are two scenarios that may signal the time is right for you to consider a reverse mortgage for purchase.  Such as:

 

Possibly you’re looking to sell your existing home and move to a community or house that better fits your needs?  With the strength in the housing market and thinning inventory, this could be a great time to consider selling your current home.  And with a reverse mortgage for purchase, there are options that allow you to purchase while the current home is still for sale.

 
And of course, if purchasing a new home is your only goal, jumping in as a buyer before the market becomes overly competitive and home prices rise, usually proves to be beneficial.  And not only will the reverse mortgage supplement the existing proceeds when making the purchase, it can also mean the buyer will not need to drain all of their funds, freeing income up for other things – such as medical bills, in home care, or even vacations.

 

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.

Can a Reverse Mortgage Help a Loved One this Holiday Season?

Reverse Mortgage Colorado Loveland Fort Collins Greeley LongmontThis time of year is often one of insight for adult children as they travel to visit their elderly parents or loved ones.  Of course, these special visits are filled with a sense of joy and love.  Catching up, reminiscing about old times, visiting with grand children.  But it can also be a time filled with anxiety and worry – especially if aging loved ones are having difficulties in their current home – sometimes more so than previously realized.  Questions will arise about their future; questions surrounding their long-term needs and their ability to meet them in the current situation.

 

In order to better sort through these thoughts, here are a few questions to ponder:

 

• Are they able to get around by him or herself? Are there stairs in the home?

 

• Is this person able to take medications without assistance? Is there a health concern that would require more regular supervision, such as Alzheimer’s or Parkinson’s?

 

• Is your parent able to manage mortgage payments, home-owners insurance payments, and property taxes. Is the home outdated and in need of frequent repairs – such as a furnace, roofing, electricity?

 

• Where is this home located? Is it in close proximity to relatives, hospitals, etc? Or is it secluded and away from town?

 

• Is this person lonely? Has he or she suffered the loss of a spouse? Does he or she have a solid social group or close friends?

 

Based on the answers to these questions, aging in place may be an option.  If there are financial strains and they wish to stay in their current home, a traditional reverse mortgage may help alleviate financial worries or even provide funds for in home care.  If the current home does not seem to be appropriate long term – whether due to location, stairs, or needed repairs – a reverse mortgage for purchase may allow them to purchase a new home that is more suitable to their needs or closer to family.  Both reverse mortgage options are available to seniors 62 and over, with minimal income and credit requirements.

 

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.

Reverse Mortgage and the Housing Supply

Married Couple and their Reverse Mortgage
With the baby boomer generation coming of age, we’re seeing a noticeable shift in how seniors exist in today’s society.  No longer are the days of nursing homes and wheelchairs, or moving in with adult children.  Many of today’s seniors are more independent than ever before, outliving the elderly of yesterday by leaps and bounds.  But this trend is creating a new scenario across the United States – demand for independent, affordable, and accessible housing.  According to the Census Bureau stats, the population of Americans over age 65 increased by about five million between 2000 and 2010 and over the next 20 years, the aging of the Baby Boom generation will cause the senior population to grow by 30 million!

 

Although many face challenges to some degree, most elderly Americans want to remain in their home.  Those who feel the need to move, still prefer to remain in an independent residence, usually just closer to family or without stairs.  And senior housing communities are gaining in popularity for socially active retirees who thrive in a community situation.  The options are vast – and will continue to expand as the demographic does.

 

Reverse mortgage is an accessible and viable option for many of these seniors aged 62 and older, and with minimal income and credit requirements.  A reverse mortgage can be used to stay in a current home throughout the aging years while living mortgage payment free – OR – can be used to purchase a new home and still live mortgage payment free.  As seniors take control of their housing situation and become more proactive about their futures, they will find an opportunity exists to ensure a financially stable future, while maintaining their independence, health, and dignity.

 

To learn more about obtaining a reverse mortgage on your current home, click here.  And to learn about using a reverse mortgage to purchase a new home, click here.

 

Jan Jordan is a Reverse Mortgage Specialist serving the Fort Collins, Loveland, Greeley, and Front Range areas of Colorado as well as Cheyenne and Laramie, Wyoming.

Summer Vacation, Adult Children, and Reverse Mortgage

reverse mortgage colorado fort collins loveland greeleyAs summer vacation is nearing an end, many of us are reflecting on our experiences during the past couple of months.  Maybe you took your children on a camping trip or to Disneyland.  Possibly you flew overseas to experience a new culture.  Or maybe you took a road trip to visit your aging parents or other loved ones.  If you visited with elderly family members, it likely came with mixed emotions.  Every year they are a little older – and for some, every year brings just a little more worry.

 

This is very common after a visit.  It may raise concerns about health or finances, and questions about how aging parents will continue to cope.  If you’re wondering when and how you need to intervene, ask yourself these questions:

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Reverse Mortgages Helping the Eldery Age at Home

Reverse Mortgage Colorado Fort Collins Loveland Berthoud Greeley WindsorAs 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.

 

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Is In-Home Senior Care Right For You?

reverse mortgage colorado fort collins loveland greeley
In today’s fast-paced society, seniors are more independent than ever before.  Many develop strong community ties, visit with nearby family frequently and even open their homes to out-of-state family, embrace a close circle of friends, and through options such as reverse mortgage, are able to stay in their homes comfortably for far longer than ever before.  But what happens when living at home alone becomes a concern for these seniors and/or their adult children?  In the past, it typically meant one of two things: move-in with family or move to a senior care facility.  Often times though, a move like this can be detrimental in itself.  In-Home Senior Care may be all that is needed to alleviate concerns and keep everyone happy.

 

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