Month: September 2013

A Heartbreaking Time for Northern Colorado

Posted on by janjordan

reverse mortgage loveland fort collins greeley coloradoAs I write this, I’m thinking it was exactly one week ago today the residents of Northern Colorado were just beginning to grasp the severity of the 500 year flood that struck our beautiful state.  The devastation was and still is heart wrenching.

 

Last Sunday afternoon and the days after, thousands of individuals who had been evacuated were finding out whether or not their homes still stood safely, many finding them gone all together.  Unbelievable.  I was fortunate that my own home was unharmed, although many bridges and roads surrounding me were flooded or washed out.  And many people I know were displaced, some losing all their belongings.  I know of two young sisters who both lived in Lyons, who are are now living at home with their parents, one of them lost her entire home.  Another sister lost the entire contents of her home as she was moving into a new house.  These stories are repeated again and again from Estes Park to Evans.  Each person or family preparing to rebuild their lives.

 

During times like this it’s incredible to watch communities unite and support their residents, their neighbors.  The town of Lyons was hit exceptionally hard – and the town is not expected to even be livable for 4-6 months.  All of these town residents are in need of help.  Estes Park was similarly damaged, although the town is up and functioning again where possible.  Other small mountain towns simply no longer exist – Drake, Glen Haven, Jamestown.  What an incredible challenge for the residents, but their strength has been nothing short of empowering, as they work with their neighbors and vow to rebuild these communities.  Then the larger surrounding cities of Loveland, Fort Collins, Longmont, Greeley, Boulder – have all stepped up to help not only their own affected residents, but the residents of surrounding towns.

 

Colorado is very strong and the people who live here are simply amazing.  If you have been affected, my heart goes out to you.  If you have a reverse mortgage on a home that has been damaged or is destroyed, please don’t hesitate to contact me with questions.  I’m here to help.  Phone: (970) 646-8908

 

If you would like to volunteer your time or make donations, or are in need of help, here is a great resource offering a variety of options: http://mycommunityfoundationnc.org/flood

 

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.  

 

Reverse Mortgage for Purchase by the Numbers

Posted on by janjordan

Reverse Mortgage for Purchase Loveland Fort Collins Greeley ColoradoThe Reverse Mortgage for Purchase product allows seniors 62 years and older to use a reverse mortgage to purchase a home all in one transaction.  By utilizing this product, along with a down payment, older Americans can fulfill their dreams of living closer to family, move to a senior community, downsize or upsize without a monthly mortgage payment.

 

With minimal credit and income requirements, many individuals are able to take advantage of this government insured program.  Eligible properties include existing single family homes and FHA approved condominiums.

 

Here is an example of how the program works:

 

Rich and Carole Swartz want to sell their home and purchase a new home, they are 75 years old.  They sell their existing home for $400,000 and use $100,000 of the proceeds to pay off their existing mortgage.  That leaves them with $300,000 cash from the sale.

 

Now assume they want to downsize into a home that costs $300,000.  Reverse mortgage proceeds would be $200,000 and the Swartz’s would need to contribute $100,000, leaving them with $200,000 after the purchase.

 
But what if they want to upsize to a home valued at $500,000?  Reverse mortgage proceeds in this scenario would be $334,000 and the Swartz’s would be required to pay $166,000 leaving them with $134,000 cash after the purchase.

 

Either situation, they now live now live in their new home, free of a monthly mortgage payment, and have cash left over from the sale of their previous home.

 

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.  

Changes to Reverse Mortgage

Posted on by janjordan
Reverse Mortgage
Reverse Mortgage

 

I was recently informed that upcoming changes to the FHA Insured Reverse Mortgage program will reduce the amount of proceeds our clients will receive from the loan. FHA may increase rates which, in turn, will decrease proceeds.

 

In addition, lenders have been notified that there will be stronger qualifying guidelines in the form of a financial assessment. This change may result in taking into account FICO scores, assets, tax and insurance escrows and limiting the amount of draws a customer can take from the loan.

 

The official guidelines should be out any day and will take effect on October 1, 2013. Counseling and application would have to be completed by the end of September to qualify for existing program guidelines.  If you are interested in the FHA-Insured Revers Mortgage, now may be the time to take a second look before the new changes are implemented and qualified funds reduced.

 

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