Month: October 2013

How Reverse Mortgage Helped a 100 year old Man Age at Home

reverse mortgage colorado fort collins loveland greeleyRecently I closed a reverse mortgage loan for a 100 year old gentleman.  This was my first time closing a loan for someone of his age.  He lives at home with 24 hour care at a cost of $10,000 a month.  When I was sitting at the closing table with the client and his lawyer, the lawyer mentioned that that he could move to an assisted living facility at half the cost ($5,000/month).


This gentleman’s quick sharp answer back to everyone? “NO…. I’m staying in my home.”


Deciding whether aging at home, moving in with family, or moving to an assisted living facility is right for you or your loved ones can be very complicated and emotional.  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 often using this opportunity to pay for care that would otherwise not be covered by basic Medicare, Medicaid or health insurance.


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.


With reverse mortgages being available to homeowners 62 and over, regardless of income or credit, I was honored to have been given the opportunity to help this 100 year old gentleman stay in his home – where he felt the happiest and most comfortable.


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 Helps Widow Buy a Home

colorado reverse mortgage fort collins denver loveland greeley windsor
It’s a scenario all to familiar for the elderly in Northern Colorado…


A spouse passes away leaving behind a widow.  The remaining partner wants to move closer to family.  But there’s a catch – although the widow’s current home is owned outright, they would typically need to sell it before they could purchase another.   And they wish to move to an area where the median home price is much higher than the home available to sell.


Reverse mortgage for purchase may be an excellent option for this widow.  Let’s look at the scenario in detail:


Predicament #1: Widow needs to sell current home before purchasing a new home.


Solution: With a reverse mortgage for purchase, this widow would not need to sell the home immediately.  Any personal funds or assets used to purchase the new home could be replenished when the current home sells – and the funds from a reverse mortgage would supplement the initial funds needed.  This would allow her to move and get settled immediately.


Predicament #2: The cost of a home in the area the widow is moving is much higher than where she currently lives, meaning the proceeds from her current home sale will not cover the entire purchase.


Solution: When utilizing a reverse mortgage for purchase, her out of pocket cost would be substantially supplemented.  For example if she anticipates selling her current home for $200,000 and purchasing a home for $300,000, the reverse mortgage may cover the $100,000 difference allowing her to live mortgage payment free and best of all – near her family.


Reverse Mortgage for Purchase (aka: HECM for Purchase) is an FHA insured program for 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 as well as Cheyenne and Laramie, Wyoming.


Marisol Senior Living Community in Loveland, Colorado

Marisol Senior Living Loveland Colorado - Reverse MortgageI recently had the honor of contributing to a piece in “At Home“, the real estate insert included in Loveland’s Reporter Herald newspaper.  This piece highlighted a beautiful senior community called Marisol Senior Living located in south-west Loveland and I was pleased to discuss the reverse mortgage options available.


About Marisol Senior Living


Marisol is a 35 acre living community designed for seniors 55 and older.  Housing options within the community include apartments, duplexes, and single family homes.  With varied programs, a fitness center, free continental breakfast, bike trails and much more, this community is all inclusive for those wishing to socialize and stay busy year round.  In addition, northern Colorado has long been considered one of the best places to retire in the nation – making Marisol even more attractive.


Using Reverse Mortgage to Purchase


Conventional financing is often the first stop when considering purchasing a new home, but at Marisol, reverse mortgage for purchase options are available for seniors 62 and older, with no income and credit requirements.  Often times seniors will have substantial equity in their current home, but be leery of taking out a new loan and managing monthly mortgage payments, thus they stay in a home that no longer meets their needs.  A reverse mortgage can be a great way to get into a new home without these worries.  When purchasing a new home with reverse mortgage the down payment is determined based on the purchaser’s age and the value of the home and all loans are backed by the FHA.  Learn more about how reverse mortgage can be used to purchase a home here.


For more information about obtaining a reverse mortgage in the Marisol Community or elsewhere, please don’t hesitate to contact me at (970) 646-8908 or via email 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.