Month: February 2014

NBC’s Today Show Discusses Reverse Mortgage

Posted on by janjordan

In this great 4 minute video from NBC’s The Today Show, financial editor Jean Chatzky answers some common questions about reverse mortgage, how they work, and whom they are right for.

 

Touching on the issue of home inheritance she urges potential borrowers to ask the question: why are they so attached to their homes?  An excellent first question to anyone who thinks a reverse mortgage may not fit their needs.

 

 

Reverse mortgages are available to homeowners 62 and older, with minimal income and credit requirements.  A reverse mortgage for purchase is also an option for those looking to buy a new home or move from their current residence.

 

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

Reverse Mortgage Fosters Relationship with Senior Real Estate Specialists

Posted on by janjordan

reverse mortgage colorado loveland fort collins longmont greeley boulderMany changes have come to Colorado’s reverse mortgage industry in the past several months.  These changes have had a positive impact on an industry that was once thought to only serve cash-strapped seniors who had no other options.  As financial planners and realtors are learning about the various opportunities available with a reverse mortgage, better education of potential consumers is fostering an important relationship between lenders, seniors and their advisers.

 

This is why Security One Lending has partnered with the Senior Real Estate Specialists (SERS) Council, the goal being to help over SERS’s more than 15,000 realtors better understand how a reverse mortgage may help those they serve – seniors 50 and over.

 

“Security One Lending is excited to have this new relationship with the SRES Council as we have a shared mission, a dedication to providing outstanding service to the senior community,” Torry Larsen, Security One’s president of retail lending said. “Now more than ever, seniors need to be aware of their options when it comes to housing. By working with the SRES Realtors we can both serve as a dedicated, knowledgeable resource on a national and local level.”

 

Reverse mortgages are available to seniors 62 and over, with minimal income and credit requirements.  There are options to use a traditional reverse mortgage to live mortgage payment free and receive either a lump sum or monthly installments of funds received from the transaction – or use a reverse mortgage to purchase a home.

 

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.

Strong Home Sales Highlight Reverse Mortgage for Purchase

Posted on by janjordan

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.