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NBC’s Today Show Discusses Reverse Mortgage

Posted on February 26, 2014June 17, 2014 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.

A Retirement Crisis by the Numbers

Posted on January 10, 2014June 17, 2014 by janjordan

Numbers are being released showing that the impending retirement crisis may be worse than originally thought.

Half of Americans have less than $10,000 in savings. Nearly half of the oldest Baby Boomer generation have insufficient resources to pay for basic retirement living expenses and healthcare costs.

The Center for Retirement Research at Boston College estimates that our “retirement income deficit” is $6.6 trillion. That number represents the gap between pension and retirement savings that American households have today and what they should have to maintain their standard of living in retirement.

Over 6 million American seniors are living in poverty. This number is expected to grow by 33% by the year 2020.

Continue reading “A Retirement Crisis by the Numbers” →

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

Posted on December 11, 2013December 11, 2013 by janjordan

This 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

Posted on November 18, 2013June 17, 2014 by janjordan

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.

Reverse Mortgage Helps Widow Buy a Home

Posted on October 15, 2013June 17, 2014 by janjordan

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

Posted on October 1, 2013June 17, 2014 by janjordan

I 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.

Summer Vacation, Adult Children, and Reverse Mortgage

Posted on August 7, 2013June 17, 2014 by janjordan

As 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:

Continue reading “Summer Vacation, Adult Children, and Reverse Mortgage” →

Fulfilling Dreams with Reverse Mortgage in Fort Collins, CO

Posted on July 9, 2013July 9, 2013 by janjordan

I recently ran across a hard hitting article titled “Do I Have to Die Early to Avoid Poverty?”. What a powerful title. But the truth is, I meet people everyday who are forced to ask this questions of themselves. Our whole lives, we work hard, raise a family, save for retirement, hope we’re blessed enough to watch our grandchildren and even our great-grandchildren grow – but then for many, as we age, the thought of funds running out before we die becomes a looming worry. Often, regardless of strategic retirement planning, the elderly live on a strict budget with monthly allotments of funds and will have calculated that based on the age they will likely pass away. But what if they are lucky enough to live beyond these projections?

Using reverse mortgage as a retirement planning tool can make a world of difference for those wishing to live fulfilling lives and not face the scenario described above. Sometimes this looks as simple as supplementing income to make sure everyone is comfortable throughout the golden years. Other times it means drawing from reverse mortgage in a lump sum with the desire to spend it on family while the borrower is still alive and can reap the personal rewards, instead of waiting until after they’ve passed to distribute inheritance. Other times it can be the lifeline to prevent savings from running out and fearing ending up in poverty if they’re blessed enough to live a long life.

Reverse mortgage is available to homeowners (single, widowed, or married) 62 and over regardless of income or credit. Funds can be distributed monthly or in a lump sum – and can be used for any purpose the borrower sees fit. Reverse mortgages are also more frequently being utilized as a retirement or financial planning tool as planners are working with reputable lenders to ensure their clients are fully informed of their options.

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.

Jan Jordan 1310 KFKA Radio Saturday, June 29th

Posted on June 26, 2013 by janjordan

Jan Jordan, Reverse Mortgage Specialist, will be on Northern Colorado’s 1310 KFKA radio Saturday, June 29th from 8am – 10am. Jan will be discussing reverse mortgage on Jim Saulnier and Chris Stein’s weekly IRA and Retirement show. You can listen live by tuning your radio to 1310AM or find the live stream online here. If you miss Satuday’s show, it can be accessed later via podcast here (note: podcast won’t be available for approx 10 days). 1310 KFKA is a popular AM station in the Greeley, Loveland, Windsor, and Fort Collins areas.

Reverse mortgage is available to senior homeowners 62 and over, regardless of income or credit. Many borrowers use their proceeds to supplement their monthly income, fund extraordinary medical expenses, or to live a more fulfilled life with family before passing away.

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 a Lifeline for Seniors with Modest Means in Loveland Colorado

Posted on June 20, 2013June 17, 2014 by janjordan

For many seniors in Loveland and Fort Collins, Colorado the federal reverse mortgage program is a proving to be a much needed lifeline. Current statistics show that approximately 44% of reverse mortgage borrowers have incomes under 200% of the federal poverty level, or less than $22,980 per year for a single individual. Unfortunately, as the cost of living increases, the elderly are often hit the hardest – some barely scraping by. Many reverse mortgage borrowers are using funds to supplement their monthly income allowing them to enjoy a more comfortable lifestyle during retirement and as they age. Other common uses for reverse mortgage funds are planning ahead for emergencies or to pay for medical costs.

Continue reading “Reverse Mortgage a Lifeline for Seniors with Modest Means in Loveland Colorado” →