What is Required Reverse Mortgage Counseling?
Prior to being approved for a reverse mortgage, HUD’s Federal Housing Administration (FHA) requires each borrow to participate in a counseling session with an approved agency. These not-for-profit agencies are funded by the federal government and work closely with both the FHA and lenders to ensure a smooth process. The goal of this session is not […]
Understanding Elder Law
Elder law is a relatively unknown segment of law and is often overlooked when seeking legal solutions. But for some seniors and their families an elder law attorney may be exactly what they need. Elder law is very broad and includes things like estate planning, probate, guardianship, real estate, nursing home neglect and a dozen […]
What Happens When To A Reverse Mortgage After Homeowner Passes?
A common question and concern surrounding reverse mortgage is what will happen to the home after the homeowners pass away? Will the bank take possession? Will it be allowed as inheritance? Will it be possible to keep the home in the family? Will the family of he deceased be held liable? These are very valid […]
Navigating Reverse Mortgage Lenders and Experts
When you start navigating the waters of reverse mortgages, you will undoubtedly come across MANY different companies and individuals ready and willing to help. Flashy ads, website calculators, famous spokesmen, and more. But who are all these people? And what is the difference between them? How do you know what is the best fit for YOU? […]
A Comparison: Reverse Mortgage vs HELOC vs Downsizing
Home equity accounts for approximately 70% of a senior’s assets, not including social security or pension. Often times tapping into this equity becomes inevitable when facing health crisis or financial restrictions in retirement. Using home equity should be part of a larger financial plan and there are a few ways it can be incorporated. Reverse […]
Assisted Living or Reverse Mortgage: Pros and Cons
In our society, the elderly and nursing homes go hand in hand. But when speaking with elderly people, one of their biggest fears is being placed into a nursing home. Who can blame them? According to National Center on Elder abuse, one study interviewing 2,000 nursing home residents reported that 44% said they had been abused and […]
3 Important Things You Are Still Responsible For When You Have A Reverse Mortgage
Reverse Mortgages have helped millions of seniors live more plentiful lives as they age. Homeowners and their spouses over the age of 62 are eligible for Home Equity Conversion Mortgages (HECM), but although they will NOT have a monthly mortgage payment to pay, they are still responsible for some financial obligations regarding the home. These include: Property […]
Debunking 5 Common Reverse Mortgage Myths
Reverse mortgages have made a serious comeback in the past several years. After regulation changes were enacted in 2015, the reverse mortgage loan once considered a desperate lifeline is now being used as a retirement tool for even the wealthy. The loans are still only available to seniors 62 and older (including married couples) with the amount […]
Find Out If Your Home Is HUD Eligible For A Reverse Mortgage
Reverse Mortgages are a specialized loan available to seniors 62 and over. This creative resource is used by a wide demographic – from those looking to supplement a fixed income, to the more affluent in need of protection for retirement assets, and even those wanting to purchase a home in retirement. But there are some requirements when it comes […]
An In-Depth Look At The Different Reverse Mortgage Professionals
When you start navigating the waters of reverse mortgages, you will undoubtedly come across MANY different companies and individuals ready and willing to help. Flashy ads, website calculators, famous spokesmen, and more. But who are all these people? And what is the difference between them? How do you know what is the best fit for YOU? […]
A Reverse Mortgage Can Fund In-Home Senior Care
According to statistics, there’s a 70% chance seniors over 65 will need some sort of long term care such as in-home care, skilled nursing, or assisted living at some point during their lives. Although there are various ways to pay for such care, like Medicare, Medicaid, or health insurance, these options often come with limits and […]
What Happens When A Reverse Mortgage Borrowers Pass
A common question and concern surrounding reverse mortgage is what will happen to the home after the homeowners pass away? Will the bank take possession? Will it be allowed as inheritance? Will it be possible to keep the home in the family? Will the family of he deceased be held liable? These are very valid […]
A Guide To Getting Your Affairs In Order As You Age
Important information to get your affairs in order. • Make sure all bank accounts have direct beneficiaries. The beneficiary need only go to the bank with your death certificate and an ID of their own. • TOD: Transfer On Death deed if you own property. Completing this document and filing it with your county saves […]
What To Know When A Reverse Mortgage Borrower Passes
A common question and concern surrounding reverse mortgage is what will happen to the home after the homeowners pass away? Will the bank take possession? Will it be allowed as inheritance? Will it be possible to keep the home in the family? Will the family of he deceased be held liable? These are very valid […]
Holidays May Leave Adult Children With Lingering Concerns
With the holidays now behind us, many families are reflecting on their experiences. Adult children enjoyed spending time with their aging parents or relatives, grand children and great-grand children were squeezed and showered with adoration. For some spending time with family is an encouraging sign of many happy years to come…but for others, it can be […]
FHA Backed Reverse Mortgages Offer Protection For Heirs
If you’ve taken the time to learn even a little bit about a reverse mortgage, it’s likely you’ve heard the term “FHA insured” at least a couple of times. But what exactly does it mean? Homeowners 62 and over, with significant equity in their home, may be eligible for a reverse mortgage. These loans are typically insured by the […]
Worried Your Heirs Will Be Responsible For Your Reverse Mortgage? Here’s What You Need To Know
A common question and concern surrounding reverse mortgage is what will happen to the home after the homeowners pass away? Will the bank take possession? Will it be allowed as inheritance? Will it be possible to keep the home in the family? Will the family of he deceased be held liable? These are very valid […]
Is A Retirement Crisis Looming?
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 […]
How To Vet A Reverse Mortgage Lender
Using a reputable reverse mortgage lender is crucial for anyone considering a reverse mortgage, as it can greatly affect the borrower’s financial well-being and peace of mind. A reverse mortgage is a serious financial product and working with a reputable lender can help ensure that the borrower fully understands the terms and risks involved. Here are some reasons why […]
Aging At Home With A Reverse Mortgage
As you grow older your needs of body, mind and heart change, sometimes requiring assistance. Have you considered a reverse mortgage to help you with this assistance to stay in your home, instead of moving where that is provided like assisted living or nursing home? This is a very possible option for those who wish to remain […]
A Look At How Reverse Mortgages Have Evolved
Since the reverse mortgage industry saw big changes in 2015 then again in 2017, financial advisers, retirement planners, and reverse mortgage specialists are collaborating more than ever before. In an effort to ensure these changes are are thoroughly understood and appropriate solutions are offered to clients, a strong relationship between professionals is vitally important. Because of these newly […]
Reverse Mortgages: When The Homeowner Passes Away
A common question and concern surrounding reverse mortgage is what will happen to the home after the homeowners pass away? Will the bank take possession? Will it be allowed as inheritance? Will it be possible to keep the home in the family? Will the family of he deceased be held liable? These are very valid […]
Think You’re Too Old For A Reverse Mortgage? Think Again.
The minimum age for a reverse mortgage loan is 62, but what about a maximum age? Is anyone ever too old for a reverse mortgage? I don’t think so, although it won’t be right for everyone. Reverse mortgages are available to homeowners, or those seeking to purchase a home, who are 62 and older, including married couples. There are […]
Don’t Fall Victim To Reverse Mortgage Scams
You may hear about email scams, telephone scams, door-to-door soliciting scams – but what about reverse mortgage scams? Unfortunately just as we have scams in every segment of society and at every opportunity, reverse mortgages and seniors are not immune to such activity. In the past decade, reverse mortgages also known as Home Equity Conversion […]
What To Know About Reverse Mortgages With Social Security, Medicare & Pension
A very common concern among seniors and adult children when considering a reverse mortgage is how it will affect social security, medicare, and even certain pensions. For many seniors, these benefits are a large part of their income. Fortunately, because the funds from a reverse mortgage are NOT considered taxable income, a borrower’s benefits will not be affected when taking out a […]
Reverse Mortgage Counseling: What To Expect
Prior to being approved for a reverse mortgage, HUD’s Federal Housing Administration (FHA) requires each borrow to participate in a counseling session with an approved agency. These not-for-profit agencies are funded by the federal government and work closely with both the FHA and lenders to ensure a smooth process. The goal of this session is not […]
Here’s Where To Start If You’re Considering A Reverse Mortgage
Every month thousands of Americans make a decision to obtain a reverse mortgage, but where do they start? Here are my suggestions to begin the reverse mortgage process, as well as an outline of what to expect. Research: Begin by researching reverse mortgages to understand how they work, their benefits, and potential drawbacks. Educate yourself […]
Looking For A Reverse Mortgage Professional? Here’s Some Differences
When you start navigating the waters of reverse mortgages, you will undoubtedly come across MANY different companies and individuals ready and willing to help. Flashy ads, website calculators, famous spokesmen, and more. But who are all these people? And what is the difference between them? How do you know what is the best fit for YOU? […]
Everything You Need To Know About The Reverse Mortgage Line of Credit
A reverse mortgage line of credit is a financial product designed for homeowners who are at least 62 years old and have significant equity in their homes. It allows them to access a portion of their home’s value without having to sell the property or make monthly mortgage payments. Here’s how a reverse mortgage line […]
Senior Home Equity Falls – What It Means For Reverse Mortgages
For the first time in 12 years, senior home equity has fallen, according to the Reverse Mortgage Lenders Association (NRMLA). The decline in home equity has resulted in the collective senior housing wealth sliding from a peak of $12.42 trillion in 2022 Q3 to $12.39 trillion in Q4. According to NRMLA, the dip in equity […]
Using Home Equity In Retirement
Did you know home equity can be used to reduce the overall risk of your retirement plan? Your house is a great asset that for many years has been overlooked in financial planning for seniors. This is making a sharp turn lately as retirement experts are beginning to understand how tapping into home equity via a reverse […]
Use a Reverse Mortgage to Eliminate Your Traditional Mortgage
It’s not uncommon that I get questions about why a senior may want to use a reverse mortgage to pay off an existing conventional mortgage loan. This scenario would vary from person to person, but in the long run, if the equity in the home can eliminate a mortgage payment without acquiring another loan payment, […]
How to Find a Reputable Reverse Mortgage Lender in Colorado
For many seniors, a reverse mortgage is a feasible option to living within a budget, without the constraints and worry of excessive financial distress. In order to qualify for a reverse mortgage, the individual must own their home, be at least 62 years old, and have some equity in the home. Funds from a reverse mortgage can […]
Understanding The Reverse Mortgage Maturity Event
For many who have had a conventional mortgage on their home, they are familiar with the “maturity date”. But with a reverse mortgage, there is no maturity date, only a “maturity event”. So, what’s the difference? A maturity date indicates the date which the borrower will make the final payment on the loan, including principal and […]
Everything You Need To Know About Reverse Mortgage For Purchase
Reverse Mortgages, once typically thought to only help struggling seniors, have undergone enormous changes recently and are being used to help even affluent retirees achieve their retirement dreams and home buyers purchase new homes. The Reverse Mortgage for Purchase program is quickly gaining in popularity. This program allows seniors to purchase a home using a reverse mortgage […]
A Guide To Different Reverse Mortgage Professionals
When you start navigating the waters of reverse mortgages, you will undoubtedly come across MANY different companies and individuals ready and willing to help. Flashy ads, website calculators, famous spokesmen, and more. But who are all these people? And what is the difference between them? How do you know what is the best fit for YOU? […]
Answering Common Questions Adult Children Have About Reverse Mortgages
As your parents age, their needs will inevitably change. And as they change, your need to consider options with them will increase. While these conversations may be the first of their kind, it will also be a chance to offer support. Reverse mortgage could be a viable option to meet everyone’s wishes, especially your parents. Concerns will […]
How A Reverse Mortgage Can Ease Concerns Of Adult Children
With Christmas now behind us, many families are reflecting on the holiday. Adult children enjoyed spending time with their aging parents or relatives, grand children and great-grand children were squeezed and showered with adoration. For some spending time with family is an encouraging sign of many happy years to come…but for others, it can be a […]
What Does It Mean When A Reverse Mortgage Is FHA Insured?
If you’ve taken the time to learn even a little bit about a reverse mortgage, it’s likely you’ve heard the term “FHA insured” at least a couple of times. But what exactly does it mean? Homeowners 62 and over, with significant equity in their home, may be eligible for a reverse mortgage. These loans are typically insured by the […]
What Heirs Need To Know When Reverse Mortgage Borrowers Pass
A common question and concern surrounding reverse mortgage is what will happen to the home after the homeowners pass away? Will the bank take possession? Will it be allowed as inheritance? Will it be possible to keep the home in the family? Will the family of he deceased be held liable? These are very valid […]
Getting Your Affairs In Order: A Guide
Important information to get your affairs in order. • Make sure all bank accounts have direct beneficiaries. The beneficiary need only go to the bank with your death certificate and an ID of their own. • TOD: Transfer On Death deed if you own property. Completing this document and filing it with your county saves […]
Aging In Place: A Decision Making Guide
Retirement has evolved over the past few decades. At one time it was assumed you’d live with your adult children or in a senior home as you age. At another time, dreams of moving far away to warmer climates and lush golf courses was the trend. And now, the preference is staying at home and […]
Is Your Financial Planner Talking To You About Reverse Mortgages?
When financial planners counsel retirees on how to best leverage their retirement portfolio, social security, and other assets, considering a reverse mortgage was long not part of that conversation – but this is beginning to change. As the myths of the industry are laid to rest, many professionals are beginning to better understand how reverse mortgage […]
Interest Rates And Your Reverse Mortgage
Interest rates have been at historic lows for years. This has afforded thousands of Americans to the ability to secure home loans for their dream house. It’s also worked in favor for those who have made the decision to tap in their home equity using a reverse mortgage. But interest rates affect a conventional loan […]
Getting A Reverse Mortgage As A Married Couple
If you and your spouse are considering obtaining a reverse mortgage, it’s important to understand the long term effect it could have on either spouse once the other passes away, and feel confident any appropriate protections are in place. What Married Couples Need to Know When applying for a reverse mortgage the amount of money you can […]
Reverse Mortgages Helping the Elderly Age at Home
As 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 […]
Assisted Living or Reverse Mortgage: Pros and Cons
In our society, the elderly and nursing homes go hand in hand. But when speaking with elderly people, one of their biggest fears is being placed into a nursing home. Who can blame them? According to National Center on Elder abuse, one study interviewing 2,000 nursing home residents reported that 44% said they had been abused and […]
Reverse Mortgage vs HELOC vs Downsizing
Home equity accounts for approximately 70% of a senior’s assets, not including social security or pension. Often times tapping into this equity becomes inevitable when facing health crisis or financial restrictions in retirement. Using home equity should be part of a larger financial plan and there are a few ways it can be incorporated. Reverse […]
Would You Have These Things In Order If Your Spouse Passed Away?
Regardless of age, losing a spouse is difficult – and the impending “business” that comes along with it doesn’t make it any easier. This is why we should all ask ourselves at some point, “Am I prepared if my spouse dies?”. There are so many various aspects to being “prepared”, and although I can’t help […]
5 Reverse Mortgage Myths That Need To Go Away
Reverse mortgages have made a serious comeback in the past several years. After regulation changes were enacted in 2015, the reverse mortgage loan once considered a desperate lifeline is now being used as a retirement tool for even the wealthy. The loans are still only available to seniors 62 and older (including married couples) with the amount […]
Reverse Mortgage Counseling: What To Expect
Prior to being approved for a reverse mortgage, HUD’s Federal Housing Administration (FHA) requires each borrow to participate in a counseling session with an approved agency. These not-for-profit agencies are funded by the federal government and work closely with both the FHA and lenders to ensure a smooth process. The goal of this session is not […]
How Reverse Mortgage Perception Has Shifted And What It Means For Borrowers
Since the reverse mortgage industry saw big changes in 2015 then again in 2017, financial advisers, retirement planners, and reverse mortgage specialists are collaborating more than ever before. In an effort to ensure these changes are are thoroughly understood and appropriate solutions are offered to clients, a strong relationship between professionals is vitally important. Because of these newly […]
Yes, Married Couple CAN Get A Reverse Mortgage
It’s not uncommon to hear heartbreaking stories of reverse mortgages that left a spouse in dire straits after the other spouse passed away. How could this happen? Is it something that you need to worry about? If you and your spouse are considering obtaining a reverse mortgage, it’s important to understand the long term effect […]
Reverse Mortgage Funds Aren’t Just For Emergencies
One of the best parts of a reverse mortgage is the borrower(s) can do anything they’d like with the funds – while also living mortgage payment free. In Colorado, seniors are more active than ever, whether it be traveling, home improvements, or visiting with family and grandchildren often. As several Colorado cities always make the list of the best […]
What You Need To Know About Reverse Mortgage Appraisals in Colorado
Getting assessments on just about anything can seem laborious or tedious, who wants to have something close to them looked at with a magnifying glass? But appraisals for reverse mortgage loans are not only very helpful for everyone involved, they’re required by the lender. Part of what determines the amount of funding available from a reverse mortgage is the […]
Breaking Down The Costs Of A Reverse Mortgage In Colorado
Over the years reverse mortgages have shifted from being a choice of last resort to a creative and effective retirement planning tool. But still many who do not fully understand how reverse mortgages function will immediately bring up the perceived high cost of originating the loan. When all costs and variable options are considered, the opposite is true. Reverse […]
Older People Want To Age In Place – And They’re Not Too Worried About How They’ll Do It
A recent poll found that older adults want to age in place and they actually worry less about it as they get older. According to the Associated Press: The older you are, the less you fret about aging in your own home or community. That’s a key insight from a new Associated Press-NORC Center for Public […]
7 Top Reverse Mortgage Myths In Colorado
Reverse Mortgage was created to give our retiring generation a way to keep their homes and manage the ever increasing costs of life in America after working long and hard over the years. It is an option that could be just right for you. All applicants are required to participate in HUD approved counseling to ensure all their […]
How A Reverse Mortgage Can Help With Divorce
It’s becoming more and more common for seniors to divorce after retirement. This is happening for various reasons, but a big one is that retirement now last for decades versus only years, and many people are looking to make those golden years the best yet. But senior divorces can get messy, as there are often […]
The Reverse Mortgage Line Of Credit HECM-LOC Is Highly Unique And Here’s Why
The HECM Reverse Mortgage Line of Credit is still relatively new, and to this day many within the financial and retirement industries haven’t fully grasped how it works. Well, they need to get on board because consumers are interested – and they should be. Here’s why.. First, what is a line of credit? Simply put, […]
Here’s How To Find A Reputable Reverse Mortgage Lender In Colorado
For many seniors, a reverse mortgage is a feasible option to living within a budget, without the constraints and worry of excessive financial distress. In order to qualify for a reverse mortgage, the individual must own their home, be at least 62 years old, and have some equity in the home. Funds from a reverse mortgage can […]
Find A Reputable Reverse Mortgage Lender In Colorado
For many seniors, a reverse mortgage is a feasible option to living within a budget, without the constraints and worry of excessive financial distress. In order to qualify for a reverse mortgage, the individual must own their home, be at least 62 years old, and have some equity in the home. Funds from a reverse mortgage can […]
The Reverse Mortgage Appraisal Explained
Getting assessments on just about anything can seem laborious or tedious, who wants to have something close to them looked at with a magnifying glass? But appraisals for reverse mortgage loans are not only very helpful for everyone involved, they’re required by the lender. Part of what determines the amount of funding available from a reverse mortgage is the appraised […]
Why Reverse Mortgages Are Under Utilized
Two or three decades ago, the idea that an elderly couple or individual could live comfortably in their home far beyond retirement was practically unheard of. Preparing for aging meant retirement homes, assisted living, or moving in with adult children. Now today people are living longer and healthier lives than ever, but on the flip-side, they are […]
Increased Reverse Mortgage Lending Limits For 2022
The Federal Housing Administration (FHA) has announced that the lending limit for FHA insured HECM Reverse Mortgages will be increasing for the sixth year in a row. Beginning on January 1, 2022, the lending limit for FHA government-insured reverse mortgages will be $970,800, marking an increase of nearly $150,000 from the lending limit HUD set […]
Changes to Social Security in 2022 for Coloradans
As society and the economy continues to shift in the wake of the pandemic, seniors in Colorado and beyond continue to be one of the most impacted demographics between health and finances. Good news is the Social Security Administration is keeping up. Next year, those receiving Social Security will see the largest cost of living […]
If I Get A Reverse Mortgage, What Happens When I Die?
A common question and concern surrounding reverse mortgage is what will happen to the home after the homeowners pass away? Will the bank take possession? Will it be allowed as inheritance? Will it be possible to keep the home in the family? Will the family of he deceased be held liable? These are very valid […]
As Senior Housing Wealth Reaches New High, Is It Time To Consider A Reverse Mortgage?
Older homeowners continue to break home equity records as home values appreciate across the nation. In the first quarter of 2021 homeowners 62 and older saw their housing wealth grow by 3.4 percent or $305 billion from Q4 2020. That brought senior housing wealth to a record-breaking $9.23 trillion in the first quarter of the year, […]
Is Paying Off A Traditional Mortgage With A Reverse Mortgage A Good Idea?
A recently released university report by the Michigan Retirement Research Center and funded by the Social Security Administration showed that 55% of those utilizing a reverse mortgage are using some of the proceeds to pay off a traditional mortgage. So, when is this a good strategy? 1.) They’re living in a house they can’t afford When […]
Reverse Mortgages Can Fund In-Home Senior Care
According to statistics, there’s a 70% chance seniors over 65 will need some sort of long term care such as in-home care, skilled nursing, or assisted living at some point during their lives. Although there are various ways to pay for such care, like Medicare, Medicaid, or health insurance, these options often come with limits and […]
Should You Refinance Your Reverse Mortgage?
Reverse mortgages are for seniors 62 and older, including married couples, and were once considered a life line. Times have changed, and now reverse mortgages are regularly being incorporated into retirement planning. But refinance a reverse mortgage? It’s not something you hear about often, or maybe you don’t even realize it’s an option. And why would someone […]
Yes, Married Couples Can Get A Reverse Mortgage
It’s not uncommon to hear heartbreaking stories of reverse mortgages that left a spouse in dire straits after the other spouse passed away. How could this happen? Is it something that you need to worry about? If you and your spouse are considering obtaining a reverse mortgage, it’s important to understand the long term effect […]
CNBC: Fighting Inflation With A Reverse Mortgage
Recently CNBC published an article about how reverse mortgages can help protect retirees from the unknowns of inflation. From the article: “Reverse mortgages — also known as home equity conversion mortgages, or HECMs — offer seniors aged 62 or older the chance to borrow money from their home’s equity. These fixed- or variable-rate loans are […]
Considering A Reverse Mortgage? Know Who You Are Working With
When you start navigating the waters of reverse mortgages, you will undoubtedly come across MANY different companies and individuals ready and willing to help. Flashy ads, website calculators, famous spokesmen, and more. But who are all these people? And what is the difference between them? How do you know what is the best fit for YOU? […]
What Do Retirees REALLY Want In Regard To Housing?
If you find yourself yearning for a retirement of comfort in your own home in a community you love, you are definitely not alone. Here are some pretty telling facts and statistics surrounding the desires of older adults in the U.S.. According to research by the American Association of Retired Persons (AARP): Nearly 90 percent of […]
Here’s What Adult Children Need To Know When Considering A Reverse Mortgage With Parents
If you are concerned for your aging parents or relatives as their home becomes too much to manage or too difficult to move about, reverse mortgage may be an option. It is common for adult children to look into the reverse mortgage process for their parents and help them make the right decision. Here are some common […]
5 Things You Need To Know About Reverse Mortgages In Colorado
Reverse mortgages have made a serious comeback in the past couple years. After regulation changes were enacted in 2015, the reverse mortgage loan once considered a desperate lifeline is now being used as a retirement tool for even the wealthy. The loans are still only available to seniors 62 and older (including married couples) with the amount of […]
Is Refinancing A Reverse Mortgage Right For You?
Reverse mortgages are for seniors 62 and older, including married couples, and were once considered a life line. Times have changed, and now reverse mortgages are regularly being incorporated into retirement planning. But refinance a reverse mortgage? It’s not something you hear about often, or maybe you don’t even realize it’s an option. And why would someone […]
Is Your Home Eligible For A Reverse Mortgage?
Reverse Mortgages are a specialized loan available to seniors 62 and over. This creative resource is used by a wide demographic – from those looking to supplement a fixed income, to the more affluent in need of protection for retirement assets, and even those wanting to purchase a home in retirement. But there are some requirements when it comes […]
Yes, You Can Get A Reverse Mortgage On A Condo In Colorado
For most of the time reverse mortgages have been around they were not available on condos and many people still believe this to be true. But that changed in 2019. Previously most condos could not obtain HECM Reverse Mortgage loans because they required approval of the entire building, which included multiple units. The 2019 change […]
I Have A HELOC On My Home – Can I Get A Reverse Mortgage?
The short answer is – absolutely. And as a matter a fact, reverse mortgages are great options to eliminate HELOC payments. A HELOC is the acronym for Home Equity Line of Credit, and thousands in the Fort Collins and Loveland cities have taken advantage of it. When the housing boom was in full swing a number of years ago, the […]
What You Need To Know About Reverse Mortgage Counseling in Colorado
Prior to being approved for a reverse mortgage, HUD’s Federal Housing Administration (FHA) requires each borrow to participate in a counseling session with an approved agency. These not-for-profit agencies are funded by the federal government and work closely with both the FHA and lenders to ensure a smooth process. The goal of this session is not […]
Breaking Down The 7 Top Reverse Mortgage Myths In Colorado
Reverse Mortgage was created to give our retiring generation a way to keep their homes and manage the ever increasing costs of life in America after working long and hard over the years. It is an option that could be just right for you. All applicants are required to participate in HUD approved counseling to ensure […]
Aging At Home vs Nursing Home In The Era of COVID
In our society, the elderly and nursing homes go hand in hand, but in the age of COVID there are all new concerns. When speaking with elderly people, one of their biggest fears is being placed into a nursing home. Who can blame them? According to National Center on Elder abuse, one study interviewing 2,000 nursing […]
Common Questions Adult Children Have About Reverse Mortgages
As your parents age, their needs will inevitably change. And as they change, your need to consider options with them will increase. While these conversations may be the first of their kind, it will also be a chance to offer support. Reverse mortgage could be a viable option to meet everyone’s wishes, especially your parents. Concerns will […]
The Reverse Mortgage Line Of Credit Is Highly Unique And Here’s Why
The HECM Reverse Mortgage Line of Credit is still relatively new, and to this day many within the financial and retirement industries haven’t fully grasped how it works. Well, they need to get on board because consumers are interested – and they should be. Here’s why.. First, what is a line of credit? Simply put, […]
How Prepared Are You If Your Spouse Dies? A Guide
Regardless of age, losing a spouse is difficult – and the impending “business” that comes along with it doesn’t make it any easier. This is why we should all ask ourselves at some point, “Am I prepared if my spouse dies?”. There are so many various aspects to being “prepared”, and although I can’t help […]
Here’s What Married Couples Need To Know About Reverse Mortgages
It’s not uncommon to hear heartbreaking stories of reverse mortgages that left a spouse in dire straits after the other spouse passed away. How could this happen? Is it something that you need to worry about? If you and your spouse are considering obtaining a reverse mortgage, it’s important to understand the long term effect […]
The Reverse Mortgage Line Of Credit Is Increasing In Popularity – Here’s Why
The HECM Reverse Mortgage Line of Credit is still relatively new, and to this day many within the financial and retirement industries haven’t fully grasped how it works. Well, they need to get on board because consumers are interested – and they should be. Here’s why.. First, what is a line of credit? Simply put, […]
USA Today: Retirement In The Time Of Coronavirus
For most people, achieving a comfortable retirement is a tricky business. The past few weeks have added to the challenges as the world has changed as much as in any period since WWII. The world is now fighting the coronavirus pandemic. COVID-19, as well as the measures taken to slow the spread of the disease, […]
What’s Older Americans Need To Know About Coronavirus Stimulus Checks
As part of the coronavirus relief program (CARES Act), millions of Americans are already receiving stimulus funds, and millions will continue to do get them over the coming weeks. The amount an individual will receive depends on their marital status, if they have dependents, and how much income they had in 2018 or 2019. Those […]
Quick Facts About Reverse Mortgages
Quick Facts Are you wondering if you or someone you love may qualify for a reverse mortgage and how the process works? Here are some fast facts to help. Reverse mortgages are available to many senior homeowners and the funds are yours to do with what you wish. Do I qualify? • Age 62 or older […]
How A Reverse Mortgage Can Eliminate Traditional Mortgage Payments
It’s not uncommon that I get questions about why a senior may want to use a reverse mortgage to pay off an existing conventional mortgage loan. This scenario would vary from person to person, but in the long run, if the equity in the home can eliminate a mortgage payment without acquiring another loan payment, […]
Understanding Different Reverse Mortgage Professionals
When you start navigating the waters of reverse mortgages, you will undoubtedly come across MANY different companies and individuals ready and willing to help. Flashy ads, website calculators, famous spokesmen, and more. But who are all these people? And what is the difference between them? How do you know what is the best fit for YOU? […]
A Guide For Adults With Aging Parents
With the holidays behind us, it’s not uncommon for adult children to reach out to me to discuss a reverse mortgage as an option to help their aging parents. They often spend a little more time with family and may realize things are changing with their parents and in their home. Here are my tips […]
Can You Be Too Old For A Reverse Mortgage?
The minimum age for a reverse mortgage loan is 62, but what about a maximum age? Is anyone ever too old for a reverse mortgage? I don’t think so, although it won’t be right for everyone. Reverse mortgages are available to homeowners, or those seeking to purchase a home, who are 62 and older, including married couples. There are […]
A Quick Look At How A Reverse Mortgage Impacts Taxes
There are many differences between a reverse mortgage and a traditional mortgage – and taxes are a big one. Here’s a run down of what to expect come tax time if you have a reverse mortgage. The Tax Liability Issue Because any funds you receive from a reverse mortgage are essentially an advance on your home equity […]
Tips For Finding A Reputable Reverse Mortgage Lender In Colorado
For many seniors, a reverse mortgage is a feasible option to living within a budget, without the constraints and worry of excessive financial distress. In order to qualify for a reverse mortgage, the individual must own their home, be at least 62 years old, and have some equity in the home. Funds from a reverse mortgage can […]
Are Heirs Saddled With Reverse Mortgage Debt After Borrowers Pass Away?
A common question and concern surrounding reverse mortgage is what will happen to the home after the homeowners pass away? Will the bank take possession? Will it be allowed as inheritance? Will it be possible to keep the home in the family? Will the family of he deceased be held liable? These are very valid […]
HUD Increases Reverse Mortgage Loan Limits Beginning January 1, 2020
In early December, the Department of Housing and Urban Development (HUD) announced that the lending limit for FHA insured HECM Reverse Mortgages will be increasing for the fourth year in a row. Beginning on January 1, 2020, the lending limit for government-insured reverse mortgages will be $765,600, marking an increase of $39,075 from the lending limit […]
