janjordan, Author at Colorado Reverse Mortgage Specialist - Jan Jordan

Author: janjordan

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 Is the home outdated and in need of frequent repairs – such as a furnace, roofing, electricity?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 Changes Opens Doors of Opportunity

Posted on November 29, 2013June 17, 2014 by janjordan

Since the reverse mortgage industry saw big changes earlier this year, financial planners, retirement specialists, and lenders are collaborating more than ever before. In an effort to ensure these revisions are thoroughly understood and appropriate solutions are offered to clients, a strong relationship between professionals is vitally important.

Because of these newly developed relationships, it appears a wonderful shift is taking place. Reverse mortgage, once stereotyped as a product for poverty stricken widows or the like, is now being realized as a product of opportunity. More and more we’re seeing affluent and middle class retirees utilizing this option to provide financial stability and financial freedom throughout retirement. The industry has only begun to scratch the surface of those who would benefit or will discover the possibilities when tying a reverse mortgage into their retirement plans.

This paradigm shift will likely increase knowledge across the board regarding both traditional reverse mortgage loans and the reverse mortgage for purchase program. Both products are available for seniors 62 and over, with minimal income and credit requirements.

If you have any questions regarding the changes that have taken place surrounding the reverse mortgage industry in Colorado, please don’t hesitate to contact me.

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 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 Boosts Cash Home Buyers

Posted on November 3, 2013June 17, 2014 by janjordan

In this day and age, buying a home with cash is rare. And not because of the reasons you may think – such as who has that much cash nowadays? Well, that is part of the reason, but it’s a little more complicated than that. Those who have a substantial amount of cash are finding there are no homes available in their price range and suddenly they don’t have enough cash to be a true “cash buyer”. This diminishes their hopes of living mortgage payment free. For example, if a retired couple sells their home or allots other funds amounting to $170,000 for a new home, they will suddenly be facing a new dilemma – finding a home to meet their needs, that doesn’t need repairs, and is in the community they wish to live. With home prices quickly recovering in the Loveland and Fort Collins area, this scenario is playing out ever more often.

This is where the Reverse Mortgage for Purchase program can provide a solution. Not only will the program add funds to the buyer’s available cash making up the difference needed to purchase an appropriate home, it will also allow that buyer to live mortgage payment free.

Here’s how it 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, freeing up income for other things – such as medical bills, in home care, or even vacations.

Click here to learn more about the Reverse Mortgage for Purchase program (aka HECM for Purhcase).

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.

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

Posted on October 28, 2013 by janjordan

Recently 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

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.

A Heartbreaking Time for Northern Colorado

Posted on September 22, 2013 by janjordan

As 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 September 11, 2013June 17, 2014 by janjordan

The 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 September 5, 2013September 5, 2013 by janjordan

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.