Everything You Need To Know About Your Reverse Mortgage and Taxes
As the end of the year approaches, it’s common to start receiving some questions about taxes and reverse mortgage. 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 […]
Are Reverse Mortgages an Underutilized Life Line?
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 […]
Considerations For In-Home Senior Care
In today’s fast-paced society, seniors are more independent than ever before. Many develop strong community ties, visit with nearby family frequently and even open their homes to out-of-state family, embrace a close circle of friends, and through options such as reverse mortgage, are able to stay in their homes comfortably for far longer than ever before. […]
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 […]
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 […]
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 […]
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 appraised […]
Worried About Your Aging Parents? Here Are Some Discussion Points
With the holidays ahead of 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 […]
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? […]
Quick Facts: Reverse Mortgage Line of Credit (HECM-LOC)
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, […]
Should You Pay Off A Traditional Mortgage With A Reverse Mortgage?
Recently released data shows that senior-held mortgage debt has reached a record high of $2.3 trillion. Some are using reverse mortgages to eliminate this debt, but it’s still a very low amount. So, when is this a good strategy? 1.) They’re living in a house they can’t afford When many older adults reach retirement, they have […]
As Senior Housing Wealth Continues To Rise, Is It Time To Consider A Reverse Mortgage?
Older homeowners continue to break home equity records as home values appreciate across the nation. As of the third quarter of 2023, senior housing wealth was estimated to be $13.08 trillion, according to the National Reverse Mortgage Lenders Association (NRMLA) and RiskSpan. This is a record high for senior housing wealth, and was driven by […]
Pros and Cons of Reverse Mortgage For Purchase vs Cash Purchase
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 […]
Tips For Selling A Home That Has A Reverse Mortgage
Typically when a senior takes out a reverse mortgage loan on a home, they intend to age there. But on occasion and for various reasons, the homeowners wants to or needs to sell the home before the loan comes due and payable. So, what now? Although this is an important factor, it’s not nearly as daunting as […]
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 […]
What You Need To Know To Avoid Identity Theft
According to the 1998 Identity Theft and Assumption Deterrence Act identity theft is when someone “knowingly transfers or uses, without lawful authority, a means of identification of another person with the intent to commit, or to aid or abet, any unlawful activity that constitutes a violation of federal law, or that constitutes a felony under any applicable state […]
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 […]
Breaking Down 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? […]
Boomers Are Buying Homes At Faster Rate Than Millennials But Are They Considering A Reverse Mortgage?
Baby boomers are buying homes at a faster rate than millennials for the first time ever, but this trend also comes with an increasing amount of debt near retirement age. While owning a home can be a valuable asset, carrying debt into retirement can create financial stress and strain. However, there is a solution that can help […]
Here’s What 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 […]
How to Use a Reverse Mortgage to Eliminate a 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, […]
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? […]
What To Know About The Reverse Mortgage Line of Credit (HECM-LOC)
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 of credit […]
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 […]
Should You Consider A Reverse Mortgage To Buy A Home?
We’re all familiar with the two most common options to purchase a home – take out a mortgage loan or pay cash. But for seniors 62 and over, there’s another option – the Reverse Mortgage for Purchase program (aka HECM for Purchase). Looking for a home in Fort Collins, Loveland or Longmont, Colorado but finding it’s a bit […]
A Different Look At Retirement Today
Decades ago, when our parents were working and raising a family, they looked at retirement as the true golden years. It would be a time when they stopped working and lived off the fruits of their savings and investments. Retirement planners used a three-legged-stool strategy back then. The make up of this stool was Social Security, employer-sponsored retirement […]
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 […]
Taxes and Reverse Mortgage: A Quick Guide
As tax day looms, it’s common to receive some questions about taxes and reverse mortgage from those who may be considering it. 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 Line Of Credit Explained
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, […]
What Married Couples Need To Know About Reverse Mortgage
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 […]
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 want […]
Financial Planners: Are You Discussing Reverse Mortgages With Your Clients?
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 […]
Buying A Home? Here’s Why You Should Consider A Reverse Mortgage If You’re 62 or Older
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 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 […]
Understanding Your Reverse Mortgage Appraisal 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 appraised […]
How To Use 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 […]
What You Need To Know About Reverse Mortgages If You Have Medicare, Medicaid Or 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 […]
Use A Reverse Mortgage To Eliminate A 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, […]
Reverse Mortgage For Purchase Explained
We’re all familiar with the two most common options to purchase a home – take out a mortgage loan or pay cash. But for seniors 62 and over, there’s another option – the Reverse Mortgage for Purchase program (aka HECM for Purchase). Looking for a home in Fort Collins, Loveland or Longmont, Colorado but finding it’s a bit […]
Are Reverse Mortgages An Under Utilized Resource?
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 […]
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 […]
Quick Facts About Reverse Mortgages In Colorado
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 homeowners and retirees looking for creative ways to enhance their golden years. Do I qualify? Age 62 or older The home you own must be your primary […]
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 […]
How A Reverse Mortgage And Social Security Can Work Together
When planning for retirement, there will no doubt be a discussion about when a retiree should start taking their Social Security benefits. There are perks to delaying, for example Social Security benefits stand to increase as much as 7-8% per year if you don’t apply until age 70. But many seniors need this income. With 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 […]
Could A Reverse Mortgage Be The Key To Retire In Comfort?
For many who remember the reverse mortgage scares of the yester-years, the terms ‘comfort’ and ‘reverse mortgage’ seem like an unlikely duo. But they shouldn’t be. Since the FHA and HUD changed a few regulations stabilizing reverse mortgages in 2015, they have quickly been garnering new attention. Whether looking to boost monthly income, protect retirement, or even purchase a new […]
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 […]
Is There A Max Age Limit 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 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 Mortgage Info For Married Couples
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: 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 […]
Fact Checking 7 Top Reverse Mortgage Myths
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 […]
Purchasing A New Build With A Reverse Mortgage
One of the hidden gems within the reverse mortgage program has long been the ability to purchase a home with it; the Reverse Mortgage for Purchase program. But within that program was a frustrating rule – the requirement that the home being purchased have a Certificate of Occupancy before a loan application could be submitted. This meant seniors seeking […]
Preparing For A Reverse Mortgage Appraisal
After you fill out the application for a reverse mortgage, with the help of a trusted and reputable reverse mortgage specialist, an appraisal of your home needs to be conducted. This can be a nervous moment to have a stranger come into the home you have enjoyed for many years for the purpose of evaluating it. Since you […]
The Reverse Mortgage Appraisal
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 […]
What It Means For Your Home To Be 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 […]
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’s So Great About a Reverse Mortgage Line of Credit?
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, […]
Cash Purchase Or Reverse Mortgage For Purchase: Weighing Your Options
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 […]
A Look At What Seniors Want In Housing During Retirement
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 […]
As Gray Divorce Rates Are Climbing A Reverse Mortgage May Help
A new research poll highlighted a very interesting trend among divorce in the United States – while divorce rates have drastically declined among younger adults, it’s nearly doubled among adults 50 and over in the past 25 years. The truth is, it’s becoming more and more common for seniors to divorce after retirement. This is happening […]
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 […]
Nearly Half Baby Boomers Don’t Have Retirement and a Reverse Mortgage Can Help
According to Census data for 2020, nearly half of working-age Americans don’t have any retirement savings. Savings rates rise with age, but only to a point. In the 55- to –64-year-old boomer age group, 58 percent of Americans own retirement accounts. The fact that less than half of baby boomers have retirement plans is a […]
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 […]
Boomers Are Buying Homes At Faster Rate Than Millennials And They Should Be Using A Reverse Mortgage
Baby boomers are buying homes at a faster rate than millennials for the first time ever, but this trend also comes with an increasing amount of debt near retirement age. While owning a home can be a valuable asset, carrying debt into retirement can create financial stress and strain. However, there is a solution that […]
Top Five Questions About Reverse Mortgages Answered
Reverse mortgages are financial tools that have been gaining popularity in recent years, particularly among seniors 62 and over who are looking for ways to supplement their retirement income. Here are the answers to the top 5 questions people have had about reverse mortgages: Provides a source of income: A reverse mortgage allows homeowners to […]
Retirement Worries And How A Reverse Mortgage Can Help
Many older Americans are concerned about having enough money to retire comfortably. In fact, a recent survey found working Americans age 45 and older expect they will need about $1.1 million in savings in order to retire, but only 21% of people in that age group expect to have even $1 million. That’s down slightly […]
Reverse Mortgage For Purchase Helps Boomers Buy Homes
For the first time in 8 years, boomers are buying homes at a faster rate than millennials. A reverse mortgage for purchase can be a good option when they’re looking to buy a home. A reverse mortgage for purchase allows seniors to purchase a new home and pay for it without making monthly mortgage payments. […]
Here’s Why Using A Reputable Reverse Mortgage Lender Is Critical
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 […]
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 […]
Is Your Home HUD Eligible for a Reverse Mortgage in Colorado?
Reverse Mortgages are specialized loans 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 […]
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? […]
What You Need To Know About Taxes And Your Reverse Mortgage
As tax looms, it’s common to start receiving some questions about taxes and reverse mortgage. 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 […]
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 […]
Reverse Mortgage Line of Credit: What You Need To Know
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 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 […]
Using Social Security And A Reverse Mortgage Together
When planning for retirement, there will no doubt be a discussion about when a retiree should start taking their Social Security benefits. There are perks to delaying, for example Social Security benefits stand to increase as much as 7-8% per year if you don’t apply until age 70. But many seniors need this income. With the […]
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 […]
Considering Buying A Home? Why You Should Consider A Reverse Mortgage
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 […]
How A Reverse Mortgage Can Provide Financial Security
The reverse mortgage of today is NOT your mother’s reverse mortgage. The once shamed program is now helping seniors from all different walks of life fill retirement gaps and provide protection and stability through their golden years. Financial advisers and retirement planners are beginning to incorporate a reverse mortgage into retirement portfolios at the beginning […]
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 […]
Reverse Mortgage Line Of Credit Underutilized Retirement Tool
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, […]
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 […]
The Changing Needs Of Housing For Older Adults
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 […]
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 […]
Watching Out For Identity Theft
According to the 1998 Identity Theft and Assumption Deterrence Act identity theft is when someone “knowingly transfers or uses, without lawful authority, a means of identification of another person with the intent to commit, or to aid or abet, any unlawful activity that constitutes a violation of federal law, or that constitutes a felony under any applicable state […]
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 […]
Yes, You Can Use A Reverse Mortgage To Purchase A Home or Condo
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 […]
Should You Be Considering A Reverse Mortgage To Buy A Home?
We’re all familiar with the two most common options to purchase a home – take out a mortgage loan or pay cash. But for seniors 62 and over, there’s another option – the Reverse Mortgage for Purchase program (aka HECM for Purchase). Looking for a home in Fort Collins, Loveland or Longmont, Colorado but finding it’s a bit […]
Why The Reverse Mortgage Line Of Credit Is So Unique
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, […]
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 […]
The Scoop: 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 […]
The Reverse Mortgage Solution To Divorce Disputes
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 […]
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 […]
Social Security Is On Track To See The Highest Increase In 40 Years
The Social Security Administration is responding to the highest inflation rates in 40 years with what’s expected to be the biggest cost-of-living raise in decades. According to Fortune: Social Security checks increased by 5.9% this year relative to last, one of the biggest boosts retirees had seen in some time. And with inflation still sky-high […]
Tips To Using A Reverse Mortgage To Delay Social Security
When planning for retirement, there will no doubt be a discussion about when a retiree should start taking their Social Security benefits. There are perks to delaying, for example Social Security benefits stand to increase as much as 7-8% per year if you don’t apply until age 70. But many seniors need this income. With 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 all their […]
Feds Increase Interest Rate With Senior Housing Wealth At All Time High – Here’s What It Means For Reverse Mortgages
With the Federal Reserve increasing their benchmark interest rate by a quarter of a percentage point and home values at an all time high in Colorado, what does this mean for Reverse Mortgages? With the increase in the benchmark interest rate, we will see some shift in types of borrowing. For the past two years, […]
What Makes A 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 […]
Taxes and Reverse Mortgage: A Quick Guide
As tax looms, it’s common to start receiving some questions about taxes and reverse mortgage. 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 […]
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 […]
Want To Sell Your Home That Has A Reverse Mortgage? Yes, You Can
Typically when a senior takes out a reverse mortgage loan on a home, they intend to age there. But on occasion and for various reasons, the homeowners wants to or needs to sell the home before the loan comes due and payable. So, what now? Although this is an important factor, it’s not nearly as daunting as […]
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 […]
Here’s What You’re 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: […]
Yes, You Can Have New Home Built Using A Reverse Mortgage
One of the hidden gems within the reverse mortgage program has long been the ability to purchase a home with it; the Reverse Mortgage for Purchase program. But within that program was a frustrating rule – the requirement that the home being purchased have a Certificate of Occupancy before a loan application could be submitted. This meant seniors seeking […]
Colorado’s Reverse Mortgage For Purchase 101
We’re all familiar with the two most common options to purchase a home – take out a mortgage loan or pay cash. But for seniors 62 and over, there’s another option – the Reverse Mortgage for Purchase program (aka HECM for Purchase). Looking for a home in Fort Collins, Loveland or Longmont, Colorado but finding it’s […]
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 […]
How To Get A Reverse Mortgage On Your Condo Or Townhouse In Colorado
In October 2019 the FHA made it much easier for condo owners to get HECM Reverse Mortgages in Colorado. Prior to 2019 most condo owners could not obtain HECM Reverse Mortgage loans because they required approval of the entire building, which included multiple units. The FHA change made in 2019 now allows for approval of […]
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 […]
4 Tips To Finding The Best 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 […]
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 […]
Reverse Mortgages As A Financial Strategy In Retirement
Reverse mortgages are available to seniors 62 and over who either have their home paid off or have substantial equity. Certain criteria applies to the home in order to meet HUD’s rules, and although anyone on the loan must be 62 and over, they are available to married couples the same as individuals. The funds available from these FHA insured […]
Married? Yes, You Can Still 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 […]
Visiting Aging Parents? Here’s What Adult Children Need To Discuss
With the holidays ahead of 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 […]
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 […]
Rising Interest Rates And Reverse Mortgages
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 […]
Selling A Home With A Reverse Mortgage? Here’s What You Need To Know
Typically when a senior takes out a reverse mortgage loan on a home, they intend to age there. But on occasion and for various reasons, the homeowners wants to or needs to sell the home before the loan comes due and payable. So, what now? Although this is an important factor, it’s not nearly as daunting as it […]
Watch Out For 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 […]
Colorado’s FIVE Most Common Reverse Mortgage Myths Debunked
The Reverse Mortgage, created to aid the realization of retirees dreams, will be in your mailbox and on your TV if you have approached, or are approaching, the eligible age of 62. As with the all special offers across Colorado, marketing can promote it in such a way as to allure you – or to […]
Reverse Mortgage For Purchase or Cash Purchase? Here’s What You Need To Know
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 […]
Reverse Mortgage HECM Line of Credit : What You Need To Know
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, […]
Inflation + Retirement = Serious Financial Concerns for Retirees: CNBC
Recently CNBC published an important article that highlights the growing financial concerns of retirees as the nation faces unprecedented inflation. Reverse mortgages can be a tool to help protect against these concerns. From the article: Rising inflation has startled many retirees, who now worry about outliving their savings. The consumer price index for June, measuring […]
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 […]
Delaying Social Security With Reverse Mortgage
When planning for retirement, there will no doubt be a discussion about when a retiree should start taking their Social Security benefits. There are perks to delaying, for example Social Security benefits stand to increase as much as 7-8% per year if you don’t apply until age 70. But many seniors need this income. With the […]
Reverse Mortgage Line of Credit (HECM-LOC) Quick Facts
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, […]
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? […]
Is A Reverse Mortgage For Purchase Right For You?
We’re all familiar with the two most common options to purchase a home – take out a mortgage loan or pay cash. But for seniors 62 and over, there’s another option – the Reverse Mortgage for Purchase program (aka HECM for Purchase). Looking for a home in Fort Collins, Loveland or Longmont, Colorado but finding it’s […]
Applying For A Reverse Mortgage? Here’s What To Expect
If you’ve reached the point you are ready to apply for a reverse mortgage, you have likely done a fair amount of research (and if you haven’t, feel free to read through the informational articles here on my blog). So what comes next? Here’s a quick run down of what to expect… Age qualifications. You’re probably […]
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 […]
Should Retirees Use Cash Or A Reverse Mortgage for Purchase When Buying A Home?
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 […]
How Much Do Reverse Mortgages REALLY Cost And Why?
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 […]
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 […]
Your Retirement Is Different Than Your Parents – Here’s Why
Decades ago, when our parents were working and raising a family, they looked at retirement as the true golden years. It would be a time when they stopped working and lived off the fruits of their savings and investments. Retirement planners used a three-legged-stool strategy back then. The make up of this stool was Social Security, employer-sponsored retirement […]
There’s No Such Thing As 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 […]
Everything You Need To Know About Taxes And Your Reverse Mortgage In Colorado
As the end of the year approaches, it’s common to start receiving some questions about taxes and reverse mortgage. 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 […]
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 […]
Delay Social Security Benefits with a Reverse Mortgage
When planning for retirement, there will no doubt be a discussion about when a retiree should start taking their Social Security benefits. There are perks to delaying, for example Social Security benefits stand to increase as much as 7-8% per year if you don’t apply until age 70. But many seniors need this income. With the […]
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 […]
Should You Use 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 […]
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 […]
7 Reverse Mortgage Myths That Need To Go Away
Reverse Mortgage was created to give our retiring generation a way to keep their homes and manage the ever increasing costs of life 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 questions and concerns […]
Fast Facts About Reverse Mortgages In Colorado
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 homeowners and retirees looking for creative ways to enhance their golden years. Do I qualify? Age 62 or older The home you own must be your primary […]
Holidays And Reverse Mortgage
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 […]
Should You Consider In-Home Senior Care?
In today’s fast-paced society, seniors are more independent than ever before. Many develop strong community ties, visit with nearby family frequently and even open their homes to out-of-state family, embrace a close circle of friends, and through options such as reverse mortgage, are able to stay in their homes comfortably for far longer than ever before. […]
Are Reverse Mortgages 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 […]
What Makes Elder Law Different
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 […]
Taxes And Your Reverse Mortgage
As the end of the year approaches, it’s common to start receiving some questions about taxes and reverse mortgage. 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 […]
To Stay or To Go? Deciding When To Age In Place
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 […]
Can A Reverse Mortgage Provide Financial Security?
The reverse mortgage of today is NOT your mother’s reverse mortgage. The once shamed program is now helping seniors from all different walks of life fill retirement gaps and provide protection and stability through their golden years. Financial advisers and retirement planners are beginning to incorporate a reverse mortgage into retirement portfolios at the beginning of retirement, […]
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 […]
What You Need To Know About Identity Theft
What is Identity Theft? According to the 1998 Identity Theft and Assumption Deterrence Act identity theft is when someone “knowingly transfers or uses, without lawful authority, a means of identification of another person with the intent to commit, or to aid or abet, any unlawful activity that constitutes a violation of federal law, or that constitutes a felony […]
Can A Reverse Mortgage Help To Delay Social Security?
When planning for retirement, there will no doubt be a discussion about when a retiree should start taking their Social Security benefits. There are perks to delaying, for example Social Security benefits stand to increase as much as 7-8% per year if you don’t apply until age 70. But many seniors need this income. With the […]
What 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 […]
Should Reverse Mortgage Be Part Of Your Retirement Portfolio?
For the past quarter century seniors have easily managed to retire on three things: company pension plans, social security, and personal savings. But with an uncertain economy in front of us, baby boomers are being forced to take a second look at their retirement portfolios. Previously, tapping into home equity for retirement has been considered […]
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 […]
Is Your Home 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 […]
Delaying Social Security Benefits With A Reverse Mortgage
When planning for retirement, there will no doubt be a discussion about when a retiree should start taking their Social Security benefits. There are perks to delaying, for example Social Security benefits stand to increase as much as 7-8% per year if you don’t apply until age 70. But many seniors need this income. With the […]
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 A Reverse Mortgage Can Help A Widow Purchase A Home
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 […]
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 […]
How Thinking On Reverse Mortgages Has Shifted
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 […]
Quick Guide To 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 […]
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, […]
Is A Reverse Mortgage For Purchase Right For You?
We’re all familiar with the two most common options to purchase a home – take out a mortgage loan or pay cash. But for seniors 62 and over, there’s another option – the Reverse Mortgage for Purchase program (aka HECM for Purchase). Looking for a home in Fort Collins, Loveland or Longmont, Colorado but finding it’s […]
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 appraised […]
Here’s What You Can Do With Reverse Mortgage Funds In Colorado
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 […]
How Reverse Mortgages Can Alleviate Divorce Arguments Over Assets
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 […]
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 […]
Aging in Place May Be The Best Solution To Retirement in the Age of COVID-19
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 […]
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, […]
Why Do Only 3% Of Retirees Utilize Reverse Mortgage To Purchase A Home?
Why is it that only 2-3% of older Americans use the Reverse Mortgage for Purchase option to buy a home? Recent studies show that even with the option available to them, they still seek traditional funding or opt to pay cash. Why is that? Well, surveys have shown there are three main reasons: 1.) No one told […]
Can I Get A Reverse Mortgage If I Have HELOC?
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’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 […]
Retirement Changes For Coloradans Included in Coronavirus Relief Bill
The recently passed $2 trillion coronavirus relief bill included a series of key retirement provisions. These would relax rules on retirement savings and include the option to take a hardship distribution of up to $100,000 from a 401(k) plan without the 10% early withdrawal penalty if you are under age 59 1/2. Retirees can also […]
Tips For Steering Clear of Scams Targeting Senior Citizens
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 […]
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? […]
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 […]
How to Use Home Equity for Retirement Security Through A Reverse Mortgage
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 […]
Is Your Home 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 […]
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 […]
What You Need To Know About Reverse Mortgage Scams in Colorado
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 […]
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 […]
How To Use A Reverse Mortgage And Social Security Together
When planning for retirement, there will no doubt be a discussion about when a retiree should start taking their Social Security benefits. There are perks to delaying, for example Social Security benefits stand to increase as much as 7-8% per year if you don’t apply until age 70. But many seniors need this income. With the […]
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 […]
A Look At The Looming Retirement Crisis
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 […]
Reverse Mortgage and Taxes: Everything You Need To Know
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 […]
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 […]
Reverse Mortgages Are Good Financial Strategy
Reverse mortgages are available to seniors 62 and over who either have their home paid off or have substantial equity. Certain criteria applies to the home in order to meet HUD’s rules, and although anyone on the loan must be 62 and over, they are available to married couples the same as individuals. The funds available from these FHA insured […]
Can A Reverse Mortgage Provide Financial Security?
The reverse mortgage of today is NOT your mother’s reverse mortgage. The once shamed program is now helping seniors from all different walks of life fill retirement gaps and provide protection and stability through their golden years. Financial advisers and retirement planners are beginning to incorporate a reverse mortgage into retirement portfolios at the beginning of retirement, […]
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 […]
Reverse Mortgage For Purchase Explained
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 […]
How To Find A Reputable Reverse Mortgage Lender
For many retirees, a reverse mortgage is a feasible option to living the golden years they always dreamed of, or for others it may be a path 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, […]
What Retirees Want In 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 […]
How Rising Interest Rates Affect Reverse Mortgages
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 […]
Everything You Need To Know About The Reverse Mortgage Appraisal
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 […]
New FHA Rules Expand Reverse Mortgage Market To Include Condos
Effective October 15, 2019 a new rule by the FHA will make it easier for condo owners to get HECM Reverse Mortgages. Currently most condos cannot obtain HECM Reverse Mortgage loans because they require approval of the entire building, which includes multiple units. The new change allows for approval of single units. This is a […]
Why Everyone Is Talking About The Reverse Mortgage Line of Credit
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, […]
Cash Purchase vs Reverse Mortgage For Purchase: Pros and Cons
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 […]
Reverse Mortgages Can Help Widows Purchase A New Home
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 […]
Why Your Financial Planner Should Be 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 […]
An Overview Of 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 […]
5 Fast Facts About Reverse Mortgages in Colorado
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 […]
Reverse Mortgage Can Help Coloradans Retire in Comfort
For many who remember the reverse mortgage scares of the yester-years, the terms ‘comfort’ and ‘reverse mortgage’ seem like an unlikely duo. But they shouldn’t be. Since the FHA and HUD changed a few regulations stabilizing reverse mortgages in 2015, they have quickly been garnering new attention. Whether looking to boost monthly income, protect retirement, or even purchase a new […]
Should You Use 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 […]
Yes, There Are Differences In Reverse Mortgage Professionals – And It Matters
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? […]
Deciding If A Reverse Mortgage For Purchase Is Right For You
We’re all familiar with the two most common options to purchase a home – take out a mortgage loan or pay cash. But for seniors 62 and over, there’s another option – the Reverse Mortgage for Purchase program (aka HECM for Purchase). Looking for a home in Fort Collins, Loveland or Longmont, Colorado but finding it’s […]
Only 3% Of Retirees Utilize Reverse Mortgage To Purchase A Home
Why is it that only 2-3% of older Americans use the Reverse Mortgage for Purchase option to buy a home? Recent studies show that even with the option available to them, they still seek traditional funding or opt to pay cash. Why is that? Well, surveys have shown there are three main reasons: 1.) No one told […]
What Happens to a Reverse Mortgage After the Owners 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 […]
What Is A 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 […]
A Glimpse Into What Retirees Want In Regards 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 […]
Will A Reverse Mortgage Affect 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 […]
What To Expect When Applying For A Reverse Mortgage
If you’ve reached the point you are ready to apply for a reverse mortgage, you have likely done a fair amount of research (and if you haven’t, feel free to read through the informational articles here on my blog). So what comes next? Here’s a quick run down of what to expect… Age qualifications. You’re probably […]
There’s No Such Thing As 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 […]
Your Retirement Is Different Than Your Parents – Here’s Why
Decades ago, when our parents were working and raising a family, they looked at retirement as the true golden years. It would be a time when they stopped working and lived off the fruits of their savings and investments. Retirement planners used a three-legged-stool strategy back then. The make up of this stool was Social Security, employer-sponsored […]
Reasons You Might Want to 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 intoretirement 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 want […]
5 Things You Need To Know About Reverse Mortgages
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 […]
Finding A Reputable Reverse Mortgage Lender In Colorado Is Easier Than You Think
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 […]
Can You Sell A House With A Reverse Mortgage On It?
Typically when a senior takes out a reverse mortgage loan on a home, they intend to age there. But on occasion and for various reasons, the homeowners wants to or needs to sell the home before the loan comes due and payable. So, what now? Although this is an important factor, it’s not nearly as daunting as it […]
Retirement and Reverse Mortgage
With the varieties of opinions about reverse mortgages out in the marketplace a question comes up, that is, ‘would a reverse mortgage be a fall back, last resort, or would it be a positive option for a financial plan?’ While the answer lies in the hands of the borrower, or owner, there are worthy considerations to take […]
Debunking Reverse Mortgage’s 5 Most Common Myths in Colorado
The Reverse Mortgage, created to aid the realization of retirees dreams, will be in your face if you have approached, or are approaching, the eligible age of 62. As with the all special offers across Colorado, marketing can promote it in such a way as to allure you – or to terrify you. There are […]
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 […]
Required Reverse Mortgage Counseling: What You Need To Know
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 To Delay Social Security Benefits With A Reverse Mortgage
When planning for retirement, there will no doubt be a discussion about when a retiree should start taking their Social Security benefits. There are perks to delaying, for example Social Security benefits stand to increase as much as 7-8% per year if you don’t apply until age 70. But many seniors need this income. With the […]
Do You Have A HUD Eligible Home That Qualifies 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 […]
The Scoop On Reverse Mortgage And 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 […]
Reverse Mortgages Can Help Widows Purchase A Home
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 […]
Here’s Why The Reverse Mortgage Line Of Credit Is So Popular
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, […]
Can A Reverse Mortgage Help With Divorce After Retirement?
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 […]
Being Responsible with a Reverse Mortgage in Colorado
The Reverse Mortgage (HECM) program Colorado continues to help millions create the life of their dreams as they retire and relax into this time of their lives. Seniors age 62 and over are eligible for this type of loan. Regardless of the type of reverse mortgage you get (traditional, line of credit, or reverse mortgage for purchase) […]
Reverse Mortgage Questions Answered for Adult Children
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. […]
Home For The Holidays and Reverse Mortgage
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 […]
Reverse Mortgage Could Be The Key To Retiring In Comfort
For many who remember the reverse mortgage scares of the yester-years, the terms ‘comfort’ and ‘reverse mortgage’ seem like an unlikely duo. But they shouldn’t be. Since the FHA and HUD changed a few regulations stabilizing reverse mortgages in 2015, they have quickly been garnering new attention. Whether looking to boost monthly income, protect retirement, or even purchase a new […]
7 Reverse Mortgage Myths That Need To Go Away
Reverse Mortgage was created to give our retiring generation a way to keep their homes and manage the ever increasing costs of life 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 questions and concerns […]
Tips To Finding A Great 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 or have a substantial amount of equity in it and be at least 62 years old. In […]
Reversing Thinking On Reverse Mortgages
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 […]
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 […]
Tips To Prepare Your Home For A Reverse Mortgage Appraisal
After you fill out the application for a reverse mortgage, with the help of a trusted and reputable reverse mortgage specialist, an appraisal of your home needs to be conducted. This can be a nervous moment to have a stranger come into the home you have enjoyed for many years for the purpose of evaluating it. Since you […]
What To Expect When Getting A Reverse Mortgage Home Appraisal
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 […]
How A Reverse Mortgage Can Help You Age At Home
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 […]
What You Need to Know About Reverse Mortgage and 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 […]
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 […]
5 Quick Facts About Reverse Mortgage in Colorado
The Reverse Mortgage, created to aid the realization of retirees dreams, will be in your face if you have approached, or are approaching, the eligible age of 62. As with the all special offers across Colorado, marketing can promote it in such a way as to allure you – or to terrify you. There are […]
Reverse Mortgage For Purchase – A Hidden Gem
Nearly everyone is familiar with a Reverse Mortgage and many even know someone who has used one to increase cash flow or help them remain in their existing home. But what many people don’t realize is that you can also use one to purchase a home. This little known portion of the reverse mortgage program, called Reverse Mortgage […]
How Adult Children Can Help Their Parents With A Reverse Mortgage
Perhaps your parents raised you in the home they are now ambling about. As you see them begin to slow, or have to jump on a plane every time they wish to see you, thoughts of helping them to have an easier time come across your mind. After all they deserve at this time of […]
How Prepared Are You If Your Spouse Dies?
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 […]
Understanding Identity Theft
What is Identity Theft? According to the 1998 Identity Theft and Assumption Deterrence Act identity theft is when someone “knowingly transfers or uses, without lawful authority, a means of identification of another person with the intent to commit, or to aid or abet, any unlawful activity that constitutes a violation of federal law, or that constitutes a felony […]
Considering Options: Nursing Home vs Reverse Mortgage
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 […]
Exploring Reverse Mortgage and 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 […]
Can I Sell A Home With An Existing Reverse Mortgage
Typically when a senior takes out a reverse mortgage loan on a home, they intend to age there. But on occasion and for various reasons, the homeowners wants to or needs to sell the home before the loan comes due and payable. So, what now? Although this is an important factor, it’s not nearly as daunting as it […]
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 […]
How to Delay Social Security with a Reverse Mortgage
When planning for retirement, there will no doubt be a discussion about when a retiree should start taking their Social Security benefits. There are perks to delaying, for example Social Security benefits stand to increase as much as 7-8% per year if you don’t apply until age 70. But many seniors need this income. With the […]
What To Look For In A Reverse Mortgage Lender
For many retirees, a reverse mortgage is a feasible option to living the golden years they always dreamed of, or for others it may be a path 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, […]
Is a Reverse Mortgage for Purchase Right for You?
We’re all familiar with the two most common options to purchase a home – take out a mortgage loan or pay cash. But for seniors 62 and over, there’s another option – the Reverse Mortgage for Purchase program (aka HECM for Purchase). Looking for a home in Fort Collins, Loveland or Longmont, Colorado but finding it’s […]
Will A Reverse Mortgage Affect 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 […]
Can Reverse Mortgage Help You Achieve Your Retirement Vision?
In an era where “retirement” has taken on whole new meaning and commonly lasts for two or three decades, more and more retirees are ready to live the latter part of their life to the fullest. They see this as a time to enjoy life after years of working and raising a family. But in order to […]
Why Reverse Mortgage for Purchase is Different
The Reverse Mortgage for Purchase program is an age-based mortgage insured by the FHA for individuals and married couples aged 62 and older. Unlike a traditional mortgage, monthly payments are deferred and the loan balance increases over time. Because the loan is backed by the FHA, neither the borrower(s) nor their heirs are personally liable for the […]
3 Things to Do with a Reverse Mortgage in Colorado
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 […]
Dissecting The Differences In 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? […]
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 […]
What Will I Be Responsible For After I Get 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: […]
Should You Stay or Should You Go During Retirement?
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 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 […]
Is Reverse Mortgage Good Financial Strategy?
Reverse mortgages are available to seniors 62 and over who either have their home paid off or have substantial equity. Certain criteria applies to the home in order to meet HUD’s rules, and although anyone on the loan must be 62 and over, they are available to married couples the same as individuals. The funds available from these FHA insured […]
Here’s How To Know If Your Home Qualifies 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 […]
Tips to Navigating Your Loved Ones Aging in Place
As you watch your parents or loved ones age, it can often be a struggle to determine the best option for their long term housing. Should they age in place in their home? Should you make space in your home for them? Should they move to a long-term care facility? Or should they move to […]
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 […]
IMPORTANT: Watch Out for Scams and Identity Theft
Did you know senior citizens are the #1 demographic to be hit with vicious scams aimed at stealing tens of thousands of dollars (and more)? As someone who works with these same people every single day, it breaks my heart. The kindness and trust they possess is something we should honor – NOT take advantage of. But […]
Why Do Only 3% of Seniors Use a Reverse Mortgage to Purchase a Home?
Why is it that only 2-3% of older Americans use the Reverse Mortgage for Purchase option to buy a home? Recent studies show that even with the option available to them, they still seek traditional funding or opt to pay cash. Why is that? Well, surveys have shown there are three main reasons: 1.) No one […]
Senior Housing Wealth Reaches All Time High
According to the National Reverse Mortgage Lenders Association (NRMLA), housing wealth for homeowners 62 and older grew to $6.6 trillion in Q4 2017, an increase of $149 billion in senior home equity over Q3. “Today’s retirees are more likely to leave the workforce with a mortgage and other debts that can put stress on monthly […]
Three Things You Never Knew About A Reverse Mortgage
Reverse mortgages are available to senior homeowners 62 and over, even married couples. The borrower will live mortgage payment free and always retain the title to the home. There are many myths and misconceptions that surround reverse mortgages – but there are also some not-so-known perks to the loans. Here are my top three: 1.) Most […]
Tips for Selling an Inherited Property
Selling an inherited home can be one of the most difficult situations for both realtor and seller. It can be an overwhelming experience, filled with emotion and lots of questions. While talking about it is hard, it is smart to be prepared. This includes having conversations as a family to determine who will be included […]
Should Home Equity Be Used In Retirement Planning?
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 […]
Everything You Need To Know About A Reverse Mortgage For Purchase
We’re all familiar with the two most common options to purchase a home – take out a mortgage loan or pay cash. But for seniors 62 and over, there’s another option – the Reverse Mortgage for Purchase program (aka HECM for Purchase). Looking for a home in Fort Collins, Loveland or Longmont, Colorado but finding it’s […]
Will My Home Qualify 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 […]
How A Reverse Mortgage Can Help You Retire In Comfort
For many who remember the reverse mortgage scares of the yester-years, the terms ‘comfort’ and ‘reverse mortgage’ seem like an unlikely duo. But they shouldn’t be. Since the FHA and HUD changed a few regulations stabilizing reverse mortgages in 2015, they have quickly been garnering new attention. Whether looking to boost monthly income, protect retirement, or even purchase a new […]
What Responsibilities Will A Reverse Mortgage Borrower Have?
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: […]
Use a Reverse Mortgage To Delay Social Security
When planning for retirement, there will no doubt be a discussion about when a retiree should start taking their Social Security benefits. There are perks to delaying, for example Social Security benefits stand to increase as much as 7-8% per year if you don’t apply until age 70. But many seniors need this income. With the […]
Watch Out for Reverse Mortgage Scams in Colorado
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 […]
Reverse Mortgage Helps Gray Divorce
A brand new Pew Research poll highlighted a very interesting trend among divorce in the United States – while divorce rates have drastically declined among younger adults, it’s nearly doubled among adults 50 and over in the past 25 years. The truth is, it’s becoming more and more common for seniors to divorce after retirement. This is happening […]
Tips 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 […]
A Look At Data and Housing Desires of Retirees
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 […]
How Does a Reverse Mortgage Affect My 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 […]
Should You Stay Put During Retirement?
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 […]
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 […]
Can A Reverse Mortgage Provide Financial Security?
The reverse mortgage of today is NOT your mother’s reverse mortgage. The once shamed program is now helping seniors from all different walks of life fill retirement gaps and provide protection and stability through their golden years. Financial advisers and retirement planners are beginning to incorporate a reverse mortgage into retirement portfolios at the beginning of retirement, […]
How A Reverse Mortgage for Purchase Can Help You Get Your Dream Home
When we’re working hard and raising a family, there are two things we often hope to achieve in our future – having no house payments and living in our dream home. Then as the years close in on retirement, these may still seem unachievable – but they’re not. With the Reverse Mortgage for Purchase program seniors 62 and over […]
Reverse Mortgage Appraisal – The Facts
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 can be very helpful for you because they lay down where you are in equity. In fact they are required. The process is very […]
The Reverse Mortgage Appraisal – Preparation
After you fill out the application for a reverse mortgage, with the help of a trusted and reputable reverse mortgage specialist, an appraisal of your home needs to be conducted. This can be a nervous moment to have a stranger come into the home you have enjoyed for many years for the purpose of evaluating it. Since you […]
Tips For Adult Children When Considering A Reverse Mortgage With Your 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 […]
Can I Sell My Home If I Have A Reverse Mortgage Loan?
For many that obtain a reverse mortgage, the plan is to stay and age at home, but sometimes reasons come up that the homeowner will want or need to sell the home. Is this possible if there is a reverse mortgage on the home? And what does it look like? Can a home with a […]
Gray Divorce Rates Are Climbing – Can Reverse Mortgage Help?
A brand new Pew Research poll highlighted a very interesting trend among divorce in the United States – while divorce rates have drastically declined among younger adults, it’s nearly doubled among adults 50 and over in the past 25 years. The truth is, it’s becoming more and more common for seniors to divorce after retirement. […]
Changes in the Reverse Mortgage for Purchase Certificate of Occupancy Rule
One of the hidden gems within the reverse mortgage program has long been the ability to purchase a home with it; the Reverse Mortgage for Purchase program. But within that program was a frustrating rule – the requirement that the home being purchased have a Certificate of Occupancy before a loan application could be submitted. […]
What Happens To The Reverse Mortgage After The Borrower Moves Out Or 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 […]
Should You Use A Reverse Mortgage To Fund In-Home 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 […]
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 […]
How to Spot a Reverse Mortgage Scam
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 is a HUD Eligible Home for Reverse Mortgages?
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 […]
Why Do Only 3% Of Seniors Use A Reverse Mortgage To Purchase A Home?
Why is it that only 2-3% of older Americans use the Reverse Mortgage for Purchase option to buy a home? Recent studies show that even with the option available to them, they still seek traditional funding or opt to pay cash. Why is that? Well, surveys have shown there are three main reasons: 1.) No one told […]
How to Use Home Equity for Retirement Security
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 […]
HUD Secretary Ben Carson On Reverse Mortgages
Every four years, we’re guaranteed a presidential election, and every eight years we’re guaranteed a new president. 2016’s presidential election saw one of the most divisive shifts in federal policy in a very long time. This certainly put many industries on edge, wondering what it would mean for them. HUD secretary, Dr. Ben Carson, recently […]
Should You Pay Cash For Your Retirement Home or Consider a Reverse Mortgage for Purchase?
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 […]
What’s So Great About a Reverse Mortgage Line of Credit?
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, […]
Home Equity Among Seniors Rises
In the first quarter of 2017, home equity held by homeowners 62 and over rose 2.6% to $6.3 trillion, according to data from the National Reverse Mortgage Lenders Association. This $200 billion increase of housing wealth is attributed to rising home values across the nation, and especially in Colorado where some of the largest […]
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 […]
Today Show : Part 3 – Helping Parents Make Legal, Medical, and Financial Decisions
Recently, financial expert, Jean Chatzky, did a three part series on the Today Show called “Taking Care of Mom & Dad”. Each of these segments specifically touched on real questions adult children have regarding what to expect as their parents age. The video featured here is Part 3 – Helping Parents Make Legal, Medical, and Financial […]
Today Show : Part 2 – Is A Reverse Mortgage Right For Your Aging Parents?
Recently, financial expert, Jean Chatzky, did a three part series on the Today Show called “Taking Care of Mom & Dad”. Each of these segments specifically touched on real questions adult children have regarding what to expect as their parents age. The video featured here is Part 2 – How to Handle the Cost of Aging […]
Today Show : Part 1 – How To Help Your Aging Parents Find The Best Place To Live
Recently, financial expert, Jean Chatzky, did a three part series on the Today Show called “Taking Care of Mom & Dad”. Each of these segments specifically touched on real questions adult children have regarding what to expect as their parents age. The video featured here is Part 1 – How To Help Your Aging Parents Find […]
Should You Refinance Your Reverse Mortgage Loan?
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 […]
Why Your Retirement Will Be Different Than Your Parents’
Decades ago, when our parents were working and raising a family, they looked at retirement as the true golden years. It would be a time when they stopped working and lived off the fruits of their savings and investments. Retirement planners used a three-legged-stool strategy back then. The make up of this stool was Social Security, […]
Are You Ever 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 […]
Applying for a Reverse Mortgage : What to Expect
If you’ve reached the point you are ready to apply for a reverse mortgage, you have likely done a fair amount of research (and if you haven’t, feel free to read through the informational articles here on my blog). So what comes next? Here’s a quick run down of what to expect… Age qualifications. You’re […]
Finding a Reverse Mortgage Lender
For many retirees, a reverse mortgage is a feasible option to living the golden years they always dreamed of, or for others it may be a path 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, […]
Is In-Home Senior Care Right for You?
In today’s fast-paced society, seniors are more independent than ever before. Many develop strong community ties, visit with nearby family frequently and even open their homes to out-of-state family, embrace a close circle of friends, and through options such as reverse mortgage, are able to stay in their homes comfortably for far longer than ever […]
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 […]
Reverse Mortgage FAQ – Part 3
This is the third in a three part series of frequently asked questions about Reverse Mortgage. You can find Part 1 here and Part 2 here. If you have questions that are not currently listed, please don’t hesitate to contact me directly. Will I Lose My Government Assistance If I Get a Reverse Mortgage? A […]
Reverse Mortgage FAQ – Part 2
This is the second in a three part series of frequently asked questions about Reverse Mortgage. You can find Part 1 here and Part 3 here. If you have questions that are not currently listed, please don’t hesitate to contact me directly. Can I get a Reverse Mortgage even if I have an existing mortgage? […]
Reverse Mortgage FAQ – Part 1
This is the first in a three part series of frequently asked questions about Reverse Mortgage. Find Part 2 here and Part 3 here. If you have questions that are not currently listed, please don’t hesitate to contact me directly. Are There Any Special Requirements to Get a Reverse Mortgage? In order to qualify for […]
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 […]
Should Your Financial Planner Be Discussing Reverse Mortgage?
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 […]
Understanding A Reverse Mortgage
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 homeowners and retirees looking for creative ways to enhance their golden years. Do I qualify? Age 62 or older The home you own must be […]
What To Know About Reverse Mortgages And 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 […]
How Bad Is The Retirement Crisis, Really?
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 […]
Reverse Mortgage Tips for Married Couples
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 […]
How A Widow Can Buy A Home Using A Reverse Mortgage
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 […]
The 7 Worst Reverse Mortgage Myths
Reverse Mortgage was created to give our retiring generation a way to keep their homes and manage the ever increasing costs of life 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 […]
Should Your Elderly Parent Age In Place?
As you watch your parents or loved ones age, it can often be a struggle to determine the best option for their long term housing. Should they age in place in their home? Should you make space in your home for them? Should they move to a long-term care facility? Or should they move to […]
Why You Should Pay Off A Traditional Mortgage With A Reverse Mortgage
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 […]
What Rising Interest Rates Mean for Reverse Mortgages
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 […]
Harvard Study Predicts Surge in Senior Households
A recent report by the Harvard Joint Center for Housing Studies, Projections and Implications for Housing a Growing Population: Older Adults 2015-2035, it is predicted that by 2035 one in five people will be aged 65 and older while one in three households will be headed by someone of that age and older. The report included the use […]
2017 to See Increase in Reverse Mortgage Loan Limit
It’s been several years since the Federal Housing Administration has raised the loan limit for reverse mortgages, but in 2017 the industry will finally see an increase. Currently the HECM loan limit is $625,500 and this will rise to $636,150. This new limit will apply only to case numbers issued on or after January 1, 2017. This increase […]
Use a Reverse Mortgage Line of Credit to Fund In-Home 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 […]
How to Help Your Parents with a Reverse Mortgage
Perhaps your parents raised you in the home they are now still living in. As you see them begin to slow, or have to jump on a plane every time they wish to see you, thoughts of helping them to have an easier time come across your mind. After all they deserve at this time […]
Does My Home Qualify 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 […]
Why a Reverse Mortgage is a Good Financial Strategy
Reverse mortgages are available to seniors 62 and over who either have their home paid off or have substantial equity. Certain criteria applies to the home in order to meet HUD’s rules, and although anyone on the loan must be 62 and over, they are available to married couples the same as individuals. The funds […]
Reverse Mortgage For Purchase – Everything You Need to Know
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 […]
Colorado Home Appraisals in High Demand
Colorado’s housing market is hotter than ever. Home prices are high, inventory is moving fast, and home appraisers are struggling to keep up with the demand. Because of this, when scheduling a home appraisal, the wait time between scheduling and the date of the actual appraisal is on average 4-5 weeks – and sometimes more. The […]
Retire in Comfort – How a Reverse Mortgage Can Help
For many who remember the reverse mortgage scares of the yester-years, the terms ‘comfort’ and ‘reverse mortgage’ seem like an unlikely duo. But they shouldn’t be. Since the FHA and HUD changed a few regulations stabilizing reverse mortgages in 2015, they have quickly been garnering new attention. Whether looking to boost monthly income, protect […]
IMPORTANT: Watch Out for Scams and Identity Theft
Did you know senior citizens are the #1 demographic to be hit with vicious scams aimed at stealing tens of thousands of dollars (and more)? As someone who works with these same people every single day, it breaks my heart. The kindness and trust they possess is something we should honor – NOT take advantage […]
Breaking Down the Reverse Mortgage Home Appraisal
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 […]
Common Questions about Reverse Mortgage from Adult Children
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. […]
The 7 Worst Myths Surrounding Reverse Mortgage 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 […]
Tips to Visualizing and Planning Your Retirement
Life in our country continues to change and one major shift is our personal life span, we are all living much longer, ready to enjoy the latter years of our life after many years of work, much longer. Since retirement commonly now spans up to twenty years and sometimes more, moving into life without steady work […]
How to Sell a Home that has an Existing Reverse Mortgage
Typically when a senior takes out a reverse mortgage loan on a home, they intend to age there. But on occasion and for various reasons, the homeowners wants to or needs to sell the home before the loan comes due and payable. So, what now? Although this is an important factor, it’s not nearly […]
What Exactly is a Reverse Mortgage Line of Credit?
Reverse mortgages aren’t new, but the shifting perspective on them certainly is. After undergoing various regulation changes the past couple years, everyone is taking a second look. Real estate agents are seeking more information on the Reverse Mortgage for Purchase so they can offer this option to their senior buyers. Adult children are realizing the […]
5 Interesting Facts About Reverse Mortgages
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 […]
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 […]
Reverse Mortgage in Colorado – 5 Quick Facts
The Reverse Mortgage, created to aid the realization of retirees dreams, will be in your face if you have approached, or are approaching, the eligible age of 62. As with the all special offers across Colorado, marketing can promote it in such a way as to allure you – or to terrify you. There […]
How Reverse Mortgage Helped a 100 year old Man Age at Home
Awhile back 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, […]
Do You Need A Colorado Elder Law Attorney?
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 […]
Can I Get a Reverse Mortgage if I have a HELOC on the Home?
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 […]
What Happens to a Reverse Mortgage After the Owners 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 […]
Why Do Only 3% of Seniors Use a Reverse Mortgage to Purchase a Home?
Why is it that only 2-3% of older Americans use the Reverse Mortgage for Purchase option to buy a home? Recent studies show that even with the option available to them, they still seek traditional funding or opt to pay cash. Why is that? Well, surveys have shown there are three main reasons: 1.) […]
Are You Prepared to Take Care of Your Parents?
The cost of eldercare is staggering. And so is the toll it takes on an adult child. Are you prepared for either? Or both? A recent MetLife study estimated that the total cost incurred by the caregiver alone (not including the costs directly related to care) is an average of $324,044. The financially impact can be […]
What Adult Children Need to Know about Reverse Mortgage
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. […]
Credit Lines Magnify Every Month with a Reverse Mortgage
With the varieties of opinions about reverse mortgages out in the marketplace a question comes up, that is, ‘would a reverse mortgage be a fall back, last resort, or would it be a positive option for a financial plan?’ While the answer lies in the hands of the borrower, or owner, there are worthy considerations to […]
What is a Reverse Mortgage Maturity Event?
When a conventional mortgage is taken there is always a maturity date. This date designates, if the borrower never defaults, the last payment (including all interest and principal) bringing closure to the loan. With a reverse mortgage there is a maturity event, that is, a designated event in the borrower’s life which makes the loan […]
Can a Reverse Mortgage Benefit a Widow?
When a spouse passes, it’s a very difficult time for the widow and the family. In addition to the emotional toll, it’s not uncommon to face a sudden and often unexpected financial toll. After a spouse passes, it is more common than not that there will be a reduction or elimination of the deceased spouses pension or social security […]
Responsibility as a Reverse Mortgage Holder
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 […]
Your Reverse Mortgage Appraisal
If you are a senior 62 or older considering a reverse mortgage, a home appraisal by an FHA approved appraiser is required for every loan. Once your reverse mortgage lender has received your application, the lender will contact an FHA appraiser. The appraiser will then contact you to schedule a time that works for them […]
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 […]
Beware: 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 Adult Children Need to Know About Reverse Mortgage
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 […]
Should Cash Home Buyers Consider a Reverse Mortgage for Purchase?
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 […]
A Crash Course on 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 Client’s Review of Reverse Mortgage for Purchase
This first hand account of how the decision to go with a Reverse Mortgage for Purchase instead of paying cash for a home changed the course of life for these homeowners is really impressive. I absolutely LOVE hearing stories like this! Reverse Mortgage for Purchase (aka HECM for Purchase) is available to seniors 62 and […]
Delay Social Security Benefits with a Reverse Mortgage
When planning for retirement, there will no doubt be a discussion about when a retiree should start taking their Social Security benefits. There are perks to delaying, for example Social Security benefits stand to increase as much as 7-8% per year if you don’t apply until age 70. But many seniors need this income. With […]
Why Society Is Reversing Their Thinking On Reverse Mortgages
Since the reverse mortgage industry saw big changes in 2015, 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 developed relationships, it […]
Reverse Mortgage and Your 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 […]
Another Reason Why I Love Loveland, Colorado
Loveland, Colorado is amazing for many reasons. While it sits right in the heart of Northern Colorado, with easy access to many surrounding bustling cities, it’s an incredibly low key town. The people are great, the community truly cares, and of course, it’s a haven for love and has been for 70 years. There’s a reason […]
Divorcing After Retirement? Reverse Mortgage Can Help
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 […]
Nursing Home vs Reverse Mortgage
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 […]
I Have A Reverse Mortgage On My Home – Can I Still Sell It?
For many that obtain a reverse mortgage, the plan is to stay and age at home, but sometimes reasons come up that the homeowner will want or need to sell the home. Is this possible if there is a reverse mortgage on the home? And what does it look like? Can a home with […]
Reflecting on the Holidays and Elderly Family
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 […]
Tackling Senior Identity Theft
What is Identity Theft? According to the 1998 Identity Theft and Assumption Deterrence Act identity theft is when someone “knowingly transfers or uses, without lawful authority, a means of identification of another person with the intent to commit, or to aid or abet, any unlawful activity that constitutes a violation of federal law, […]
What is an FHA Insured Reverse Mortgage Loan?
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 […]
Can a Reverse Mortgage Provide Financial Security for Life?
The reverse mortgage of today is NOT your mother’s reverse mortgage. The once shamed program is now helping seniors from all different walks of life fill retirement gaps and provide protection and stability through their golden years. Financial advisers and retirement planners are beginning to incorporate a reverse mortgage into retirement portfolios at the beginning of retirement, […]
Six Ways to Use a Reverse Mortgage to Protect Retirement Income
Reverse mortgages have long been shunned by many financial professionals, often thought of as a lifeline for desperate and broke seniors. This thinking wasn’t misplaced. Reverse mortgages were often often only used for these type of scenarios. But as retirement planners are facing the harsh reality of slower than anticipated growth in investments and a stagnant economy, […]
Get Your Dream Home with Reverse Mortgage for Purchase
When we’re working hard and raising a family, there are two things we often hope to achieve in our future – having no house payments and living in our dream home. Then as the years close in on retirement, these may still seem unachievable – but they’re not. With the Reverse Mortgage for Purchase program seniors […]
How to Use Home Equity for Retirement Security
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 […]
Should Reverse Mortgage Be Part Of Your Retirement Portfolio?
For the past quarter century seniors have easily managed to retire on three things: company pension plans, social security, and personal savings. But with a rocky economy not long behind us – and still unsteady in many areas, baby boomers are being forced to take a second look at their retirement portfolios. Previously, tapping into […]
What Happens to a Reverse Mortgage After Owners 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? These are very valid concerns – so I’d like to offer some clear […]
Salute to Seniors Expo 2015 at the Ranch in Loveland – Reverse Mortgage
I’m looking forward to attending the 2015 Salute to Seniors Expo on Thursday, October 14, 2015 from 9:00am – 3:00pm! The Salute to Seniors Expo will be held at the First National Bank Exhibition hall, just south of the Budweiser Events Center on the grounds of the Ranch Events Complex in Loveland, Colorado. Please stop by […]
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 […]
How Prepared Are You If Your Spouse Dies? Part 1
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 […]
Reverse Mortgage For Purchase – What You Need To Know
We’re all familiar with the two most common options to purchase a home – take out a mortgage loan or pay cash. But for seniors 62 and over, there’s another option – the Reverse Mortgage for Purchase program (aka HECM for Purchase). Looking for a home in Fort Collins, Loveland or Longmont, Colorado but finding […]
Finding A 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 or have a substantial amount of equity in it and be at least 62 years old. In […]
Reverse Mortgage Funds In-Home Senior Care
Reverse mortgage has long been used to help seniors convert home equity into cash, and the funds can be used for anything the borrowers sees fit. The reason homeowners are looking to tap into these funds varies widely, but they’re commonly used to pay for extraordinary out of pocket medical expenses, including in-home senior care. […]
Reverse Mortgage Helps Widow Buy a Home
It’s a scenario many wish wasn’t reality, but often it is… 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 […]
Reverse Mortgage and the Alternatives
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. […]
A Hidden Gem – Reverse Mortgage for Purchase
Nearly everyone is familiar with a Reverse Mortgage and many even know someone who has used one to increase cash flow or help them remain in their existing home. But what many people don’t realize is that you can also use one to purchase a home. This little known portion of the reverse mortgage program, […]
Reverse Mortgage and the Married Couple
Maybe you have been looking at reverse mortgage online and as you read and learn, the question keeps arising: ‘what about my spouse?’ This is a perfect starting point for understanding the long term effects of taking out a reverse mortgage as a couple. Here are a few points to understand: • As […]
Crisis in Retirement
It is unfortunately not surprising, but more than half of Americans have less than $10,000 in savings. Most coming to retirement age these days do not even have the resources to cover the living expenses and health care costs if they were to leave their jobs. Is retirement only for the rich? The numbers have been […]
How Reverse Mortgage Can Help With A HELOC
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 values of personal homes gave their owners a strong resource to draw upon in the form of a loan. […]
Beware of Reverse Mortgage Scams
Like all businesses, there are representatives that are doing an honest job offering themselves for service and help. And unfortunately there are others seeking their own personal advantage. This applies even to reverse mortgages, as the elderly are often prey to scams. Do not be naive and assume that because the program is there to help, that […]
What Latest Reverse Mortgage Changes Really Mean?
In April of this year, HUD release new regulations that reverse mortgage lenders must abide by. As before, borrowers must be 62 or older and be obtaining the loan on a home that is their HUD approved primary residence. The borrower will still be the homeowner and will always retain the title except now, with a […]
Reverse Mortgage Questions Answered for Adult Children
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. […]
Dispelling Myths About Reverse Mortgage
A reverse mortgage is a specialized form of loan for those 62 years and older. It offers a way to entertain the lifestyle you imagined, from long held dreams of RVing or travel, to the changing desires that come with events like children moving to different states, or just simply the ability to age in financial […]
Being Responsible with a Reverse Mortgage in Longmont, CO
The Reverse Mortgage (HECM) program in Longmont, Colorado continues to help millions create the life of their dreams as they retire and relax into this time of their lives. Seniors age 62 and over are eligible for this type of loan. Regardless of the type of reverse mortgage you get (traditional, line of credit, […]
Reverse Mortgage – How Adult Children Can Help Their Parents
Perhaps your parents raised you in the home they are now ambling about. As you see them begin to slow, or have to jump on a plane every time they wish to see you, thoughts of helping them to have an easier time come across your mind. After all they deserve at this time […]
A Reverse Mortgage Appraisal – Preparation
After you fill out the application for a reverse mortgage, with the help of a trusted and reputable reverse mortgage specialist, an appraisal of your home needs to be conducted. This can be a nervous moment to have a stranger come into the home you have enjoyed for many years for the purpose of […]
A Reverse Mortgage Appraisal – The Facts
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 can be very helpful for you because they lay down where you are in equity. In fact they are required. The process is very […]
Unraveling The Myths Around Reverse Mortgage
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 […]
Adult Children and Reverse Mortgage in Longmont, Colorado
When your parents move into this stage of their life there may be many considerations for them, their comfort, and your relationship to them. During the discussion process the option of reverse mortgage is a good one to consider. The equity from their home can be turned into available resources. This will help make it […]
Retirement on the Horizon with Reverse Mortgage
Retirement was once considered a “golden age” in decades past. It was held as a time for you to relax and enjoy life after years of hard work for your family and your assets. This can still be possible, even in the ever changing society with it’s unexpected expenses. Reverse mortgage could be […]
Taxes and a Reverse Mortgage in Colorado
Spring has sprung in Fort Collins and Loveland again! That’s the good news. The bad news is this also means it’s tax time. It’s common during this time of year for me to receive a few questions regarding taxes and reverse mortgage – from both those considering a reverse mortgage, and those who already have a […]
Reverse Mortgage Terms to Know – Part I
If you’re considering a reverse mortgage, you’ve likely read a handful of short articles on them, or Home Equity Credit Mortgage (HECM). You probably have a sense of what a reverse mortgage is and what it is not. So you read longer more detailed articles and meet with a lender, only to find yourself in […]
Reverse Mortgage Financial Assesment in Colorado
The FHA is imposing new rules for borrowers when obtaining a reverse mortgage. The date of these changes has been confirmed by the FHA to be April 27th, 2015. Borrowers must be 62 or older, be obtaining the loan on a home that is their HUD approved primary residence. Just like with any other type of home loan, […]
Reverse Mortgage in Colorado – Points to Know
The Reverse Mortgage, created to aid the realization of retirees dreams, will be in your face if you have approached, or are approaching, the eligible age of 62. As with the all special offers across Colorado, marketing can promote it in such a way as to allure you – or to terrify you. […]
Credit Lines Magnify Every Month with a Reverse Mortgage
With the varieties of opinions about reverse mortgages out in the marketplace a question comes up, that is, ‘would a reverse mortgage be a fall back, last resort, or would it be a positive option for a financial plan?’ While the answer lies in the hands of the borrower, or owner, there are worthy considerations […]
First a Vision, Then a Plan – Reverse Mortgage a viable option
Life in our country continues to change and one major shift is our personal life span, we are all living much longer, ready to enjoy the latter years of our life after many years of work, much longer. Since retirement now spans up to thirty years and sometimes more, moving into life without steady […]
Unexpected benefits of Reverse Mortgage – Stay at home!
As you grow older your needs of body, mind and heart change, sometimes requiring assistance. Have you even 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 […]
The Time is NOW to Consider a Reverse Mortgage
Did you think it could be better timing to act now when drawing on the equity of your house? It might seem the longer you wait the higher your equity will become, and thus the greater advantage you will have in drawing upon it. Not so in the case of a reverse mortgage right […]
Win – Win with a Reverse Mortgage
Our country holds value for you having a home you love, and also gives you room to grow and change as life inevitably does. In 2008 the FHA instituted a program making it possible to BUY a home with a reverse mortgage. What an option this could be, and it is only one of many smart […]
Nursing Homes, In-Home Care & Reverse Mortgage
To most, elderly and nursing homes go hand in hand. But did you know when speaking with elderly people, one of their biggest fears is being placed into a nursing home? And who can blame them? When considering the psyche of an older senior, nursing homes or convalescent homes mean “end of life”. Yet with […]
Reverse Mortgage for Purchase : A Crash Course
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 homebuyers 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 for Purchase – from a Client’s Perspective
This first hand account of how the decision to go with a Reverse Mortgage for Purchase instead of paying cash for a home changed the course of life for these homeowners is really impressive. I absolutely LOVE hearing stories like this! Reverse Mortgage for Purchase (aka HECM for Purchase) is available to seniors 62 […]
Should Seniors Buying a Home Use A Reverse Mortgage for Purchase?
Seniors typically want to be homeowners, often purchasing a new home during their retirement years – some for the very first time. The reasons they are looking to purchase varies, ranging from downsizing, eliminating burdensome stairs or extensive grounds upkeep, moving closer to family, or possibly purchasing their dream home in a different climate. Whatever the […]
Baby Boomers Have Largest Home Equity, Study Finds
Although Zillow’s Negative Equity Report for the second quarter of 2014 may have some negative numbers (for instance there are more than 8.7 million homeowners with a mortgage still remaining underwater), there are a few highlights to mention. First, while approximately 18.7 percent of Generation X homeowners are underwater on their mortgage only 10.9 […]
Reverse Mortgages Can Eliminate House Payment
Just yesterday, Fox Business published a very thorough article outlining how and why a senior may want to use a reverse mortgage to pay off an existing conventional mortgage loan. After discussing the positive recent changes the reverse mortgage industry has seen, including using it as a retirement planning tool, the article discussed different scenarios […]
Will A Reverse Mortgage Affect 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 […]
Can A Reverse Mortgage in Greeley, CO Provide Guaranteed Cash Flow For Life?
Did you know the average retiree in Greeley, Colorado lives off $1,230 per month from Social Security and a small nest egg? Often times that nest egg only lasts for a portion of the retirement years while their retirement may actually last for two to three decades. This is why financial advisers and retirement planners are […]
Maturity Date versus Maturity Event in Reverse Mortgage Loan
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 […]
Why Reverse Mortgage for Purchase is Different
The Reverse Mortgage for Purchase program is an age-based mortgage insured by the FHA for folks aged 62 and older. Unlike a traditional mortgage, monthly payments are deferred and the loan balance increases over time. Because the loan is backed by the FHA, neither the borrower(s) nor their heirs are personally liable for the debt. There are […]
Can Reverse Mortgage Help You Achieve Your Retirement Vision?
In an era where “retirement” has taken on whole new meaning and commonly lasts for two or three decades, more and more retirees are ready to live the latter part of their life to the fullest. They see this as a time to enjoy life after years of working and raising a family. But in order to […]
Reverse Mortgage and the ‘Standby’ Strategy
In a recent Bloomberg article, the author laid out the case for using reverse mortgage as a responsible option for long-term financial planning. Assistant professor of financial planning at Texas Tech University, John Salter, and two of his colleagues put the scenario to the test. Here is what they found: Salter and […]
A Great Solution for Seniors : Reverse Mortgage
To most, elderly and nursing homes go hand in hand. But did you know when speaking with elderly people, one of their biggest fears is being placed into a nursing home? And who can blame them? According to National Center on Elder abuse, one study interviewing 2,000 nursing home residents reported that 44% said they […]
Reverse Mortgage in Retirement : Now or Last Resort?
Research suggests that many baby boomer and beyond retirees will not be in a financial position to avoid using home equity as part of their retirement strategy, meaning they will be increasingly turning to reverse mortgage. Senior homeowners are more commonly seeking advice from their retirement planners on whether to consider a reverse mortgage […]
5 Things You Should Know About A Reverse Mortgage
If you’re a senior over 62, reverse mortgage marketing will begin to creep into your life. It’s inevitable. Sometimes it’s big, flashy promises and other times it’s scary horror stories. To help you filter through the hype, here are 5 important things every senior should know about a reverse mortgage: 1. You do not […]
HECM LOC Credit Line Grows Every Month
Unlike the traditional HELOC’s fixed borrowing limit, the HECM credit line increases at the current compounding rate. This feature is particularly valuable the longer the client stays in their home. A scenario: A 62 year-old couple has a home worth $200,000 with no mortgage. They get a HECM LOC and keep it in […]
Fort Collins & Loveland Colorado Top Nation’s Most Satisfied Cities
For those already residing in Fort Collins or Loveland, it will come as no surprise that these cities ranked #1 in a nationwide Gallup poll which asked residents how satisfied they were with their city. But for those living elsewhere, it will suggest there is something wonderful and special in this area. Fort Collins/Loveland has […]
Reverse Mortgage for Purchase Down Payment Information
Reverse mortgage for purchase is a popular option for seniors wishing to purchase a home and live mortgage payment free, just as they would with a traditional reverse mortgage. This program has been a wonderful tool used by homeowners in Northern Colorado, including Longmont, Fort Collins, Loveland and Greeley. Here are few basics to the […]
Taxes and your Reverse Mortgage
Spring has sprung in Northern Colorado again! That’s the good news. The bad news is this also means it’s tax time. It’s common during this time of year for me to receive a few questions regarding taxes and reverse mortgage – from both those considering a reverse mortgage, and those who already have a […]
3 Things to Do with a Reverse Mortgage in Colorado
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 […]
NBC’s Today Show Discusses Reverse Mortgage
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? […]
Reverse Mortgage Fosters Relationship with Senior Real Estate Specialists
Many 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 […]
Strong Home Sales Highlight Reverse Mortgage for Purchase
As 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 […]
How to Alleviate HELOC Payment Shock with Reverse Mortgage
At the peak of the housing boom thousands of Loveland and Fort Collins homeowners tapped into their biggest asset – their home – and took out a home equity line of credit or a HELOC. Many of these loans are set to amortize after 10 years, meaning these borrowers are about to see some serious […]
Reverse Mortgage for the Married Couple
It’s a common question among those considering a reverse mortgage, especially in the Loveland and Fort Collins area – “I’m married. What about my spouse?” 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 and feel confident any […]
A Retirement Crisis by the Numbers
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 […]
Can a Reverse Mortgage Help a Loved One this Holiday Season?
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 […]
Reverse Mortgage Changes Opens Doors of Opportunity
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, […]
Reverse Mortgage and the Housing Supply
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. […]
Reverse Mortgage Boosts Cash Home Buyers
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 […]
How Reverse Mortgage Helped a 100 year old Man Age at Home
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, […]
Reverse Mortgage Helps Widow Buy a Home
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. […]
Marisol Senior Living Community in Loveland, Colorado
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 […]
A Heartbreaking Time for Northern Colorado
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 […]
Reverse Mortgage for Purchase by the Numbers
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 […]
Changes to Reverse Mortgage
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 […]
FAQ’s about Reverse Mortgage for Purchase
In a recent blog article, I discussed the various options to use reverse mortgage to purchase a home. One of those options is the Reverse Mortgage for Purchase program (aka HECM for Purchase). This is an excellent option to acquire a home in Fort Collins, Loveland or Greeley, Colorado – and offers flexible options […]
How to Purchase a Home with Reverse Mortgage
There are many reasons a senior may want to purchase a new home versus staying in an existing home. Possibly they want to move closer to town or to family, or eliminate stairs, or reduce size and upkeep. As long as they are 62 years or over, the Reverse Mortgage for Purchase Program could be […]
Summer Vacation, Adult Children, and Reverse Mortgage
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 […]
How Reverse Mortgage Works in Fort Collins, CO
The beautiful areas of Fort Collins and Loveland, Colorado are home to many retirees and seniors. Year after year, this area makes news as one of the best places in the nation to retire. Elderly adults stay active, family loves to come visit, and with over 300 days of sunshine per year, it’s hard to […]
Fulfilling Dreams with Reverse Mortgage in Fort Collins, CO
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 […]
Jan Jordan 1310 KFKA Radio Saturday, June 29th
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 […]
Reverse Mortgage a Lifeline for Seniors with Modest Means in Loveland Colorado
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 […]
How Reverse Mortgage is Helping the Baby Boomers
While the “baby boomer” generation inches towards retirement, the economy in many areas is still rather dismal. Many took major losses in the 2008 economic meltdown, losing their hopes for a prosperous retirement. In situations such as this, reverse mortgage is becoming an important piece of retirement planning. Seniors, 62 years and older and regardless […]
Finding a Reverse Mortgage Lender
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. There are no […]
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 […]
Reverse Mortgages Helping the Eldery 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 […]
Is In-Home Senior Care Right For You?
In today’s fast-paced society, seniors are more independent than ever before. Many develop strong community ties, visit with nearby family frequently and even open their homes to out-of-state family, embrace a close circle of friends, and through options such as reverse mortgage, are able to stay in their homes comfortably for far longer than ever […]
Are Reverse Mortgages an Under-Utilized Lifeline?
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, […]
Frequently Asked Questions – Part 3
This is the third in a three part series of frequently asked questions about Reverse Mortgage. You can find Part 1 here and Part 2 here. If you have questions that are not currently listed, please don’t hesitate to contact me directly. Will I Lose My Government Assistance If I Get a Reverse Mortgage? […]
Frequently Asked Questions – Part 2
This is the second in a three part series of frequently asked questions about Reverse Mortgage. You can find Part 1 here and Part 3 here. If you have questions that are not currently listed, please don’t hesitate to contact me directly. Can I get a Reverse Mortgage even if I have an existing […]
Frequently Asked Questions – Part 1
This is the first in a three part series of frequently asked questions about Reverse Mortgage. Find Part 2 here and Part 3 here. If you have questions that are not currently listed, please don’t hesitate to contact me directly. Are There Any Special Requirements to Get a Reverse Mortgage? In order to […]
Understanding Identity Theft
What is Identity Theft? According to the 1998 Identity Theft and Assumption Deterrence Act identity theft is when someone “knowingly transfers or uses, without lawful authority, a means of identification of another person with the intent to commit, or to aid or abet, any unlawful activity that constitutes a violation of federal law, […]
Changes to Social Security for 2013
The beginning of 2013 brought about several changes to everything from health insurance to tax code to social security benefits. While the majority of these changes have been small and will affect seniors very little, a few of them will directly impact recipients of social security benefits. Here’s what to expect: Extended online […]
Reverse Mortgage and the Alternatives
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. […]
Should Reverse Mortgage be in your Retirement Portfolio?
For the past quarter century seniors have easily managed to retire on three things: company pension plans, social security, and personal savings. But with an uncertain economy facing us today and in the future, many baby boomers are taking a second look at their retirement portfolios. Previously, tapping into home equity for retirement has […]
Can a Reverse Mortgage Benefit a Widow?
When a spouse passes, it’s a very difficult time for the widow and the family. In addition to the emotional toll, it’s not uncommon to face a sudden and often unexpected financial toll. After a spouse passes, it is more common than not that there will be a reduction or elimination of the deceased spouses pension or social security […]
Home for the Holidays and Reverse Mortgage
While Christmas 2012 turned into New Year’s 2013, many families came together to celebrate the holidays. Adult children enjoyed spending time with their aging parents or relatives. Grandchildren and great-grandchildren had their cheeks pinched and were forced to eat spoiled left overs from the fridge (we’ve all been there, right?) For some spending time with […]
Your Reverse Mortgage Appraisal
If you are a senior 62 or older considering a reverse mortgage, a home appraisal by an FHA approved appraiser is required for every loan. Once your reverse mortgage lender has received your application, the lender will contact an FHA appraiser. The appraiser will then contact you to schedule a time that works for them […]
Responsibility as a Reverse Mortgage Holder
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) regardless of income and credit. But although they will not have a monthly mortgage payment to pay, they are still responsible for some […]
5 Ways to Spot a Reverse Mortgage Scam
Watching out for a reverse mortgage scam should be on the top of the list for anyone considering such a loan, but it’s especially concerning to adult children who are looking out for their aging parents. There are some fairly simple guidelines to abide by in order to steer clear of such fraud. […]
Reverse Mortgage Tips for Married Couples
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 […]
Reverse Mortgage or Home Equity Loan?
When talking with senior homeowners or their adult children, a common question is why not just get a home equity loan? It’s important to understand the difference between a reverse mortgage and a home equity loan. Here are some very important differences: Qualifications A homeowner requesting an equity loan will […]
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 […]
Reverse Mortgage and Retirement Financial Planning
When financial planners counsel retirees on how to best leverage their retirement, social security, and assets, considering a reverse mortgage is often 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 […]
Beware: 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 […]
What Happens to a Reverse Mortgage After the Owners Pass?
A common question and concern surrounding reverse mortgage is what will happen to the home after the homeowners pass? Will the bank take possession? Will it be allowed as inheritance? Will it be possible to keep the home in the family? These are very valid concerns – so I’d like to offer some […]
Should Your Elderly Parent Age in Place?
As you watch your parents or loved ones age, it can often be a struggle to determine the best option for their long term housing. Should they age in place in their home? Should you make space in your home for them? Should they move to a long-term care facility? Or should they move […]
What Adult Children Need to Know About Reverse Mortgage
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 […]
5 Reverse Mortgage Myths
Myth #1: You lose your home Fact: You retain the title to your home Myth #2: It’s only for broke people Fact: Many retirees use reverse mortgage Myth #3: It’s free money Fact: It’s a specialized loan Myth #4: My equity is safe Fact: Your equity is subject to the housing market Myth #5: It’s […]
What EXACTLY is a Reverse Mortgage?
Imagine living in your home mortgage free, or enjoying monthly proceeds for life benefiting from the years you’ve invested in your home. A reverse mortgage is a unique tool designed for seniors 62 and older. You enjoy access to part of the equity in your home and the freedom and comfort of the home you’ve […]
Understanding a Reverse Mortgage
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 homeowners and retirees looking to make a lifestyle change. Do I qualify? Age 62 or older The home you own must be your primary […]
