Tag: financial planning

Jan Jordan 1310 KFKA Radio Saturday, June 29th

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

 

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

 

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

How Reverse Mortgage is Helping the Baby Boomers

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Reverse Mortgage Colorado Fort Collins Loveland GreeleyWhile 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 of income or credit, now have the ability to fund their retirement using the equity in their homes, alleviating mortgage payments, and receiving either a lump sum or monthly pay-outs as long as the borrower(s) remain in the residence.  For many, this option makes a world of difference, allowing for the sought after prosperous retirement years instead of barely scraping by on a budget.  Reverse mortgage funds can be used for any purpose the borrower chooses, and is often used to help with every day expenses or long term medical costs.

 

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Finding a Reverse Mortgage Lender

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reverse mortgage colorado fort collins loveland greeley

 

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 income, credit, or medical requirements.  In general, the older the borrower (or the youngest borrower in the case of couples) and the more valuable the home, the more money available.  Other factors also come into play, such as: the appraised home value, interest rates, and the amount of equity in the home.  Once a basic understanding of how a reverse mortgage works, the next step is finding a lender.

 
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Understanding Elder Law

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Reverse Mortgage Colorado Fort Collins Greeley LovelandElder 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 other areas of law that affect the elderly. Typically one lawyer will not have expertise in every area, but will instead work with a network of attorneys who can supplement in specific areas when needed and vice versa.  Also, keep in mind just because an individual is elderly does not mean they need an elder law attorney.  Elder law is focused on legal problems specific to the elderly.  Concerns with other areas of law may best be handled by attorneys dedicated to those areas.

 

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Frequently Asked Questions – Part 3

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reverse mortgage colorado fort collins loveland greeleyThis 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 does not affect regular Social Security or Medicare benefits. However, if you are on Medicaid or other public assistance, any reverse mortgage proceeds that you receive must be used immediately or they may affect your eligibility. Reverse mortgage funds that you retain would be considered an asset, just as other bank funds.

 

Continue reading “Frequently Asked Questions – Part 3” →

Frequently Asked Questions – Part 2

Posted on by janjordan

Reverse Mortgage Colorado Fort Collins Loveland Greeley
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?

 

You may qualify for a reverse mortgage even if you still owe money on an existing mortgage. The existing loan will be paid off first with the reverse mortgage funds, then the remainder of the funds will be given to you.  This scenario would apply as long as the amount of the reverse mortgage is larger than the existing loan.  For example: if you owe $100,000 on an existing mortgage and you qualify for $125,000 under the reverse mortgage program, under these circumstances you would still have $25,000 left over to do with as you wish AND you would no longer have a mortgage payment.

 

Continue reading “Frequently Asked Questions – Part 2” →

Changes to Social Security for 2013

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reverse mortgage colorado fort collins loveland windsor greeley berthoud

 

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 services: Many services are now available online that never have been before, such as: starting Social Security payments, accessing benefit verification letter and payment history, change of address, start/stop/change direct deposit information.  Access to this information will reduce the burden of Social Security offices nationwide by allowing workers to have conversations that really need to be done face to face, as well as reduce the burden on seniors who may have trouble getting around.  Online services can be accessed at www.ssa.gov/onlineservices

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Reverse Mortgage and the Alternatives

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Reverse Mortgage

 

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 Mortgage

 

A reverse mortgage is available to seniors 62 and older regardless of income or credit.  Homeowners who obtain these loans do not make monthly mortgage or loan payments but  instead receive either a lump sum of money or monthly installments paid directly to them based on the equity in their home.   The loan does not have to be repaid until the last borrower passes away, at which time there are options available to heirs.  The amount of the loan depends on the amount of equity in the home and the age of the borrowers – the older the borrower, the more money they can receive.  This is an excellent option for seniors on a fixed income, with questionable retirement funds, or declining health.

 

Home Equity Loan

 

A home equity loan also taps into equity by borrowing money against the home.  This type of loan will be processed as a conventional loan and income and credit restrictions will apply, as well as monthly payments will need to be made to the lender.  If income is fixed, it could be unlikely a senior will qualify for a home equity loan.  Any health or future financial concerns should be thoroughly thought through prior to taking out a home equity loan.  Loading up the home with debt during retirement can be risky and could result in loss of the home if the borrowers are unable to make their monthly payments.

 

Downsize

 

Another option would be to downsize all together by selling the existing home and moving into a more modest situation.  Depending on the amount of equity in the home, a homeowner may be able to sell the home for enough money to comfortably be able to make rent or mortgage payments for 10 to 20  years.  Just as with a home equity loan, this option could be risky for a person with health concerns as the funds set aside for housing could be needed elsewhere.

 

Before making any major decisions regarding how to effectively use the equity in your home, it is best to consult with a financial adviser and a reputable reverse mortgage lender.

 

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

Should Reverse Mortgage be in your Retirement Portfolio?

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Reverse Mortgage Colorado Financial Planning
Reverse Mortgage and Retirement

 

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 been considered a last resort.  But should it be?

 

Both company pensions and social security benefits face much uncertainty down the road.  And if boomers have had the ability to hold onto any personal savings during the economic downturn, it likely took a hit as well.  But when adding home equity into the retirement equation, statistics show most baby boomers 51 and over have enough to retire comfortably.  So where does this leave reverse mortgages?

 

For seniors 62 and over, reverse mortgage is a feasible option, regardless of income or credit.  Homeowners can access the equity in their home and no repayment is due until the last borrower passes or permanently leaves the home.  For some retirees, it could mean the difference between living and living comfortably.

 

When looking down the road toward financial planning for retirement, ask yourself a few questions and determine if a reverse mortgage might fit into your Plan A or your Plan B.  Discuss it with your spouse and with your financial planner.  Learn the facts about reverse mortgage and how it will affect your loved ones after you pass.

 

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

 

 

 

Can a Reverse Mortgage Benefit a Widow?

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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 benefits. This can create a serious strain on the widow to continue to make mortgage payments, property taxes, homeowners insurance, home repairs, in addition to other daily expenses.

 

If you are a widow financially struggling without your spouse, a reverse mortgage can be of benefit.  Senior homeowners age 62 and over may qualify for a reverse mortgage, regardless of income or credit.  A reverse mortgage does not have to be repaid as long as the homeowner continues to live in the home.  This can make it possible for a widow to remain in the home without the financial strains that may be present otherwise.

 

If you are a married couple considering a reverse mortgage, you can find some helpful tips here.  You can also learn more about what happens to your home after both spouses pass away here.

 

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