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Reverse Mortgage a Lifeline for Seniors with Modest Means in Loveland Colorado

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

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

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How Reverse Mortgage is Helping the Baby Boomers

Posted on June 6, 2013June 18, 2013 by janjordan

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 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

Posted on May 6, 2013June 17, 2014 by janjordan

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

Posted on April 23, 2013June 23, 2013 by janjordan

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 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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Reverse Mortgages Helping the Eldery Age at Home

Posted on April 15, 2013June 23, 2013 by janjordan

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 using this opportunity to pay for care that would otherwise not be covered by basic Medicare or Medicaid.

Traditionally, “long term” elder care takes place in a nursing home or assisted living facility. Medicare or Medicaid will often cover these expenses. but there is little public assistance for “in-home care”, although it varies from state to state. As economic woes lend to retirement fears, reverse mortgage is more commonly being utilized for what it can do best, provide security for those most in need and offer a longer-term lifeline without disrupting the lives of the recipients.

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Is In-Home Senior Care Right For You?

Posted on April 4, 2013June 23, 2013 by janjordan

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. But what happens when living at home alone becomes a concern for these seniors and/or their adult children? In the past, it typically meant one of two things: move-in with family or move to a senior care facility. Often times though, a move like this can be detrimental in itself. In-Home Senior Care may be all that is needed to alleviate concerns and keep everyone happy.

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Are Reverse Mortgages an Under-Utilized Lifeline?

Posted on March 26, 2013June 23, 2013 by janjordan

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 retiring with less. The Pew Research Center has found that between 2002 and 2011, the percent of adults who said that they “will not have enough money to live comfortably” in retirement rose from 32% to 53%. Among adults in the 55 to 64 age bracket, the percent who are “not too” or “not at all” confident that they will have enough to live on in retirement rose from 26% in 2009 to 39% in 2012. These are alarming statistics.

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Frequently Asked Questions – Part 3

Posted on March 15, 2013June 23, 2013 by janjordan

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 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.

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Frequently Asked Questions – Part 2

Posted on March 1, 2013June 23, 2013 by janjordan

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.

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Frequently Asked Questions – Part 1

Posted on February 18, 2013March 15, 2013 by janjordan

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 a reverse mortgage, you must own your home, be at least 62 years old, and have some equity in your home. There are no income, credit, or medical requirements.

How Much Money Can I Get?

In general, the older you are (or the youngest borrower in the case of couples) and the more valuable your home, the more money you can get. Other factors also come into play, such as: the appraised home value, interest rates, and the amount of equity in your home.

Does My Home Qualify?

Eligible properties include single-family homes, 2-4 unit properties, modular homes, condominiums, and townhouses. This home must also be your primary residence.

What are My Payment Plan Options?

Funds from a reverse mortgage can be received all at once as a lump sum, as fixed monthly payments for a set term or for as long as you live in the home, as a line of credit which allows you to draw on the loan proceeds at any time, or a combination of all these.

How Can I Use the Proceeds from a Reverse Mortgage?

Their are no restrictions as to how the proceeds from a reverse mortgage can be used. Whether it is to supplement retirement income, to cover your living expenses, to repair/modify your home, to pay for medical expenses, prevent foreclosure, pay off existing debts, or simply do something for nice yourself, no one can tell you how you must spend your money.

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.