Tag: reverse mortage

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.

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

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Reverse Mortgage Helping Seniors in Fort Collins Colorado Loveland Greeley

 

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

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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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Reverse Mortgages Helping the Eldery Age at Home

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Reverse Mortgage Colorado Fort Collins Loveland Berthoud Greeley WindsorAs 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?

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reverse mortgage colorado fort collins loveland greeley
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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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.

 

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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” →

Frequently Asked Questions – Part 1

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reverse mortgage colorado fort collins loveland

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.