reverse mortgage lender Archives - Colorado Reverse Mortgage Specialist

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Here’s Where To Start If You’re Considering A Reverse Mortgage

Posted on May 30, 2023June 5, 2023 by janjordan

reverse mortgage loveland fort collins greeley longmont westminster colorado 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 on the eligibility criteria, loan types, repayment requirements, and any associated costs. This will help you make an informed decision.
Consult with Professionals: Consider consulting with a financial advisor or an elder law attorney who can review your financial situation and provide personalized advice. They can help you assess whether a reverse mortgage aligns with your long-term financial goals and explore any legal or tax implications.
Find Lenders: Identify reputable lenders who offer reverse mortgages. Look for those approved by the Federal Housing Administration (FHA) or other relevant regulatory bodies. Compare lenders based on their reputation, ties to the community, information, and customer reviews. It’s advisable to select a lender with specific experience in reverse mortgages.
Gather Information: Once you’ve chosen potential lenders, contact them to request information and application materials. They will provide you with details about their specific reverse mortgage products, requirements, and the application process. The reverse mortgage professional you choose should be easy to get a hold of, knowledgeable, and able to answer any and all questions.
Seek Counseling: Counseling is a mandatory step in the process and is designed to provide you with unbiased information and guidance. The counselor will evaluate your financial situation, discuss alternatives, and help you determine if a reverse mortgage is the right choice for you.
Application Process: Begin the application process with your chosen reverse mortgage professional and lender. You will need to provide various documents, including identification, proof of homeownership, income verification, and information about outstanding mortgages or liens on the property. The lender will guide you through the specific documentation requirements.
Home Appraisal: The lender will arrange for a professional appraisal of your home to determine its current market value. This step is necessary to calculate the maximum loan amount you may be eligible for.
Loan Approval and Closing: After reviewing your application, financial assessment, and appraisal report, the lender will decide whether to approve the loan. If approved, you will proceed to the closing process. During closing, you’ll sign the necessary documents, including the loan agreement and any other legal paperwork.

Remember to take your time, ask questions, and carefully review all the details before proceeding. It’s important to fully understand the terms and conditions of the reverse mortgage before making a decision.

Reverse mortgages are available to homeowners 62 and over, including married couples. Reverse mortgages are gaining in popularity among retirees from all walks of life. A reverse mortgage for purchase option is available for those looking to purchase a new residence.

Jan Jordan is a Reverse Mortgage Specialist serving the Fort Collins, Loveland, Greeley, Longmont, Boulder and other Front Range areas of Colorado, as well as the Cheyenne and Laramie communities of Wyoming. Contact Jan and learn if reverse mortgage is right for you.

Looking For A Reverse Mortgage Professional? Here’s Some Differences

Posted on May 23, 2023June 5, 2023 by janjordan

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?

Here’s some information I think anyone considering a reverse mortgage needs to know about the various professionals who work in the industry:

Banks and Credit Unions – Most local banks and credit unions do not offer reverse mortgage loans, although sometimes the larger ones will. Unfortunately seeking a loan through them can often mean little or no face-to-face time, and it’s not uncommon for these banks to leave the industry down the road. At one time Wells Fargo and Bank of America were in the business, but they quit, leaving their borrowers with loans that few employees can understand and little help if reverse mortgage customers need it.

Brokers – A reverse mortgage broker is a third party individual that is licensed by the state but doesn’t work directly with a lender, instead they essentially shop the marketplace. When working with a broker, borrowers will pay higher fees because they will have to cover the costs of the broker. In addition, because all transactions run through a third party, things can easily get slowed down or even stalled completely.

Direct Lender Specialists – This is the category I fall into. Working directly with a lender that specializes in FHA insured HECM reverse mortgages, such as Mutual of Omaha, direct lender specialists are able to offer local, personal, face-to-face time with clients, and eliminate the need for costly third-party fees. We are able to do all this while ensuring the smoothest, most efficient transaction possible because they are handling the loan and not farming it out to another company.

Reverse mortgages are available to individuals and married couples age 62 and older. These FHA insured loans allow homeowners to live mortgage and loan payment free until they pass away, permanently leave the home (meaning 12 consecutive months), or they default on financial responsibilities associated with the home, such as property taxes or homeowner’s insurance. The funds are available via monthly installments, a line of credit, a lump sum, or even to purchase a home.

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

Understanding Different Reverse Mortgage Professionals

Posted on June 26, 2017July 12, 2017 by janjordan

Here’s some information I think anyone considering a reverse mortgage needs to know about the various professionals who work in the industry:

Direct Lender Specialists – This is the category I fall into. Working directly with a lender that specializes in FHA insured HECM reverse mortgages, such as Retirement Funding Solutions, direct lender specialists are able to offer local, personal, face-to-face time with clients, and eliminate the need for costly third-party fees. We are able to do all this while ensuring the smoothest, most efficient transaction possible because they are handling the loan and not farming it out to another company.

How to Find a Reputable Reverse Mortgage Lender in Colorado

Posted on July 6, 2016July 25, 2016 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. Funds from a reverse mortgage can be accessed in various ways including a line of credit, monthly installments, a lump sum, and they can even be used to purchase a new home. In general, the older the borrower (or the youngest borrower in the case of married 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.

Where to find a lender?

Reverse mortgages are marketed in every possible way. Television, radio, mailers, internet, etc. Although not all of these methods ensure trouble, some of them can be scams. When seeking a reverse mortgage lender, it’s important to speak with people you trust. Ask around at your bank or financial institution. Speak with a financial or retirement adviser. Talk with neighbors or friends who have utilized a reverse mortgage. Seek information from the local Chamber of Commerce or Better Business Bureau. Utilize other resources that may be available in your community.

What to look for in a reverse mortgage lender?

Working with a reputable reverse mortgage lender is critical. The reverse mortgage industry is riddled with scams and flashy sales. It can be risky to get involved with a lender who does not offer all the details or who is just looking to make a “quick sell”. A reputable lender will have strong connections in the community, working closely with a network of professional organizations.

Accreditations and ratings?

Seek out a lender that is a member of the National Reverse Mortgage Lenders Association (NRMLA). Members of the NRMLA must conform to a strict code of lending ethic. Look for a lender that is affiliated with the Better Business Bureau (BBB), where you can also learn of any complaints against the company.

Follow your gut.

When it comes down to it, always follow your gut. Just because a lender may meet all this criteria doesn’t mean they will be right for you. If you do not feel comfortable or feel your questions are not being adequately answered, there is nothing wrong with seeking out a different lender.

Jan Jordan Reverse Mortgage Info for Fort Collins, Loveland, Greeley, and Front Range areas of Colorado.

Finding A Reverse Mortgage Lender in Colorado

Posted on September 3, 2015September 8, 2015 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 or have a substantial amount of equity in it and be at least 62 years old. In general, the older the borrower (or the youngest borrower in the case of couples) and the more valuable the home, the more funds are 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.
Where to find a lender?

Reverse mortgages are marketed in every possible way. Television, radio, mailers, internet, etc. Although not all of these methods ensure trouble, some of them can be red flags. When seeking a reverse mortgage lender, it’s important to speak with people you trust. Ask around at your bank or financial institution. Speak with a financial or retirement adviser. Talk with neighbors or friends who have utilized a reverse mortgage. Seek information from the local Chamber of Commerce or Better Business Bureau. Utilize other resources that may be available in your community.

What to look for in a reverse mortgage lender?

Accreditations and ratings?

Follow your gut.

Beware of Reverse Mortgage Scams

Posted on July 7, 2015July 7, 2015 by janjordan

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 all the offers are true to the reason the program exists.

Having a team on your side of a reputable reverse mortgage specialist and a third party counselor, in addition to friends and family, is a big step to ensuring you are doing everything right.

There are some easy red flags to look for. Here are five giveaways of a reverse mortgage scam:

They ask for money up front

Once you submit an application to a reverse mortgage lender it is fairly standard for them to ask for a deposit for the appraisal. This is usually about $300.00 dollars, but can vary slightly. If you are asked to give anything else, stop. Very little money is required before the closing of the loan. Seek advice before moving forward and do not let yourself be pressured.

They will offer foreclosure assistance

Credible reverse mortgage lenders will not seek out distressed homeowners to offer foreclosure help.

They will show unethical marketing practices

There is a Consumer Financial Protection Bureau that holds all reverse mortgage lenders accountable. If a lender is using public means such as community centers, churches, television or even door to door marketing to pique your interest- beware!

They employ high pressure sales tactics

If you feel uncomfortable or pressured when meeting with your lender, stop. If your questions are not being addressed or the lender is pushing you to a quick decision, you are still in the driver’s seat and it is time to stop and reevaluate working with them.

They lack credibility and reputation
If your reverse mortgage specialist and lender is credible, they will have professional associates such as the Better Business Bureau, the FDIC and the National Reverse Mortgage Lenders Association behind them.

Reverse mortgage is an individualized, specialized loan for those 62 and older that allows seniors to tap into the equity of their home while living mortgage and loan payment free. The funds can be accessed via a lump sum, line of credit, monthly installments, or even to purchase a home. If you are planning ahead let your specialist guide you creatively to suit your needs and desires.