Tag: reverse mortgage

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 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.

 

Continue reading “Reverse Mortgages Helping the Eldery Age at Home” →

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.

 

Continue reading “Is In-Home Senior Care Right For You?” →

Are Reverse Mortgages an Under-Utilized Lifeline?

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Reverse Mortgage Colorado Fort Collins LovelandTwo 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

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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” →

Understanding Identity Theft

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Jan Jordan Reverse Mortgage Identity Theft Colorado

 

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 under any applicable state or local law.”

 

The three most common types of identity theft are:

 

  • Financial identity theft (using another’s identity to obtain credit, goods and services)
  • Identity cloning (using another’s information to assume his or her identity in daily life)
  • Medical identity theft (using another’s identity to obtain medical care or drugs)

 

How does Identity Theft happen?

 

In today’s technology driven society, protecting your identity is more important than ever.  But don’t assume identity theft only happens online.  It can happen anywhere, anytime.  Someone could be watching over your shoulder as you fill out a form at your doctor’s office.  Another individual could be rummaging through your trash, hoping to find a tossed out credit card offer.  Your email program’s spam filter may not be blocking those emails from Phishing websites.  There are many ways to fall victim to identity theft, arming yourself with facts and prevention is key to protection.

 

How do I protect myself from Identity Theft?

 

  • Be aware of your surroundings.  When filling out forms that include private information, take a seat away from others when possible. Never throw out forms or paperwork that may have your personal information on them, always take these home with you and dispose of them properly.
  • Don’t toss out credit card offers or other junk mail that pertains to obtaining credit.  In addition, any other private information you have – bills, car registration, insurance documents, bank statements – should always be disposed of properly and NEVER put out with your household trash.  These items should be shredded or burned.  In addition, limiting the amount of junk mail you receive by “opting out” of mail distribution lists can vastly decrease your risk.  Opt out by calling 1-888-5-OPTOUT.
  • Never follow links to bank accounts, credit accounts, PayPal accounts, etc from an email.  “Phishing” emails may appear as a completely legitimate email from your bank or credit card company, warning you of unauthorized transactions or other alarming information.  These emails will include links that take you to a website that looks identical to your bank’s – but it’s not.  Once you enter your information into this “Phishing” site, you have given some of your most valuable financial information to a con-artist.  ALWAYS access your bank and credit accounts by entering their web address into your web browser, NEVER through a link.  Reputable companies will not contact you via email about such important matters.
  • Don’t respond to emails offering money in exchange for “helping” an individual transfer money into the country.  These are always scams and have proven to be very dangerous.
  • Password protect your computer and your wireless internet. Use firewalls and virus protection software.
  • Never give personal information to telephone solicitors or door to door solicitors.  Do not give out personal information over the phone unless you placed the call yourself.
  • Lock your car.  Identity theft via “glove compartment” information is on the rise.  Keeping your car locked can ensure you are not an easy target.
  • Don’t carry your Social Security card in your wallet or purse.  Purge expired credit cards, insurance cards, and ID’s regularly.  Keep these items at home in a safe place.
  • If you do not have a locking mailbox, do not mail payments using your mailbox.  Always take the mail directly to the post office.

 

What do I do if think I’ve been targeted?

 

Contact the Federal Trade Commission at 1-877-IDTHEFT or www.ftc.gov

 

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.

 


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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Responsibility as a Reverse Mortgage Holder

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Colorado 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) regardless of income and credit.  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 Taxes:

 

Just as with a conventional home loan, a reverse mortgage homeowner is always responsible for paying their property taxes.  Your particular county or city may have a program that allows you to defer a portion of your property tax.  Homeowners can contact their county human services office for more information.

 

Homeowners Insurance:

 

Just as with any conventional home loan, reverse mortgage holders are required to purchase and maintain homeowners insurance.  This yearly expense is something that should be discussed with your lender and a reverse mortgage counselor to ensure the homeowner understands their options and a plan is put in place to keep insurance current.

 

Home Maintenance: 

 

The homeowner or their family will be responsible for continuing to maintain and upkeep the home.  Because a reverse mortgage uses the equity available in the home to make it’s monthly mortgage payments, if major repairs are needed the homeowners will not be eligible for a home equity loan or similar.  It’s important to keep this in mind, especially when homeowners elect to receive their reverse mortgage funds in one lump sum.  Again, discussing this with your lender can help ensure you have planned to have funds available should a major home repair be needed.

 

Ultimately, understanding and planning for these expenses is key to being prepared in the years to come.  Working with and asking questions of a reputable reverse mortgage lender, as well as a reverse mortgage counselor, can help alleviate any concerns a homeowner may have.

 

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 and Retirement Financial Planning

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Reverse Mortgage Colorado Financial Planning
Reverse Mortgage and Financial Planners

 

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 mortgage can be used as a financial planning tool for seniors on a strict budget.  These reverse mortgages can often mean the difference between getting by and living life.

 

In a recent Reverse Mortgage Daily article financial planner, Dr. John Salter, discusses his experience in studying the ins and outs of  reverse mortgages – and eventually understanding why they should be part of the conversation.  Dr. Salter holds seminars for other financial planners and says reverse mortgage is always a hot topic.  He expresses the need to alleviate misnomers in the industry and for his colleagues to re-learn everything they once thought they knew.

 

A few tips for financial planners:

  • Seek out and work with a reputable reverse mortgage specialist who has strong ties to the community, lends from an organization that is a member of the Better Business Bureau, and is associated with the National Reverse Mortgage Lenders Association.
  • Make sure you fully understand the information you may be offering your retiree client.  With the amount of misinformation within the industry, if you are not 100% sure of an answer, call your trusted reverse mortgage specialist to ensure the information you are providing is accurate.
  • Communicate with adult children who may have concerns and make sure they fully understand the process from A to Z.  Eliminating misinformation is key.
  • Remember, reverse mortgages are not one-size-fits-all.  Be creative and comprehensive when considering adding a reverse mortgage to a long term retirement plan.  And don’t hesitate to contact a reputable reverse mortgage specialist if you are on the fence.

 

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. 

 

 

 

 

Beware: Reverse Mortgage Scams

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Reverse Mortgage Crediblity

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 Mortgages (HCEM), have increased more than 1,300 percent! This certainly offers an astounding opportunity for fraud perpetrators.
What do reverse mortgage scams look like?

 

Victims may be offered a free home, an investment opportunity, or foreclosure and refinance assistance. Senior citizens are often unsuspecting targets for scammers, as they are not familiar with the multitude of unscrupulous and dishonest “programs” that exist. Scammers reach their victims often through churches, investment seminars, television, radio, billboard, and mailer advertisements.

 

When considering a reverse mortgage or HECM product, it is very important to research the company. All reverse mortgages are insured by the Federal Housing Authority (FHA). Seek out companies that are a member of the Better Business Bureau and associated with the National Reverse Mortgage Lenders Association.

 
Tips for Avoiding Reverse Mortgage Scams:

 

  • Do not respond to unsolicited advertisements.
  • Be suspicious of anyone claiming that you can own a home with no down payment.
  • Do not sign anything that you do not fully understand.
  • Do not accept payment from individuals for a home you did not purchase.
  • Seek out your own reverse mortgage counselor.

 

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.