Between Denver and Boulder Colorado - Local Tidbits & Real Estate News September 2009

Picture this – a husband and wife lived in their 4-level home for more than three decades, and now climbing all those stairs is getting difficult and dangerous. They’d love to get a one-level house, but the nice ones cost more than they could sell their current home for. They can’t use any of their savings to make up the difference, because they need that cash for living.

Or how about this – after raising her family in the home she shared with her husband, a lady has lost her husband, and there is a mortgage on the home. She can’t keep up with the payments, and the house needs serious maintenance, plus there’s medical expenses from her husband’s illness. Sure, she has equity and she could sell, but she doesn’t want to. She wants to stay in her home, but she’s in danger of losing it to foreclosure.

The answer in these cases, and many others, may be a reverse mortgage.

Now, I know reverse mortgages were awful in the past, and many people won’t even consider them. But today’s reverse mortgage could be a lifesaver for many seniors. They’re not the same dangerous product they used to be.

For one thing, they’re now FHA insured. A person can’t lose their home as long as they live in the house, pay the taxes, and keep the insurance policy paid up. To get a reverse mortgage, a person doesn’t have to have a job, a credit score, assets, or income, You do not give up title to your home. You do not make payments. You are never required to leave or sell the home as long as one borrower occupies the home as the primary residence and the taxes and insurance are paid. Your heirs retain 100% of the excess equity when the home is sold, after the senior leaves it. And today’s reverse mortgage never leaves you or your family in debt. The cash you take out of the home is tax free.

You can get a lump sum of tax-free cash, or get monthly payments. What’s more, it’s now possible to purchase a home with a reverse mortgage.

I know this sounds like a commercial, but I have a heart for the senior citizens of our communities, who’ve worked hard all their life, did everything right to the best they knew how, and are now struggling while they have hundreds of thousands of dollars of equity in their home that they’re afraid to touch.

If you are 62 years of age and you could benefit from this, or you know someone who could, please call Christine Jensen of Cherry Creek Mortgage (303-456-4403). She can get you started in about ten minutes.

I had a closing last week, and it turned out that that the closer and my client were long-time residents (for those of you who don’t live here, that’s kind of a rare thing!). While papers were flying back and forth, I had the pleasure of hearing a few great ‘insider’ stories.

First – did you know that the Boulder turnpike was the first toll road in the nation to pay for itself? I didn’t know it ever was a toll road, but I think it’s cool that once it paid for itself they quit collecting tolls. It was expected to take 30 years, but usage was so high, it only took 15.

There was a toll booth just north of where I live, at the intersection of 287, and there was a dog that hung around that toll booth. This dog was familiar to all the travelers who passed by there, and people affectionately called him, ‘Shep’. When Shep died, a grave was dug for him at that intersection, and there’s still a little marker there in his honor. (Everyone say it – Awwwww!!!)

There was some mention about tomato fights between Colorado and Texas. I tried to find some info on that, but failed. However, in my search I discovered an announcement for a best tasting tomato contest just a block from my house, which I unfortunately missed on August 22. It was at the King Sooper’s parking lot in Arvada, first prize was $2400. (WOW!) Did anyone catch that?

The site I found it on was www.PickYourOwn.org. The site has info about pick-your-own farms, corn mazes, pumpkin patches, and more. I found one pick-your-own berry farm in Adams County, two farms in Boulder County (1 for veggies, 1 for apples), one in Denver County (pumpkins), and ‘0’ in Jefferson County. That’s sad. Do you know of any pick-your-own farms in the Metro Area?

I love these insider stories, if you have any to share, please do!!

- From Karen “This coming Saturday is Arvada’s Harvest Festival, go watch Pomona march!!!”


- From Cory Ceilings to floors I can fix your doors, windows, trim and more. A man of many trades. Licensed and insured Independent Contractor”

- From Amanda “The Westminster center does prenatal yoga on Tuesdays and Thursdays. I haven't gone yet but it's pretty cheap compared to the ones I've looked at in Boulder. They also have scheduled fall hikes, walks, and drives. The info is here under adult activities http://www.ci.westminster.co.us/178_2200.htm You can also call 658-2400 for more info.”


- From Tammra “I walk the neighborhood with my dog and see trash set out for collection. What I notice is that there is a lot of stuff that can be recycled that isn't. I have found several recycling sites (through web searches) that I take my stuff to when I am out and about and these sites are FREE. I know curbside recycling is easy, yet can be expensive and many trash collection businesses may stop collecting it as the cost to pick up recyclables is currently outweighing the income it used to produce for these companies (unless they hike the price). Here are the web sites to check out: Earth911.com