Entries by Don Opeka

Why Is Credit Important?

I often meet people who are happy that they have no open credit accounts. Being out of debt gives great freedom and is something I endorse, but it is still important to have credit available. Here’s why. I got an email on Tuesday telling me of a woman about to be discharged from a hospital […]

Too late to buy?

Many people in their 50s or 60s who do not own a home may think buying a home won’t benefit them, but it can.  This is the story of one such person.  Mary (not her real name) was single, age 59, and renting in 2012. Her income was  about $3,000/month. In March 2013, she bought […]

The Move Down Trap

People in their 40s, 50s or 60s commonly buy a “trophy house” while they are working and have a family, with the intention of “moving down” when they retire.  This can work fine if the “trophy house” is paid for, along with all other debt, before the buyer stops working.  If not, then the trap […]

Why You Should Review Your Mortgage Twice Yearly

We recommend that everyone do a mortgage loan review at least once or twice per year just as you go to the dentist for a checkup, visit a doctor and review insurance and legal documents.  This review should involve more than just “What’s the rate?”  It is too easy to think that a borrower got […]

Reverse Mortgage Planning

I met a man whom I’ll call George at a networking event last summer.  In 2013, George and his wife Kathy bought a home for $428,000 with 10% down and a $385,389 loan.  In August 2016, George asked me if they could get a reverse mortgage.  George is 64 and Kathy is 62. Their Situation […]

How to Select the Right Mortgage

The ads in the mortgage industry almost always focus on “we will give you the lowest rate.” The advice the government often gives is to shop for the lowest APR. While these approaches have merit, they typically overlook the issue of closing costs and how long it will take to recover the closing costs through […]

You’re Not Too Old to Buy a Home

Consider purchasing over renting Many people who are renting at full market rates think it may be too late to buy, or they think there is little advantage to buying over renting.  With both rents and purchase prices rising in the Denver area, we are seeing situations where it is better to buy than to rent. […]

Discouraged from Applying for a Loan?

 Have you been told you could not qualify? We sometimes have customers who’ve been told they could not afford to buy the home they wanted.  In one case, the person wanted to buy a home with 20% down and other lenders told them they “could not qualify”.  We restructured the transaction using some of the down […]

Cosigning on Loans

Cosigning on a loan can have a negative impact on your credit Sometimes lenders suggest that a cosigner would be helpful for a borrower to get a loan.  We generally do not recommend cosigning the loan because what cosigning the loan really means is that the cosigner is agreeing to make all the payments on […]

Reverse Mortgage for an Unmarried Couple

Recently, a lady came to us for a Reverse Mortgage and wanted to add her significant other.  They had been living together for more than 20 years.  The home has been in her name alone.  She wanted to add him to title and get a Reverse Mortgage so either could continue living in the property […]