Is Colorado facing a recession? Not likely ... according to a recent USA Today article, only a few states are facing a "recession" and most see it as linked to the housing market:

"That's mainly because a marked contraction in housing is leading the overall economy down this time. Housing had been instrumental in boosting many regions, particularly the Southwest, in recent years. During the housing expansion, job growth in related industries flourished, and consumers tapped their growing home equity to buy everything from cars to couches. But in many parts of the country, housing never boomed, so now there's not likely to be a corresponding bust. And a number of other elements of the economy are still doing well, helping to keep some regional economies above water."

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As a Colorado Springs real estate agent, I stay east of the Rocky Mountains. We help home buyers and sellers in Colorado Springs, Monument, Fountain, Manitou Springs and surrounding areas. I do not know the areas west of Manitou Springs well enough to represent a buyer or seller effectively.

These areas are known as "up the pass" and refer to Chipeta Park, Green Mountain Falls and further west to Woodland Park and other towns in Park County and Summit County. Summit County is home to world famous ski-tropolis - Breckenridge, Colorado. Park County is all the towns and land from about Woodland Park to about Breckenridge.

When we have a client who is looking to buy or sell a home in Colorado Springs, we can help them, but once they head "up the pass" to places actually in the Rocky Mountains, we refer them to a competent real estate agent who understands the real estate of Park County and Summit County.

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Forward: the Colorado Springs Mortgage Insight is a series of mortgage articles written by local mortgage experts exclusively for our readers, here on Colorado Springs Real Estate Connection.

Colorado Springs Mortgage Insight: Reverse Mortgages

Reverse mortgages are growing in popularity, here in the Colorado Springs real estate market. Whether seeking money to finance a home improvement, pay off a current mortgage, supplement retirement income, or purchase a new home, many senior Americans are turning to reverse mortgages. With all the Baby Boomers moving toward retirement, this is becoming a viable option for more people every year.

A reverse mortgage allows homeowners age 62 or better, to convert equity in their homes into cash without having to sell their homes or take on additional bills. 

To qualify for a Reverse Mortgage, the homeowner must:

• Be 62 years or older
• Have substantial equity in their current home

If this sounds interesting and you qualify for a Reverse Mortgage, there are some things to consider.

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If you are looking to buy or sell a home in the current Colorado Springs real estate market, having professional representation by a competent real estate agent is a must, but you need to understand the different types of representation available.

As someone looking to buy a home in Colorado Springs, this is important because unrepresented buyers WILL NOT get the best possible deal on a home. Read Also: Top 5 Benefits of Having a Buyer's Agent Represent You.

As a homeowner looking to sell their home in Colorado Springs, representation is important because, historically a competent real estate agent will get you MORE money for your home - enough to cover their commission, and then some.

But what kind of representation is available for Colorado Springs home buyers and sellers?

In Colorado Springs (and all of Colorado for that matter) we have several different types of relationships between home buyers/sellers and us, the real estate agents. Here is a breakdown of the differnt "Broker Relationships", so that when you decide to buy or sell real estate you are better informed.

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When you are looking to buy a home in Colorado Springs, there are different ways to show ownership on title.

In Colorado Springs, you can show ownership of your home (or any other real estate) in the following ways:

Ownership in Severalty

This is the type of ownership that occurs when only one person is on title as the owner when they buy a home for sale in Colorado Springs.

Joint Tenancy

Joint tenancy is the most common form of ownership that occurs when 2 or more people own a home. This option offers a "right of survivorship" for each person, meaning that if one person were to die, the full ownership now belongs to the other person. Joint tenancy is often used when a married couple purchases a home together.

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