Reverse Mortgage Blog

Reverse Mortgages and Social Security

Recently, there has been a lot of hype over the suggested strategy to utilize a government insured Reverse Mortgage to provide for more benefits over a lifetime with Social Security.  I do not claim to know the exact reasoning or motivation behind the adverse claims made by the Consumer Financial Protection Board (CFPB) regarding this issue, but the agency feels that using a Reverse to maximize Social Security benefits is too expensive.  I feel that this is a bit of a myopic view given the broad practical applications of the program but would certainly agree if this was the only...

December 12th, 2017 | Social Security, Reverse Mortgage, Retirement Planning, HECM Reverse Mortgage, supplemental retirement income, Reverse Mortgages and Social Security

Jumbo Reverse Mortgages Take Center Stage

With the introduction of the government insured HECM changes that have appeared to rattle the market in October, the Jumbo Private Label Reverse Mortgages may have found their footing. Home values are acceptable significantly above the government insured limits.  Two unit owner occupied properties are also acceptable.  Significant modifications have also been made to make the Jumbo Reverse attractive.  For example, the rates have dropped just under 25% from previous levels.  Rate options have also been introduced for higher risk loans whereby homeowners can pay up for ...

November 14th, 2017 | Reverse Mortgage, Jumbo Reverse Mortgage, private label reverse mortgage, HECM Reverse Mortgage, Jumbo Reverse Mortgages Take Center Stage

When It Pays To Shop Your Medicare Coverage

This is a nice short video (click here to see video) that I stumbled across that I found to be very informative for those 65 and above with Medicare.  Check your Medicare formulary against your current needs.  You may have the opportunity to shop and find a better fit for your needs, and your doctors intentions, regarding your care.  As with many types of insurance, I find that my clients simply pay the premium and never really check the coverage.  When it comes to your personal health this could be a nice opportunity that will save you some money and certainly buy you some...

October 25th, 2017 | Medicare , Reverse Mortgage, Seniors, When It Pays To Shop Your Medicare Coverage

Understanding Reverse Mortgage Requirements for Occupancy

There are two separate and distinct occupancy requirements for a HECM Reverse Mortgage that often get confused depending on whether you are applying for a new loan or you already have an existing reverse mortgage.The first is general occupancy requirement at application when applying for a new reverse mortgage.  The program is only available for a homeowner’s primary residence. There are many items that are required to verify occupancy, such as, voter registration, driver’s licenses, federal tax filings, utility bills, credit reports, etc.  It is important to note that th...

October 17th, 2017 | Reverse Mortgage, Retirement Planning, Seniors, HECM Reverse Mortgage, supplemental retirement income, occupancy requirements, Understanding Reverse Mortgage Requirements for Occupancy

Family Success with HECM Reverse Mortgages

This is a Reverse Mortgage success story that repeats itself time and time again. Our parents achieve financial equilibrium by neutralizing debt, like mortgages, and discovering a safe innovative means to access their home equity, either now or when they need it in the future, with a Reverse Mortgage.  It’s  about releasing the burden of the constant financial worry so there is room for more enjoyment.  This equilibrium also allows for our parents to enjoy longevity and take life as it comes rather than always being concerned about financial constraints. It further pr...

October 9th, 2017 | Reverse Mortgage, Retirement security, HECM Reverse Mortgage, Sandwich Generation, Seniors, Family Success with HECM Reverse Mortgages

Program Losses Spur Government Changes

U.S. Department of Housing and Urban Development (HUD) announced Tuesday, August. 29, it will raise up-front fees and tighten limits for the HECM Reverse Mortgage program to avoid having to dip into the U.S. Treasury to cover troubled borrowers. These means radical changes to the HECM Reverse Mortgage program in the very short term.  I do not believe the loss estimates that are being made public.  This would imply that the program is being run inefficiently.  Huge losses would also not be revealed overnight.  There would have been indications.  For this reason, I belie...

September 6th, 2017 | Eligibility for Reverse Mortgage, HECM Reverse Mortgage, Seniors, Reverse Mortgage, HUD, Program Losses Spur Government Changes

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Jefferson Mortgage Group LLC

2536 Leeds Rd.
Oakton, Virginia 22124
703-319-2198
FAX: 703-773-6946
info@jeffersonmortgage.com
NMLS: 935554

Located in Fairfax County, Virginia. Serving all of Virginia, Maryland, DC & Pennsylvania. 

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Jefferson Mortgage Group LLC is licensed in Virginia, Maryland, DC & Pennslvania.
Virginia State Corporation Commission License Number MC-5659 and the Pennsylvania Department of Banking & Securities #46259 
The DC Department of Insurance, Securities, and Banking License #MLB935554
Maryland DLLR License #21586

An Equal Housing Lender

By refinancing the consumer's existing loan, the consumer's total finance charges may be higher over the life of the loan.

This material is not from HUD or FHA and has not been approved by HUD or any government agency.