Reverse Mortgage Blog

Consider the Alternatives to Expensive LTC Policies

I completely agree with the authors opinion on long term care policies. After doing significant research for myself I determined that the monthly and up front lump sum long term care policies were not for me.  There are simply too many variables out of your control that can cause your premiums to skyrocket leaving you holding the bag.  Alternatively, a government insured reverse mortgage, known commonly as a HECM, will provide a growing credit line that will provide eligible borrowers a much more cost effective and flexible means of providing a financial backstop in the event care is...

June 15th, 2017 | HECM Reverse Mortgage, Reverse Mortgage, Long Term Care, growth factor, Consider the Alternatives to Expensive LTC Policies

HECM Reverse Mortgage - Understanding the Treatment of Mortgage Debt

Is mortgage debt eliminated when you get a Reverse Mortgage?  Some would venture to say the debt is eliminated, however, this is misleading and causes significant confusion and lack of understanding with the program. This concept appears too good to be true and before people figure out the disposition of the debt they often give up on learning about the program often resulting in lost opportunity.With a Reverse Mortgage your debt is not eliminated.  If you currently have a forward mortgage or traditional home equity line they represent individual deeds of trusts that are paid off whe...

June 7th, 2017 | HECM Reverse Mortgage, Traditional Mortgage, mortgage debt, HECM Reverse Mortgage - Understanding the Treatment of Mortgage Debt

Senior Advocates - When are they needed?

As we get older we often take things for granted.  We all collectively feel that we have it covered and that we can still handle just about anything that is thrown at us.  However, this is not always the case and not reaching out for help in certain scenarios could prove to be detrimental.Advocates can be used for many things.  The most common is hiring a lawyer to navigate the court system or an accountant to address the complexities of the tax law.  These are the easy ones.  What we often miss or take for granted are things like medical bills, the misdiagnosis of ill...

May 5th, 2017 | Age in Place, Seniors, Home Care, Senior Advocate, Senior Advocates - When are they needed?

Cash-strapped seniors: Weigh reverse-mortgage pros, cons

This is a great article illustrating many aspects of how a Reverse Mortgage can be a terrific retirement tool as long as you are not flagrant with your money. If you use it for financial balance and create cash flow for monthly living expenses so you can live more comfortably within your means, then it can help provide a nice path to a more secure retirement.  There are also tremendous benefits, not mentioned, that will protect your spouse after your passing and many aspects of the non-recourse loan that will insulate your heirs and your estate from losses on the home should outlive your ...

April 21st, 2017 | Seniors, Retirement Planning, HECM Reverse Mortgage, Reverse Mortgage, Retirement security, Cash-strapped seniors: Weigh reverse-mortgage pros, cons

The Unexpected Risk of a Forward Mortgage for Retirees - Eliminate Risk with a Reverse Mortgage

Many retirees and seniors have forward mortgages and traditional home equity lines.  All forward mortgage instruments require monthly payments.  As we know, if you do not pay your monthly payments after a short period of time the lenders will initiate foreclosure and auction your property to satisfy their liens.  This is standard practice with most loans being accelerated after non-payment within a 90-120 day period.  The definition of acceleration, as it pertains to mortgage loans, simply means that all forward payments over the course of the term are now due.  If acc...

March 7th, 2017 | Reverse Mortgage, HECM Reverse Mortgage, Home Care, Retirement Planning, The Unexpected Risk of a Forward Mortgage for Retirees - Eliminate Risk with a Reverse Mortgage

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...

February 16th, 2017 | Reverse Mortgage, Retirement Planning, Seniors, HECM Reverse Mortgage, supplemental retirement income, occupancy requirements, Understanding Reverse Mortgage Requirements for Occupancy

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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.