QUESTIONS?

CALL US: 703-319-2198


The real story on Trump's Treasury pick and reverse mortgages

Published on Jan 20, 2017 | Reverse Mortgage Traditional Mortgage foreclosure Trump Treasury

Terrific article that puts the terminology surrounding reverse mortgages in better context and explains it so normal people can understand. As the article denotes, with a Reverse Mortgage, foreclosure is not necessarily a bad thing.  Foreclosure is nothing more than the legal mechanism that follows state protocol that allows the lender to take control of the property and initiate recovery of their security interest.  With a reverse mortgage it is not uncommon for the property to be under water after expected selling expenses.  It is also not uncommon for the family not to want to have to retain the property or invest in the property for resale.  The non-recourse aspects a reverse mortgage offers insulates that estate of the deceased and their heirs from these costs.  If someone benefited from the reverse mortgage and lived in the property up to the end of their natural lifespan then their objective was met and it can be viewed as a positive financial development.  Further, it is important to point out that the foreclosure event will often occur at the end of life for the second spouse who may have resided in the property benefiting from the reverse mortgage for an additional ten plus years.  It is unfortunate that the government chooses to use the word 'foreclosure' that carries a very negative connotation but has a very different context with reverse mortgages over traditional mortgages.  

Click here to read full article.
 

George H. Omilan
President-CEO - NMLS# 873983
Jefferson Mortgage Group LLC
Located in Fairfax County - Helping seniors with Reverse Mortgages in Virginia, Maryland, DC and Pennsylvania.

Questions/Comments encouraged.

 

 

Recent Posts

Blog Tags

Reverse Mortgage HECM Reverse Mortgage Retirement Planning supplemental retirement income Seniors Retirement security Financial Planning Short Sales Age in Place lifetime income with a Reverse Traditional Mortgage Home Care Government insured mortgage Retirement income insecurity HECM for Purchase Jumbo Reverse Mortgage solutions for underwater properties home equity access Long Term Care reverse credit line Social Security Financial Assessments Annuity forgiven mortgage debt mortgage Inflation Eligibility for Reverse Mortgage Specialized Forward Mortgages Mortgage Loan Process mortgage debt forgiveness act foreclosure cashflow Debt Mitigation FHA 55+ Reverse to Purchase Mortgage Loan modification Investor Loans Real Estate Investment Loans self-employed borrower VA LOAN private label reverse mortgage Non QM HUD Housing Market investor financing No Doc Investor Loans VA Low Score Real Estate Market Jefferson Mortgage Group bank statement loan QM HECM Changes Interest Rates High-Value Homes LESA Medicare Mortgage Rates Sandwich Generation Real Estate Economy 2023 changes growth factor downsizing HELOC Construction Loan Fed Lending Limit increase DSCR 2025 changes Hard Money Loan Mortgage Deliquency Non-recourse loan modify your loan with your lender mortgage debt relief act Business Cash-flow Fiscal Cliff Senior Advocate HECM to Purchase mortgage debt Low Credit Score Reverse Mortgage Eligibility manual underwrite bankruptcy MIP Unrestricted Approval Trump Principal Limit Factor success story Debt Treasury Commercial Real Estate 2021 Changes Property-based loan occupancy requirements Asset Qualifer FINRA Housing Prices ATR Rule assisted living LLC Asset Based Mortgage Seller Contribution Jumbo Reverse Second Trust Blanket Loan Diversification Estate Plan Senior Care Credit Score down to 500 Second Trust Gray Divorce Jumbo Mortgage Loan Rentership Non-Qualifying Loan Second Trust Prequalification