Reverse Mortgage Blog

Transitioning from a Standard Mortgage to a Reverse Mortgage.

January 5th, 2015 | HECM Reverse Mortgage, Traditional Mortgage, Reverse Mortgage, supplemental retirement income, Retirement Planning

Nice article comparing wealth and consumption effects of a HECM Reverse Mortgage.  I would like to add a few things.  First, the money is essentially the same.  You either pay the mortgage payment or have your home equity make the payment. Yes, there are closing costs and MIP but there are also significant benefits.  If you outlive the equity and have the money for consumption you may end up significantly underwater on the property.  Guess what?  The MIP insurance fund covers the loss and your estate and heirs are unaffected.  Also, add in long term care options-a Reverse wins.

http://www.huffingtonpost.com/jack-m-guttentag/transitioning-from-a-stan_b_6393794.html
 

George H. Omilan

President-CEO

NMLS# 873983

 

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Jefferson Mortgage Group LLC

2536 Leeds Rd.
Oakton, Virginia 22124
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By refinancing the consumer's existing loan, the consumer's total finance charges may be higher over the life of the loan.

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