In most cases, you win with a Reverse Mortgage by paying off your existing mortgage and eliminating the required monthly mortgage payment. Yes, there can be many other benefits with a reverse mortgage, but creating additional cash flow every month by getting rid of your current mortgage payment is usually the biggest win when it comes to comfort and peace of mind for most homeowners. Beyond this, you can use a reverse mortgage to pay off other debt, improve your home or simply to access your home equity for retirement and emergencies with a growing credit line. Paying off a mortgage, receiving cash at closing and establishing a credit line that grows overtime are commonly the three variables that can be achieved with a new reverse mortgage, provided you are eligible and have sufficient home equity.
There are a couple different types of Reverse Mortgages. The government insured HECM is the most flexible with the popular credit line that grows as you age and it has the lower internal interest rate, but it does come with higher upfront costs. The Private Label Reverse Mortgages are also attractive due to their lower upfront costs and higher equity access levels for many younger homeowners. It is not uncommon for a given homeowner to be ineligible for the government insured HECM Reverse Mortgage but to find a nice solution with a Private Reverse Program that meets all of their objectives. We help our customers with all the various programs options to help make the best program determination. We also have 2nd Trust Reverse Mortgage Programs that can essentially bolt on with very low relative cost.
Peace of mind in retirement starts here. We specialize in the Reverse Mortgage marketplace. If you are interested in accessing your home equity in a safe and easy manner, please do not hesitate to contact us for a free personalized consultation to see if we have a Reverse solution that makes sense for you.
George H. Omilan
President-CEO - NMLS# 873983
Jefferson Mortgage Group LLC - Reverse Mortgage Specialists
Programs: Traditional QM (Fannie Mae, Freddie Mac), government insured HECM Reverse Mortgages, and Non-Traditional Non-QM Mortgages commonly referred to as Specialized Forward Mortgages including “Alt-A Investor loans” and DSCR (Debt Service Coverage Ratio) loans up to 85% LTV, both Full doc and No Income-No Employment (No Doc) for the investor community. Our expanded niche products also focus on the more traditional FHA & VA with Lower Score and higher Debt-to-Income Options, Fixed & Variable Jumbo loans, and Private Label Reverse mortgages for higher priced homes. We are also highly focused on specialized loans for the Self-Employed borrowers with our Bank Statement & Asset Dissipation Programs. We are committed to offering a full range of “Non-QM Loans” for expanded qualification, where the banks and large-scale lenders dare to go.