Reverse Mortgage Blog

5 Ways a HECM Reverse Mortgage Can Ease the Retirement of Homeowners

March 25th, 2016 | Reverse Mortgage, HECM Reverse Mortgage, supplemental retirement income, Seniors, Retirement security, Retirement Planning, reverse credit line

Nice article on the benefits and practical applications of a government insured Reverse Mortgage that are simple and easy to understand.  The problem today is that very few people want to plan.  Most people prefer to seek out a Reverse Mortgage when they have a crisis.  The government has recognized this and they have purposely changed the rules with the addition of the financial assessments that were added to the program last April.  If you are retired and operating on a fixed income, you would be much wiser to pay off your mortgages, balance your cash flow needs and establish reserve credit lines earlier in the equation when you still have savings.  Waiting until you have exhausted your savings or other assets and then seeking a Reverse Mortgage as a means of last resort is not a wise application.  The key to winning with a HECM Reverse Mortgage today is to obtain unrestricted eligibility and access to your home equity so you can freely use it to better your retirement position. This is no longer guaranteed on the basis that you are 62 and have sufficient home equity. You can only do this with a plan.  The old days of a bail out or quick antidote from the Reverse Mortgage to remedy a crisis are over in my opinion.   Be smart and augment your retirement plan with a Reverse Mortgage when you can and not when you have to. The practical applications a Reverse Mortgage offer with regard to finances can provide retirees more secure and comfortable retirements.

Here is the full article titled "5 Ways a HECM Reverse Mortgage Can Ease the Retirement of Homeowners".

 

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

Questions/Comments encouraged.

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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.