Mortgage Blog

Blog Image: Reverse Mortgage Success Despite Credit Problems

Reverse Mortgage Success Despite Credit Problems

Getting a Reverse Mortgage for a homeowner with an unrestricted approval versus a restricted approval due to credit problems, even some that are very minor, can often be challenging. The program has become much stricter regarding credit incidents since the 2017 changes.  In many cases, an unrestricted approval will not provide enough equity access for someone to actually be able to consummate the loan so you have to plan to avoid this at all costs.  Conversely, even if there is still enough equity access, the homeowner will not be happy in the majority of the cases with the big gover...

October 13th, 2020 | Reverse Mortgage, HECM Reverse Mortgage, Seniors, HECM Changes, Retirement Planning, Age in Place, Unrestricted Approval, success story, Reverse Mortgage Success Despite Credit Problems

Blog Image: HECM Reverse Mortgages for Retirees and Seniors

HECM Reverse Mortgages for Retirees and Seniors

How are mom and dad doing during the pandemic? Hopefully they are home and staying safe.  It’s not like everybody isn’t stressed enough by the current situation. It is clearly affecting everyone.  As for older people, one of the other less talked about silent stress points is having to make mortgage payments and service debt like credit cards on a fixed income. This is a good time for a Reverse Mortgage because rates have come down as a result of the pandemic. Our youngest recent client was 62 years old and oldest was 94. There are many benefits available with Reverse Mor...

June 23rd, 2020 | Reverse Mortgage, Jumbo Reverse Mortgage, Age in Place, Senior Advocate, Seniors, HECM Reverse Mortgages for Retirees and Seniors

Blog Image: Jumbo Reverse Mortgage Option

Jumbo Reverse Mortgage Option

Low interest rates have, in one perspective, liberated older homeowners by giving them many choices to stay in their family homes with Jumbo Reverse Mortgages.  Some of the choices may include paying off existing mortgages and other debt, adding liquidity, or simply supplementing income for monthly expenses.  The Jumbo programs initially came out in 2014 but frankly were not very consumer friendly or attractively priced at that time for consumers. However, lower interest rates and general competition with government reverse mortgage programs have paved the way for more flexible guide...

October 16th, 2019 | Jumbo Reverse Mortgage, Age in Place, supplemental retirement income, downsizing, Jumbo Reverse Mortgage Option

Blog Image: Private label Reverse Mortgages hit the Sweet Spot!

Private label Reverse Mortgages hit the Sweet Spot!

Private label reverse mortgages are hitting the sweet spot for higher priced homes in DC and the surrounding suburbs in Northern VA.  Many retirees have lived in their homes for a long time and have a very low cost basis.  They are comfortable and they don’t necessarily want to sell or downsize.  In addition, their home provides fond memories of family and is still a place where everyone gathers and feels at home.  Until recently, all homeowners with higher priced homes that have appreciated over the decades have pretty much been relegated to the HECM governme...

January 23rd, 2018 | Jumbo Reverse Mortgage, Reverse Mortgage, HECM Reverse Mortgage, Age in Place, Eligibility for Reverse Mortgage, Private label Reverse Mortgages hit the Sweet Spot!

Blog Image: Senior Advocates - When are they needed?

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?

Blog Image: Leverage in Downsizing

Leverage in Downsizing

As we enter the New Year, planning is on the minds of most people, especially those that are retired or considering retirement.  A popular decision that often yields a big payoff is the downsizing your home for retirement.  There comes a point where the large home may no longer make sense given all the unneeded space, rising real estate taxes, and general costs.  There are two effective ways to downsize a home.The first is the traditional binary approach.  This entails selling your current larger home and taking the net proceeds and plowing them into a smaller home that is ...

January 6th, 2017 | Retirement Planning, Reverse Mortgage, HECM for Purchase, Seniors, Age in Place, downsizing, Leverage in Downsizing

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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.