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: How the Government Can Improve the HECM Reverse Mortgage Program Without Changing It

How the Government Can Improve the HECM Reverse Mortgage Program Without Changing It

The current version of the government insured Reverse Mortgage is much more restrictive than in the past with regards to how much equity is available to homeowners.  The latest changes that were enacted last October were directed at saving the government money from loan losses on property sales.  The real underlying problem has been longevity and how to forecast it while still offering a generous program to meet the needs of retirees and seniors.  After all, these two groups need a flexible means of tapping into their piggy banks to supplement retirement and they aren’t li...

May 8th, 2018 | Non-recourse loan, Reverse Mortgage, Retirement Planning, HECM Reverse Mortgage, How the Government Can Improve the HECM Reverse Mortgage Program Without Changing It

Blog Image: Reverse Mortgages and Social Security

Reverse Mortgages and Social Security

Recently, there has been a lot of hype over the suggested strategy to utilize a government insured Reverse Mortgage to provide for more benefits over a lifetime with Social Security.  I do not claim to know the exact reasoning or motivation behind the adverse claims made by the Consumer Financial Protection Board (CFPB) regarding this issue, but the agency feels that using a Reverse to maximize Social Security benefits is too expensive.  I feel that this is a bit of a myopic view given the broad practical applications of the program but would certainly agree if this was the only...

December 12th, 2017 | Social Security, Reverse Mortgage, Retirement Planning, HECM Reverse Mortgage, supplemental retirement income, Reverse Mortgages and Social Security

Blog Image: Understanding Reverse Mortgage Requirements for Occupancy

Understanding Reverse Mortgage Requirements for Occupancy

There are two separate and distinct occupancy requirements for a HECM Reverse Mortgage that often get confused depending on whether you are applying for a new loan or you already have an existing reverse mortgage.The first is general occupancy requirement at application when applying for a new reverse mortgage.  The program is only available for a homeowner’s primary residence. There are many items that are required to verify occupancy, such as, voter registration, driver’s licenses, federal tax filings, utility bills, credit reports, etc.  It is important to note that th...

October 17th, 2017 | Reverse Mortgage, Retirement Planning, Seniors, HECM Reverse Mortgage, supplemental retirement income, occupancy requirements, Understanding Reverse Mortgage Requirements for Occupancy

Cash-strapped seniors: Weigh reverse-mortgage pros, cons

This is a great article illustrating many aspects of how a Reverse Mortgage can be a terrific retirement tool as long as you are not flagrant with your money. If you use it for financial balance and create cash flow for monthly living expenses so you can live more comfortably within your means, then it can help provide a nice path to a more secure retirement.  There are also tremendous benefits, not mentioned, that will protect your spouse after your passing and many aspects of the non-recourse loan that will insulate your heirs and your estate from losses on the home should outlive your ...

April 21st, 2017 | Seniors, Retirement Planning, HECM Reverse Mortgage, Reverse Mortgage, Retirement security, Cash-strapped seniors: Weigh reverse-mortgage pros, cons

Blog Image: The Unexpected Risk of a Forward Mortgage for Retirees - Eliminate Risk with a Reverse Mortgage

The Unexpected Risk of a Forward Mortgage for Retirees - Eliminate Risk with a Reverse Mortgage

Many retirees and seniors have forward mortgages and traditional home equity lines.  All forward mortgage instruments require monthly payments.  As we know, if you do not pay your monthly payments after a short period of time the lenders will initiate foreclosure and auction your property to satisfy their liens.  This is standard practice with most loans being accelerated after non-payment within a 90-120 day period.  The definition of acceleration, as it pertains to mortgage loans, simply means that all forward payments over the course of the term are now due.  If acc...

March 7th, 2017 | Reverse Mortgage, HECM Reverse Mortgage, Home Care, Retirement Planning, The Unexpected Risk of a Forward Mortgage for Retirees - Eliminate Risk with a Reverse Mortgage

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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.