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The New Jumbo Reverse Mortgage Advantage
After the radical changes the government insured HECM Reverse Program experienced last October, the private reverse market has really stepped up to its calling. The private label Jumbo Reverse has become a very affordable and flexible loan program with a new emphasis on helping homeowners qualify with a much broader application spectrum. As an example, today an eligible homeowner can use a Jumbo Reverse to buy a new home. In the past, the private reverse programs were designed solely for refinancing and only as a second option when the HECM program was not available. ...
June 12th, 2018 | Jumbo Reverse Mortgage, HECM Reverse Mortgage, HECM for Purchase, private label reverse mortgage, The New Jumbo Reverse Mortgage Advantage
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
HECM Reverse Mortgage, the Statistics Surrounding their Use to Buy a New Home
The statistical significance of using a HECM for Purchase to buy a new home is almost nil relative to the prominent use of a traditional HECM Reverse for refinancing. There are several reasons the HECM for Purchase is rarely used. Heavy down payment at 40-50% of the sales price.FHA does not allow any seller contributions as part of the sales contract.Sellers are also not allowed to make any repairs or other contributions to the transaction.Buyers must complete HUD CounselingCosts can be higher at max MIP insurance levelsThe opaque nature of the program often leaves realtors and buyers...
October 13th, 2016 | Retirement Planning, Reverse to Purchase Mortgage, Seniors, Reverse Mortgage, HECM Reverse Mortgage, HECM for Purchase, HECM Reverse Mortgage, the Statistics Surrounding their Use to Buy a New Home
Create Financial Flexibility in Retirement
A key retirement goal should always be financial security. This is often much easier said than done. It is easy to physically retire from work but are you also mentally retired? In other words, being physically retired but mentally insecure over your financial situation or your monthly income is not constructive, although very common for retirees. Most often the first item on the list is housing. The house that you have had for many years is often too large and much more costly then needed. Downsizing is a nice way to reset your housing needs and expenses.&nb...
August 11th, 2016 | Reverse Mortgage, Retirement security, HECM for Purchase, supplemental retirement income, HECM Reverse Mortgage, Seniors, Create Financial Flexibility in Retirement
A Reverse Mortgage to Buy a Home? Here’s How
The HECM for Purchase vehicle is an excellent tool but people are generally immediately turned off due to the heavy down payment. What they don’t realize is that it's more than just a home loan. It’s a terrific financial management tool when it comes to diversification. Click here or the full WSJ article - A Reverse Mortgage to Buy a Home? Here’s How... George H. Omilan President-CEO - NMLS# 873983 Jefferson Mortgage Group LLC Located in Fairfax County - Helping seniors with Reverse Mortgages in Virginia, Maryland, DC and Pennsylvania.Questions/Co...
July 21st, 2016 | Reverse Mortgage, Seniors, HECM for Purchase, HECM Reverse Mortgage, A Reverse Mortgage to Buy a Home? Here’s How
9 surprising ways to use a Reverse Mortgage
I've talked about all of these uses of Reverse Mortgages over time in my blog....from the obvious paying off mortgages to delaying social security, or buying a new home with a reverse mortgage, . Only one I haven't been exposed to is the "Gray Divorce Strategy'. Good article from Investment News. See our Practical Applications page for the many uses of a Reverse Mortgage. George H. Omilan President-CEO - NMLS# 873983 Jefferson Mortgage Group LLC Helping seniors with Reverse Mortgages in Virginia, Maryland, DC and Pennsylvania.Questions/C...
June 24th, 2016 | supplemental retirement income, Social Security, Retirement Planning, Reverse to Purchase Mortgage, HECM Reverse Mortgage, Long Term Care, Financial Planning, HECM for Purchase, 9 surprising ways to use a Reverse Mortgage
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