Mortgage Blog

Exploring the Labyrinth of Funding and Planning for Care

The most prevalent type of care that most of us will face for ourselves and our families will most likely be related to various forms of in-home care.  This has become the most preferred and cost efficient means of care, ranging from basic companionship to highly skilled care. As we benefit from the technological age, we may also discover that longevity is not free.  With longevity, comes the need for care and a solution for how to pay and plan for care.The first topic on the radar that usually presents itself when addressing the need to fund care is long term care insurance.  T...

July 10th, 2017 | Home Care, Long Term Care, HECM Reverse Mortgage, Senior Care, Exploring the Labyrinth of Funding and Planning for Care

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?

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

The retirement issue that no one is talking about

Funding care is an important topic.  A great way to address the care related issues of aging while allowing seniors to maintain their privacy and independence is to consider the addition of a Reverse Mortgage.  Paying off forward mortgages, home equity lines, and high cost credit cards frees up money each month for living expenses and care.  The importance of discussions with family should revolve around a plan for care and managing assets and income for such needs.  It is not wise to avoid the subject only to circle back to  this issue after a crisis has developed.&nb...

December 13th, 2016 | Reverse Mortgage, Retirement Planning, home equity access, Home Care, HECM Reverse Mortgage, Seniors, Long Term Care, Medicare , supplemental retirement income, Age in Place, The retirement issue that no one is talking about

How to Pay for Assisted Living and In-Home Care

Nice article as a general overview. I would like to offer some more specific commentary on Reverse Mortgages as they relate to helping pay for in-home care. A Reverse Mortgage is suitable for homeowners 62 and above that have equity in their homes. Reverse Mortgages are government insured loans specially designed for seniors with no monthly forward mortgage payments required. In the instance where a homeowner has a mortgage and/or other debt, a Reverse Mortgage is an ideal instrument that can be deployed to manage and help balance monthly cash flow. It’s nothing more than paying attentio...

January 12th, 2016 | reverse credit line, Long Term Care, HECM Reverse Mortgage, Retirement security, Reverse Mortgage, Home Care, assisted living, How to Pay for Assisted Living and In-Home Care

Reverse mortgages: Useful retiree tool or bad move?

Great article.  I agree that a Reverse Mortgage is best used when it can augment an existing retirement plan.  However, in many cases where that may not be an option, there is still room for ample benefit.  I would also like to add some clarity on the growth of credit for retirees and seniors so it is more easily understood.  When a homeowner is in a position to utilize a reverse mortgage where they have a substantial amount of available home equity (“principal limit”) over and above any mandatory payoff items like existing mortgages, the credit line growth fact...

November 17th, 2015 | Financial Planning, Retirement Planning, Reverse Mortgage, Home Care, Government insured mortgage, Reverse mortgages: Useful retiree tool or bad move?

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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.