Mortgage Blog

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

Wise Reverse Mortgages Can Be the Saving Grace of Unprepared Retirees - Forbes Article

Good article on Forbes.com today titled - Wise Reverse Mortgages Can Be the Saving Grace of Unprepared Retirees by Wade Pfau.A saving grace for those that use a Reverse Mortgage wisely may hold the key.  There is no rush to spend your home equity.  This article does a nice job introducing a complex use of a Reverse and putting it into layman’s terms by stating that most people spend down their liquid assets first and save their home equity for last.  By having access to your home equity and spending it wisely and proportionally, along with your invested assets, the presump...

February 12th, 2016 | Reverse Mortgage, Retirement Planning, HECM Reverse Mortgage, Financial Planning, Seniors, Retirement security, home equity access, Wise Reverse Mortgages Can Be the Saving Grace of Unprepared Retirees - Forbes Article

Reverse Mortgage Myths Busted!

Myth: "Property Ownership Exchange"Fact:  When a homeowner obtains a government insured HECM Reverse Mortgage on their home this in turn establishes a mechanism for home equity access that is much easier to qualify for than a traditional forward loan.  Many people, including advisors and realtors, have somehow been led to believe that this is a trade.  In other words, an easy qualifying non-recourse loan insured by the government in exchange for the government assuming ownership of the home.  This is completely false.  There is no such exchange and the  ...

December 9th, 2015 | HECM Reverse Mortgage, Retirement Planning, Reverse Mortgage, Government insured mortgage, home equity access, Seniors, supplemental retirement income, Reverse Mortgage Myths Busted!

What is a HECM?

A HECM is a Home Equity Conversion Mortgage, often referred to as a government insured Reverse Mortgage, that serves as a vehicle to help retirees and seniors access home equity from their homes in retirement. Home equity can be accessed in various ways depending on homeowner or family needs.  Lump sums at closing can be used to pay off existing forward mortgages. Credit lines, much like traditional home equity lines, can be established for convenience or emergencies.  A big difference that distinguishes a HECM Reverse credit line from a traditional home equity line is that there ...

May 6th, 2015 | Retirement Planning, HECM Reverse Mortgage, Reverse Mortgage, home equity access, lifetime income with a Reverse, supplemental retirement income, What is a HECM?

New Development from HUD on HECM Reverse Mortgages

Just last week, HUD announced positive changes to the principle limit factors that govern home equity access levels for eligible homeowners.  While younger homeowners in their sixties may not see much benefit in the form of increased eligibility, the real positive impact will be realized by the older demographics.  Older homeowners will have access to increased levels of home equity.  The older you are, the more you will benefit from these changes. Although this will not reverse the punitive changes and restrictions placed on the program in late 2013, it is deemed a step in the ...

July 9th, 2014 | Reverse Mortgage, Retirement Planning, Government insured mortgage, HECM Reverse Mortgage, HUD, home equity access, New Development from HUD on HECM Reverse Mortgages

An Innovative Means of Curing Mortgage Delinquency

For the past several years, all the talk has been about avoiding foreclosure with loan modifications and short sales for underwater properties with distressed financial situations. One area that has been over looked or maybe just absent from the headlines has been delinquent homeowners with home equity. Many of these homeowners are delinquent on their mortgages for the same reasons as underwater borrowers. They have lost their jobs or suffered some kind of financial set back that has forced them into delinquency. Unfortunately, for those with home equity, the lender has no skin in...

September 10th, 2013 | Loan modification, HECM Reverse Mortgage, Short Sales, Reverse Mortgage, modify your loan with your lender, home equity access, foreclosure, An Innovative Means of Curing Mortgage Delinquency

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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.