Mortgage Blog

How to Determine if a Reverse Mortgage is right for you.

I would like to comment on this Washington Post article to put aside the guess work and focus directly on what a reader or potential homeowner should realistically expect from a reverse mortgage given this situation.  Here's the facts.  The problem cited was that the homeowner has fallen behind on their property taxes.  This occurrence within the past two years will trigger a LESA.  This is an automatic escrow or otherwise termed “life expectancy set aside” for applicable real estate taxes and insurance.  This will consume a significant portion of the o...

April 25th, 2016 | Financial Assessments, HECM Reverse Mortgage, Retirement Planning, Retirement security, Seniors, Reverse Mortgage, supplemental retirement income, LESA, How to Determine if a Reverse Mortgage is right for you.

Are you Eligible for a Reverse Mortgage?

Qualifications for HECM Reverse Mortgages have gotten tougher since early 2015.  FHA’s addition of financial assessments has shifted the main emphasis from age and property value to residual income, credit and debts.  The issue is less about eligibility and more about a restricted versus unrestricted approval.  When a home owner has been approved and the financial assessment guidelines have not been completely met, they often receive a restricted approval that requires a Life Expectancy Set Aside or otherwise termed a LESA (see my earlier blog on LESA) .  This is...

February 23rd, 2016 | Retirement Planning, Reverse Mortgage, Seniors, supplemental retirement income, Financial Planning, Financial Assessments, HECM Reverse Mortgage, LESA, Eligibility for Reverse Mortgage, Are you Eligible for a Reverse Mortgage?

The State of the LESA - HECM Reverse Mortgages

The overriding goal of a Reverse Mortgage is to allow retirees and seniors to help themselves in retirement.  You can think of this as a means of financial mobility with a loan program that has been specially designed for this demographic in an otherwise very stringent environment where credit may not necessarily be readily available.  Within this arena, the past year has brought changes to the Reverse Mortgage program that have significantly altered the landscape for retirees and seniors seeking eligibility for home equity access in retirement.  The new word of the day is LE...

January 10th, 2016 | Retirement Planning, HECM Reverse Mortgage, Seniors, Reverse Mortgage, Financial Planning, Financial Assessments, LESA, Retirement security, The State of the LESA - HECM Reverse Mortgages

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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.