Mortgage Blog

HECM Reverse Mortgage - Understanding the Treatment of Mortgage Debt

Is mortgage debt eliminated when you get a Reverse Mortgage?  Some would venture to say the debt is eliminated, however, this is misleading and causes significant confusion and lack of understanding with the program. This concept appears too good to be true and before people figure out the disposition of the debt they often give up on learning about the program often resulting in lost opportunity.With a Reverse Mortgage your debt is not eliminated.  If you currently have a forward mortgage or traditional home equity line they represent individual deeds of trusts that are paid off whe...

June 7th, 2017 | HECM Reverse Mortgage, Traditional Mortgage, mortgage debt, HECM Reverse Mortgage - Understanding the Treatment of Mortgage Debt

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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. 

Testimonials

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.