Mortgage Blog

HECM Reverse Mortgage Lending Limit increased to $822,375

What does this mean for you?  A higher limit will accommodate higher home prices and allow for higher home equity access across the board for all eligible age groups going forward. Higher equity access means the HECM has become a more flexible tool for retirement planning for all eligible retirees and seniors. It will also potentially allow for increased home equity access for homeowners that were previously on the fence, or otherwise termed “threshold of loan eligibility”.  This may allow people in this position, that also meet all other eligibility requirements, to now ...

January 26th, 2021 | 2021 Changes, HECM Changes, HECM Reverse Mortgage, Eligibility for Reverse Mortgage, Seniors, Reverse Mortgage, reverse credit line, Age in Place, HECM Reverse Mortgage Lending Limit increased to $822,375

Reverse Mortgage Success Despite Credit Problems

Getting a Reverse Mortgage for a homeowner with an unrestricted approval versus a restricted approval due to credit problems, even some that are very minor, can often be challenging. The program has become much stricter regarding credit incidents since the 2017 changes.  In many cases, an unrestricted approval will not provide enough equity access for someone to actually be able to consummate the loan so you have to plan to avoid this at all costs.  Conversely, even if there is still enough equity access, the homeowner will not be happy in the majority of the cases with the big gover...

October 13th, 2020 | Reverse Mortgage, HECM Reverse Mortgage, Seniors, HECM Changes, Retirement Planning, Age in Place, Unrestricted Approval, success story, Reverse Mortgage Success Despite Credit Problems

HECM Reverse Mortgages for Retirees and Seniors

How are mom and dad doing during the pandemic? Hopefully they are home and staying safe.  It’s not like everybody isn’t stressed enough by the current situation. It is clearly affecting everyone.  As for older people, one of the other less talked about silent stress points is having to make mortgage payments and service debt like credit cards on a fixed income. This is a good time for a Reverse Mortgage because rates have come down as a result of the pandemic. Our youngest recent client was 62 years old and oldest was 94. There are many benefits available with Reverse Mor...

June 23rd, 2020 | Reverse Mortgage, Jumbo Reverse Mortgage, Age in Place, Senior Advocate, Seniors, HECM Reverse Mortgages for Retirees and Seniors

A Jumbo Reverse Mortgage Success Story

A husband and wife in their late sixties are comfortably retired in a nice family home with the exception of mortgage payments.  Everyone they have spoken with recommends selling their home and downsizing but they reject that notion.  They like their home and they are very comfortable. If they didn’t have to deal with a mortgage payment and a recent home equity line payment, in their words, they would have perfection.  Their income is primarily derived from Social Security and what they can earn off of their investments.  Each month when the payments are due they f...

January 16th, 2019 | Jumbo Reverse Mortgage, lifetime income with a Reverse, Seniors, Retirement security, private label reverse mortgage, A Jumbo Reverse Mortgage Success Story

When It Pays To Shop Your Medicare Coverage

This is a nice short video (click here to see video) that I stumbled across that I found to be very informative for those 65 and above with Medicare.  Check your Medicare formulary against your current needs.  You may have the opportunity to shop and find a better fit for your needs, and your doctors intentions, regarding your care.  As with many types of insurance, I find that my clients simply pay the premium and never really check the coverage.  When it comes to your personal health this could be a nice opportunity that will save you some money and certainly buy you some...

October 25th, 2017 | Medicare , Reverse Mortgage, Seniors, When It Pays To Shop Your Medicare Coverage

Understanding Reverse Mortgage Requirements for Occupancy

There are two separate and distinct occupancy requirements for a HECM Reverse Mortgage that often get confused depending on whether you are applying for a new loan or you already have an existing reverse mortgage.The first is general occupancy requirement at application when applying for a new reverse mortgage.  The program is only available for a homeowner’s primary residence. There are many items that are required to verify occupancy, such as, voter registration, driver’s licenses, federal tax filings, utility bills, credit reports, etc.  It is important to note that th...

October 17th, 2017 | Reverse Mortgage, Retirement Planning, Seniors, HECM Reverse Mortgage, supplemental retirement income, occupancy requirements, Understanding Reverse Mortgage Requirements for Occupancy

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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.