Mortgage Blog

Reverse Mortgages and Social Security

Recently, there has been a lot of hype over the suggested strategy to utilize a government insured Reverse Mortgage to provide for more benefits over a lifetime with Social Security.  I do not claim to know the exact reasoning or motivation behind the adverse claims made by the Consumer Financial Protection Board (CFPB) regarding this issue, but the agency feels that using a Reverse to maximize Social Security benefits is too expensive.  I feel that this is a bit of a myopic view given the broad practical applications of the program but would certainly agree if this was the only...

December 12th, 2017 | Social Security, Reverse Mortgage, Retirement Planning, HECM Reverse Mortgage, supplemental retirement income, Reverse Mortgages and Social Security

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

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

5 ways a reverse mortgage can help your retirement

Nice article on some of the basics of a Reverse Mortgage.  I would like to add that one of the key components of any strategy involving a Reverse Mortgage is balancing and keeping debt in control.  Debt, such as mortgage payments and credit cards that get out of control have a tendency to sap a retirees monthly fixed income and throw their retirement plan into turmoil.  Once you have achieved balance with your debt and income you can then focus on the savings and investment benefits.  For example, the  current growth rate that compounds annually on the untapped portion...

October 28th, 2016 | Reverse Mortgage, Retirement Planning, HECM Reverse Mortgage, Social Security, Retirement security, supplemental retirement income, 5 ways a reverse mortgage can help your retirement

The Paradox of Aging - Four Bucket Strategy

There is a lot of talk about aging, longevity, and the fear of running out of money.  There are people at every corner that will advise you to save more money and to prepare for illness, care needs, and ultimately unexpected longevity.  I personally don’t buy into saving an additional couple percent of your income, hiring the better advisor, or coming up with the ultimate annuity as the end all be all solution.   While these items may incrementally have significance over time as part of an overall plan, we should not lose sight of basic planning and wise decisions tha...

September 9th, 2016 | supplemental retirement income, Reverse Mortgage, Retirement Planning, Retirement security, Retirement income insecurity, HECM Reverse Mortgage, Financial Planning, Seniors, The Paradox of Aging - Four Bucket Strategy

Create Financial Flexibility in Retirement

A key retirement goal should always be financial security.  This is often much easier said than done.  It is easy to physically retire from work but are you also mentally retired?  In other words, being physically retired but mentally insecure over your financial situation or your monthly income is not constructive, although very common for retirees. Most often the first item on the list is housing.  The house that you have had for many years is often too large and much more costly then needed.  Downsizing is a nice way to reset your housing needs and expenses.&nb...

August 11th, 2016 | Reverse Mortgage, Retirement security, HECM for Purchase, supplemental retirement income, HECM Reverse Mortgage, Seniors, Create Financial Flexibility in Retirement

Pages: 1 2 3 4 5 6 7 8 Next >

Subscribe to Our Newsletter

Fields marked * are required
Email *
 

 

Facebook

 

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.