Mortgage Blog

Self-Employed Workers Face Mortgage Hurdles - WSJ Article

It is true that the Self Employed borrower normally hits a wall when it comes to qualifying for a mortgage when asked for their Federal tax returns. The process by which your accountant works their magic is the often the exact opposite of what the lenders want to see with regards to income. After a long exercise of averaging income in conjunction with preparing a year to date profit and loss and reviewing allowable add backs the self-employed borrower usually gets stuck not qualifying. The borrowers run businesses and earn income but they just are unable to satisfy the lender requirements for ...

April 19th, 2018 | self-employed borrower, bank statement loan, Mortgage Loan Process, Traditional Mortgage, Self-Employed Workers Face Mortgage Hurdles - WSJ Article

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

The real story on Trump's Treasury pick and reverse mortgages

Terrific article that puts the terminology surrounding reverse mortgages in better context and explains it so normal people can understand. As the article denotes, with a Reverse Mortgage, foreclosure is not necessarily a bad thing.  Foreclosure is nothing more than the legal mechanism that follows state protocol that allows the lender to take control of the property and initiate recovery of their security interest.  With a reverse mortgage it is not uncommon for the property to be under water after expected selling expenses.  It is also not uncommon for the family not to w...

January 20th, 2017 | Reverse Mortgage, Traditional Mortgage, foreclosure, Trump, Treasury, The real story on Trump's Treasury pick and reverse mortgages

Parachute Mortgage Delinquency with a HECM Reverse Mortgage

A parachute from high altitude is always a lifeline.  When a retiree or a senior, whether still working or not, gets into potential trouble with a forward mortgage payment becoming unaffordable, a HECM Reverse Mortgage can serve as a financial lifeline. If a current mortgage is delinquent, in default, or is forecasted to go that route it is imperative to address this situation to protect the homeowner’s home equity.  A foreclosure by the mortgage lender will wipe out the home equity regardless of loan to value.  There is no law that says the lender does not have the rig...

June 2nd, 2015 | Retirement Planning, supplemental retirement income, HECM Reverse Mortgage, Traditional Mortgage, Mortgage Deliquency, Parachute Mortgage Delinquency with a HECM Reverse Mortgage

Transitioning from a Standard Mortgage to a Reverse Mortgage.

Nice article comparing wealth and consumption effects of a HECM Reverse Mortgage.  I would like to add a few things.  First, the money is essentially the same.  You either pay the mortgage payment or have your home equity make the payment. Yes, there are closing costs and MIP but there are also significant benefits.  If you outlive the equity and have the money for consumption you may end up significantly underwater on the property.  Guess what?  The MIP insurance fund covers the loss and your estate and heirs are unaffected.  Also, add in long term care opti...

January 5th, 2015 | HECM Reverse Mortgage, Traditional Mortgage, Reverse Mortgage, supplemental retirement income, Retirement Planning, Transitioning from a Standard Mortgage to a Reverse Mortgage.

Rentership Defined!

It would appear that we may have a new word candidate for the mighty review board at Webster's.  Rentership is a new phenomenon that is pervasive throughout our real estate economy.  It is hidden below the radar and often not breached in conversation due to its unpopular appeal. Regardless, Rentership defines the thousands of homeowners that are stranded in properties where the mortgages owed, plus the costs to sell, exceed the value of the home.  These owners are defined as renters with full ownership responsibilities.  When the roof needs replacing, or the appliances ...

December 12th, 2014 | solutions for underwater properties, Traditional Mortgage, Rentership, Real Estate Economy, Rentership Defined!

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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.