Mortgage Blog

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!

Considering All Cash or Big Down Payment Purchase?

If you are in the market for a new home and considering an all cash offer or a large down payment you should consider the benefits of a HECM for Purchase.  This allows you to purchase a new home and establish a Reverse Mortgage in a single transaction.   You must be 62 years of age and the property must be FHA eligible to participate.  Diversify your funds and enjoy the benefits:  Financial flexibility  Buy the home you want with No Monthly Mortgage Payments  The option to Sell or Retain your existing home  Easy access to a non-recourse loan tailore...

November 21st, 2014 | Retirement Planning, HECM Reverse Mortgage, HECM for Purchase, Reverse Mortgage, Considering All Cash or Big Down Payment Purchase?

Home Equity at Risk!

During the brunt of the recent mortgage crisis, when lenders nationwide faced unprecedented levels of mortgage loan delinquency in short periods of time, it was common to see delinquent mortgages sit with no adverse lender action.  The lenders did not have the time to focus on accelerating these loans and often let them sit with the equity cushion to protect their interest.Today, however, the lending environment has changed again.  No longer will a lender allow a loan to pass the 120 day default mark and do nothing.  Lenders are aggressively accelerating these loans and pushing ...

November 11th, 2014 | Short Sales, solutions for underwater properties, HECM Reverse Mortgage, foreclosure, forgiven mortgage debt, Home Equity at Risk!

HUD Counseling Examined

For every story of someone that got hurt with a bad mortgage in the housing crisis it sure would be nice to hear a good story.  We all know that regulation and re-regulation has been a boon for the people that grow trees and make paper.  The big question is do people read and understand all of the disclosures that the regulators require with the purpose of protecting mortgage applicants.  The answer is NO!  There is no way to comprehend everything that is put in front of you when applying and ultimately closing on a mortgage.  It is overwhelming. If you don’t sig...

September 6th, 2014 | Retirement Planning, Reverse Mortgage, supplemental retirement income, HECM Reverse Mortgage, HUD, HUD Counseling Examined

HECM for Purchase - Buy a Home and get a Reverse Mortgage in one transaction

Achieve diversification, increased liquidity, and financial peace of mind by using a HECM for Purchase to buy a new primary residence. Instead of solely focusing on downsizing as we age why don’t we expand on this thought and make it a financial strategic transaction as well. Many people, as they retire, think that buying a home with all cash is the safest and possibly only answer. This may limit your ability to buy the home that is the best fit for you. It may be a better option to utilize a HECM for Purchase so you don’t have a large percentage of your cash tied...

August 11th, 2014 | HECM Reverse Mortgage, HECM for Purchase, HECM to Purchase, Retirement Planning, Reverse Mortgage, Reverse to Purchase Mortgage, Retirement income insecurity, HECM for Purchase - Buy a Home and get a Reverse Mortgage in one transaction

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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.