Mortgage Blog

Reverse Mortgage Non-Borrowing Spouse Risk - New Government Remedy

Due to litigation pressure and loud voices of non-borrowing spouses that have abruptly found themselves without a home upon the passing of the borrowing spouse, the government has attempted to unravel the complexity of this issue, thereby removing risk for the surviving spouse. Until the new rules take effect August 4th 2014, a non-borrowing spouse, defined as someone younger than 62 years of age, must be removed from the deed and cannot be on the mortgage.  When the borrowing spouse dies, the loan comes due and the benefits cease leaving the non-borrowing spouse in a very bad predicam...

July 25th, 2014 | HECM Reverse Mortgage, HUD, Reverse Mortgage, supplemental retirement income, Retirement Planning, Reverse Mortgage Non-Borrowing Spouse Risk - New Government Remedy

New Development from HUD on HECM Reverse Mortgages

Just last week, HUD announced positive changes to the principle limit factors that govern home equity access levels for eligible homeowners.  While younger homeowners in their sixties may not see much benefit in the form of increased eligibility, the real positive impact will be realized by the older demographics.  Older homeowners will have access to increased levels of home equity.  The older you are, the more you will benefit from these changes. Although this will not reverse the punitive changes and restrictions placed on the program in late 2013, it is deemed a step in the ...

July 9th, 2014 | Reverse Mortgage, Retirement Planning, Government insured mortgage, HECM Reverse Mortgage, HUD, home equity access, New Development from HUD on HECM Reverse Mortgages

Reverse Mortgage - Play it Safe With Your Spouse

Eligibility for a Reverse Mortgage is based on your property value and the age of the youngest borrower. The older you are, the more eligibility you have to access your home equity. Reverse Mortgages are an attractive way for retirees and active adults to pay off mortgages, gain access to cash, and supplement their retirement income. However, the risk comes to bear when people get greedy. A classic example of risk would be for a couple to remove the younger spouse from the equation. Now we have a non-borrowing spouse. This will immediately allow for a higher level of eli...

July 3rd, 2014 | HECM Reverse Mortgage, supplemental retirement income, Reverse Mortgage, lifetime income with a Reverse, Reverse Mortgage - Play it Safe With Your Spouse

Reverse Mortgage: A Cost-Effective Tool for Long Term Care Insurance.

How can we establish a cost effective mechanism for long term care insurance?  I have been told by several financial advisors that nobody wants to pay premiums for long term care insurance that they may never use.  Unless you set this up early, the premiums could be $300-500 per month. This may be a tough sell for an advisor but a necessity to avoid the potential annual six figure cost of unexpected elder care needs that could decimate a family’s retirement plan. It really comes down to looking after Mom & Dad.  Current statistics indicate that only one percent of p...

May 21st, 2014 | Reverse Mortgage, HECM Reverse Mortgage, Retirement income insecurity, Long Term Care, Reverse Mortgage: A Cost-Effective Tool for Long Term Care Insurance.

Reverse Mortgage - Essentially a Housing Put!

How many of you would have loved to have had an affordable means of effectively purchasing a Put Option on your primary residence insured by FHA, prior or even during the housing crisis? This is what a reverse mortgage provides for eligible homeowners. It's a very attractive form of diversification as well for people that have significant equity in their homes. It will allow you to liquefy a portion of your home equity and supplement retirement income at the same time while locking in your home value benefit level. What does this mean for an eligible home owner? If your property i...

April 23rd, 2014 | Retirement Planning, Reverse Mortgage, supplemental retirement income, HECM Reverse Mortgage, lifetime income with a Reverse, Reverse Mortgage - Essentially a Housing Put!

HECM for Purchase

Statistics show a large number of home buyers paying cash for homes.  Is this the best strategy for retirees and older active adults?  Many people, regardless of their age, have been having difficulty obtaining a mortgage.  Once a mortgage has been granted, there is a monthly mandatory payment requirement.  This creates risk.In October 2008, FHA introduced a new innovative type of loan called HECM for Purchase. Very few people are familiar with this loan.  This is a government insured non-recourse, non-qualifying loan for home buyers 62+ that allows them to buy a ...

March 21st, 2014 | FHA, Government insured mortgage, Reverse Mortgage, Retirement Planning, Reverse to Purchase Mortgage, HECM Reverse Mortgage, HECM to Purchase, HECM for Purchase, HECM for Purchase

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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.