Mortgage Blog

Understanding the Complexity of a Property Short Sale

Many people think a short sale primarily consists of simply selling your home with a realtor as part of a lender sanctioned transaction.  Others may view a Short Sale as an opportunity to get out of a bad investment or difficult financial situation.  Regardless of your position or objective, it is important to understand the relative complexities before you begin. A short sale is the process of selling your home that is underwater, netting out all major applicable selling expenses, and having your lender(s) agree to a net residual amount that is lower than the overall mortgage deb...

June 8th, 2015 | Short Sales, forgiven mortgage debt, Mortgage Deliquency, mortgage debt forgiveness act, Debt Mitigation, Understanding the Complexity of a Property Short Sale

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

Now it's tougher to get a Reverse Mortgage.

It is in fact now much tougher than in the past to get a Reverse Mortgage.  The key to success for retirees and seniors going forward seeking a Reverse Mortgage is to plan.  In short, don’t wait until you have spent your last dollar before you decide to apply for a reverse.  The loans are now being scrutinized for risk and not everyone is going to be eligible.  A plan could be as simple as inquiring six to twelve months ahead of time before the basis for need becomes funds of last resort. If you want to maximize your chances of obtaining a reverse mortgage, start with...

May 27th, 2015 | Reverse Mortgage, Retirement Planning, HECM Reverse Mortgage, Financial Assessments, Now it's tougher to get a Reverse Mortgage.

What is a HECM?

A HECM is a Home Equity Conversion Mortgage, often referred to as a government insured Reverse Mortgage, that serves as a vehicle to help retirees and seniors access home equity from their homes in retirement. Home equity can be accessed in various ways depending on homeowner or family needs.  Lump sums at closing can be used to pay off existing forward mortgages. Credit lines, much like traditional home equity lines, can be established for convenience or emergencies.  A big difference that distinguishes a HECM Reverse credit line from a traditional home equity line is that there ...

May 6th, 2015 | Retirement Planning, HECM Reverse Mortgage, Reverse Mortgage, home equity access, lifetime income with a Reverse, supplemental retirement income, What is a HECM?

Assessing the new Financial Assessments for Reverse Mortgages: Problem-Solution

The new rules will dramatically change the current government insured HECM Reverse Mortgage from a non-qualifying loan to one that requires qualifications and is subject to broad lender discretion.  You can be assured that the mortgage providers will be strict because they fear the ultimate wrath of FHA.  Regardless of interpretation they better get the new rules right or FHA will not insure their loans and they will be at risk.  Based on this, one can only expect that lenders supporting Reverse Mortgages will be conservative to ensure their own financial integrity.  You ca...

April 10th, 2015 | Retirement Planning, Reverse Mortgage, FHA, Financial Assessments, HECM Reverse Mortgage, Assessing the new Financial Assessments for Reverse Mortgages: Problem-Solution

Avoid the Pitfalls of a POA when Applying for a HECM Reverse Mortgage

Reverse Mortgages have many practical applications but one of the common applications where people get stuck is with funds for care involving an incompetent loved one.  Keeping a loved one in their home and providing for care can be very expensive. A Reverse Mortgage is a nice tool that will allow you to access home equity to pay for in home care, but it is not an easy task with a loved one that has been deemed mentally incompetent. Anyone that falls into this category must have a representative with a valid power of attorney (POA) in order to obtain a HECM Reverse Mortgage.  The ...

March 6th, 2015 | Reverse Mortgage, HECM Reverse Mortgage, Home Care, Long Term Care, Avoid the Pitfalls of a POA when Applying for a HECM Reverse Mortgage

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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.