Mortgage Blog

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

Estate Plan Key Component - Protecting the Family from Money

When we die it is often said that we need an estate plan that encompasses a will or a trust.  There are also other documents like medical directives and power of attorney.  The establishment of a proper plan is important but, in my opinion, a critical component that can easily be overlooked is protecting the family from money and themselves.Money, whether it’s from an estate or a life insurance death benefit can have catastrophic consequences on the family if the plan is not adequate with clear intent and leadership. A plan should clearly define the intent and the wishes of the...

November 12th, 2016 | Financial Planning, Retirement Planning, Seniors, HECM Reverse Mortgage, Estate Plan, Estate Plan Key Component - Protecting the Family from Money

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

HECM Reverse Mortgage, the Statistics Surrounding their Use to Buy a New Home

The statistical significance of using a HECM for Purchase to buy a new home is almost nil relative to the prominent use of a traditional HECM Reverse for refinancing.  There are several reasons the HECM for Purchase is rarely used. Heavy down payment at 40-50% of the sales price.FHA does not allow any seller contributions as part of the sales contract.Sellers are also not allowed to make any repairs or other contributions to the transaction.Buyers must complete HUD CounselingCosts can be higher at max MIP insurance levelsThe opaque nature of the program often leaves realtors and buyers...

October 13th, 2016 | Retirement Planning, Reverse to Purchase Mortgage, Seniors, Reverse Mortgage, HECM Reverse Mortgage, HECM for Purchase, HECM Reverse Mortgage, the Statistics Surrounding their Use to Buy a New Home

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

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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.