Mortgage Blog

9 surprising ways to use a Reverse Mortgage

I've talked about all of these uses of Reverse Mortgages over time in my blog....from the obvious paying off mortgages to delaying social security,  or buying a new home with a reverse mortgage, . Only one I haven't been exposed to is the "Gray Divorce Strategy'. Good article from Investment News.  See our Practical Applications page for the many uses of a Reverse Mortgage. George H. Omilan President-CEO - NMLS# 873983 Jefferson Mortgage Group LLC Helping seniors with Reverse Mortgages in Virginia, Maryland, DC and Pennsylvania.Questions/C...

June 24th, 2016 | supplemental retirement income, Social Security, Retirement Planning, Reverse to Purchase Mortgage, HECM Reverse Mortgage, Long Term Care, Financial Planning, HECM for Purchase, 9 surprising ways to use a Reverse Mortgage

Don't make this gigantic Social Security mistake - CNBC Article

Terrific article that takes into account Social Security and waiting to maximize your benefits as a cost effective form of longevity insurance. Given people are living much longer than expected, this is an innovative approach aimed at maximizing benefits that should grab the public’s attention. A HECM Reverse Mortgage can help those with mortgages and debts with decreased payments and more available funds for living expenses, and in some cases additional supplementary income, to help achieve this strategy. As noted in the article, it is the clearly the cheapest form of a true guarantee a...

June 9th, 2016 | Social Security, Seniors, Reverse Mortgage, Retirement Planning, supplemental retirement income, HECM Reverse Mortgage, Don't make this gigantic Social Security mistake - CNBC Article

Retirement, the Big Picture

Retirement is supposed to be a time for mental expansion and relaxation after a productive career, not a stressful experience or a grand lesson in frugality.  The path you or your family members take will be based, in most cases, on planning.  The cost in time, effort, and money of even a basic plan far outweighs the cost of having no plan. Planning is actually elementary.  It really comes down to living within our means and nothing more. The problem arises from the standard of living that we have set for ourselves when we are still working.  Once we retire and s...

June 6th, 2016 | supplemental retirement income, Seniors, Reverse Mortgage, Retirement Planning, HECM Reverse Mortgage, Financial Planning, Retirement, the Big Picture

Why a Reverse Mortgage Could Be Right for You

If you’re short on cash in retirement but do have equity in your home, you might want to get a reverse mortgage, says Jane Bryant Quinn, author of How to Make Your Money Last: The Indispensable Retirement Guide. New rules for reverse mortgages have removed some of the pitfalls that made them problematic in the past. The rules for reverse mortgages have certainly changed.  The program is much safer than in the past primarily because FHA has placed parameters on the program that don’t allow homeowners to stray from a constructive path.  This has been a very positive move...

May 18th, 2016 | Seniors, Reverse Mortgage, Retirement Planning, Retirement security, reverse credit line, HECM Reverse Mortgage, Financial Assessments, Why a Reverse Mortgage Could Be Right for You

Deciding when to take a reverse mortgage.

Good article on Philly.com.  I agree that a normalization of interest rates will definitely adversely affect procrastinating borrowers with reverse mortgages.  They will look back and regret not taking advantage of the program when internal rates were at historical lows. However, I don’t see that as the biggest threat to the procrastinating clan, regardless of age.  The biggest threat I see is a crisis after retirement.  This could be financial or health related, either one that grows out of the absence of a plan or one that overwhelms an existing plan.  The smar...

May 10th, 2016 | Retirement Planning, Retirement security, Reverse Mortgage, HECM Reverse Mortgage, Seniors, Deciding when to take a reverse mortgage.

The End Game - Reverse Mortgages

What designates the end game for a reverse mortgage and what happens at this point? There is a significant lack of understanding on how a reverse mortgage actually works and how it ends specifically regarding life and death.  The easiest way to explain this for a reverse mortgage is to break it out into three separate common scenarios.  The first is the end of life for the sole and primary homeowner, the second is the death of the primary spouse, and the third involves a surviving non-borrowing spouse.  Each scenario has to be looked at separately to gain an understanding and co...

May 6th, 2016 | Reverse Mortgage, Retirement Planning, HECM Reverse Mortgage, Seniors, The End Game - Reverse Mortgages

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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.