Mortgage Blog

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

Could Getting a Reverse Mortgage Help You Save Money? NBC News Video

Changes to the HECM reverse mortgage have made it very safe.  However, it is much harder to get and not everyone will be eligible, but for those that do qualify, it can be a terrific way to augment your retirement plan.    George H. Omilan President-CEO - NMLS# 873983 Jefferson Mortgage Group LLC Located in Fairfax County, helping seniors with Reverse Mortgages in Virginia, Maryland, DC and Pennsylvania.Questions/Comments encouraged.

May 2nd, 2016 | Retirement Planning, Retirement security, Social Security, Seniors, HECM Reverse Mortgage, Reverse Mortgage, supplemental retirement income, Could Getting a Reverse Mortgage Help You Save Money? NBC News Video

How to Determine if a Reverse Mortgage is right for you.

I would like to comment on this Washington Post article to put aside the guess work and focus directly on what a reader or potential homeowner should realistically expect from a reverse mortgage given this situation.  Here's the facts.  The problem cited was that the homeowner has fallen behind on their property taxes.  This occurrence within the past two years will trigger a LESA.  This is an automatic escrow or otherwise termed “life expectancy set aside” for applicable real estate taxes and insurance.  This will consume a significant portion of the o...

April 25th, 2016 | Financial Assessments, HECM Reverse Mortgage, Retirement Planning, Retirement security, Seniors, Reverse Mortgage, supplemental retirement income, LESA, How to Determine if a Reverse Mortgage is right for you.

Top 5 Strategies to Protect Your Money from Medicaid

I am constantly hearing about asset protection strategy regarding Medicaid or other entitlement programs. If you go too far on the strategy you could end up with only two beans in your pocket. Not everyone is comfortable with giving funds away and the five year lookback applied can be limiting. Now I don’t claim any expertise on asset protection regarding entitlement programs. My only suggestion would be not to rule out all of your options when you plan. For instance, you can use a government insured reverse mortgage to pay off an existing mortgage and free up monthly funds for living. I...

April 15th, 2016 | supplemental retirement income, Retirement security, Retirement Planning, Reverse Mortgage, HECM Reverse Mortgage, Annuity, Seniors, Top 5 Strategies to Protect Your Money from Medicaid

Subscribe to Our Newsletter

Fields marked * are required
Email *
 

 

Facebook

 

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.