Mortgage Blog

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

Should You Take a Reverse Mortgage Now, or Would It Be Better to Wait?

Good Huffington Post article that brings up a very important point which I have stressed in previous blogs.  In answer to the title's question, no you shouldn't wait. When a retiree really doesn’t have a comprehensive plan, waiting to take action with a reverse mortgage can be detrimental. With the addition of the new financial assessments last April, the program is no longer geared toward crisis management and eligibility requirements are more stringent. The focus has been changed dramatically to benefit the planners. I have so many clients in the seventies that are in fine...

April 14th, 2016 | Reverse Mortgage, Retirement Planning, Eligibility for Reverse Mortgage, Financial Planning, HECM Reverse Mortgage, Retirement security, supplemental retirement income, Should You Take a Reverse Mortgage Now, or Would It Be Better to Wait?

New Math on Reverse Mortgages - Wall Street Journal

The constructive nature of the use of a reverse mortgage is the key take away from this article.  The government has changed the program to protect retirees not only from getting in trouble with the program but also from themselves.  Big brother is going to tell you if you are eligible and set restrictions so you don’t get flagrant with your home equity and turn around and tell the world to look at what the government insured reverse mortgage did to you.  It comes down to responsible thought and understanding of the mechanics of the program.  At this juncture you will...

March 29th, 2016 | supplemental retirement income, Retirement Planning, Reverse Mortgage, HECM Reverse Mortgage, Financial Planning, Retirement security, New Math on Reverse Mortgages - Wall Street Journal

5 Ways a HECM Reverse Mortgage Can Ease the Retirement of Homeowners

Nice article on the benefits and practical applications of a government insured Reverse Mortgage that are simple and easy to understand.  The problem today is that very few people want to plan.  Most people prefer to seek out a Reverse Mortgage when they have a crisis.  The government has recognized this and they have purposely changed the rules with the addition of the financial assessments that were added to the program last April.  If you are retired and operating on a fixed income, you would be much wiser to pay off your mortgages, balance your cash flow needs and estab...

March 25th, 2016 | Reverse Mortgage, HECM Reverse Mortgage, supplemental retirement income, Seniors, Retirement security, Retirement Planning, reverse credit line, 5 Ways a HECM Reverse Mortgage Can Ease the Retirement of Homeowners

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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. 

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.