Mortgage Blog

Is a reverse mortgage right for you? CNBC Article Response

A Reverse Mortgage provides a unique advantage to retirees with home equity seeking supplementary income.  In addition to additional income it also provides the opportunity to pay off existing mortgages and home equity lines to free up additional monthly cash for living expenses.  A homeowner with significant home equity can accomplish this and also create a unique home equity line for emergencies where the untapped available credit grows annually as the homeowner ages in place. When people talk about the negatives of the program, they are always quick to note that if you don&rs...

March 23rd, 2016 | supplemental retirement income, HECM Reverse Mortgage, Reverse Mortgage, Retirement Planning, Financial Planning, Is a reverse mortgage right for you? CNBC Article Response

Retirees, Seniors and Controlling Debt in Retirement.

When people retire, they often go from receiving a pay check every two weeks to a fixed income.  Many may also have businesses that they have just sold.  Now with this comes freedom but with this new found freedom there is an expectation that the lifestyle that they are accustom to will continue.  This can be a wonderful experience as long as the available income and savings can support the new found freedom. Whether you are thinking about retirement or you have been retired for some time it is never too late to assess your monthly cash flow situation.   It is impor...

March 4th, 2016 | Retirement security, Real Estate Economy, Reverse Mortgage, supplemental retirement income, Retirement income insecurity, HECM Reverse Mortgage, Financial Planning, Seniors, Retirees, Seniors and Controlling Debt in Retirement.

Are you Eligible for a Reverse Mortgage?

Qualifications for HECM Reverse Mortgages have gotten tougher since early 2015.  FHA’s addition of financial assessments has shifted the main emphasis from age and property value to residual income, credit and debts.  The issue is less about eligibility and more about a restricted versus unrestricted approval.  When a home owner has been approved and the financial assessment guidelines have not been completely met, they often receive a restricted approval that requires a Life Expectancy Set Aside or otherwise termed a LESA (see my earlier blog on LESA) .  This is...

February 23rd, 2016 | Retirement Planning, Reverse Mortgage, Seniors, supplemental retirement income, Financial Planning, Financial Assessments, HECM Reverse Mortgage, LESA, Eligibility for Reverse Mortgage, Are you Eligible for a Reverse Mortgage?

Wise Reverse Mortgages Can Be the Saving Grace of Unprepared Retirees - Forbes Article

Good article on Forbes.com today titled - Wise Reverse Mortgages Can Be the Saving Grace of Unprepared Retirees by Wade Pfau.A saving grace for those that use a Reverse Mortgage wisely may hold the key.  There is no rush to spend your home equity.  This article does a nice job introducing a complex use of a Reverse and putting it into layman’s terms by stating that most people spend down their liquid assets first and save their home equity for last.  By having access to your home equity and spending it wisely and proportionally, along with your invested assets, the presump...

February 12th, 2016 | Reverse Mortgage, Retirement Planning, HECM Reverse Mortgage, Financial Planning, Seniors, Retirement security, home equity access, Wise Reverse Mortgages Can Be the Saving Grace of Unprepared Retirees - Forbes Article

Simplicity versus Complexity with a Reverse Mortgage

A Home Equity Conversion Mortgage, or otherwise referred to as a HECM Reverse Mortgage, is considered a complex loan program.  Fiduciaries and industry professionals across the board often get swept away with homeowners as they attempt to grasp a general understanding of the program.  This usually ends in frustration and confusion as everyone attempts to understand the loan program on the basis of what we are already familiar with, a traditional forward mortgage.  The program is actually not that hard to understand, provided you start by focusing on its purpose.  The Revers...

February 8th, 2016 | Reverse Mortgage, HECM Reverse Mortgage, Retirement security, supplemental retirement income, Social Security, Seniors, Retirement Planning, Financial Planning, Simplicity versus Complexity with a Reverse Mortgage

Can a reverse mortgage replace a pension?

Good article below. A diversified base of income in retirement is important.  The three legged stool analogy is a great illustration for balance.  Why be dependent just on one or two sources of income and potentially worry? This is the insecurity over money that they say we will all one day experience.  Its best for us to control this rather than allowing it to control us.  A Reverse Mortgage can provide two very critical benefits in this area. First, it can provide immediate monthly cash flow balance for those with mortgages by eliminating the forward mortgage payments (Pr...

February 2nd, 2016 | Retirement Planning, supplemental retirement income, HECM Reverse Mortgage, Financial Planning, reverse credit line, Can a reverse mortgage replace a pension?

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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.