Mortgage Blog

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

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?

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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.