Mortgage Blog

Now it's tougher to get a Reverse Mortgage.

It is in fact now much tougher than in the past to get a Reverse Mortgage.  The key to success for retirees and seniors going forward seeking a Reverse Mortgage is to plan.  In short, don’t wait until you have spent your last dollar before you decide to apply for a reverse.  The loans are now being scrutinized for risk and not everyone is going to be eligible.  A plan could be as simple as inquiring six to twelve months ahead of time before the basis for need becomes funds of last resort. If you want to maximize your chances of obtaining a reverse mortgage, start with...

May 27th, 2015 | Reverse Mortgage, Retirement Planning, HECM Reverse Mortgage, Financial Assessments, Now it's tougher to get a Reverse Mortgage.

What is a HECM?

A HECM is a Home Equity Conversion Mortgage, often referred to as a government insured Reverse Mortgage, that serves as a vehicle to help retirees and seniors access home equity from their homes in retirement. Home equity can be accessed in various ways depending on homeowner or family needs.  Lump sums at closing can be used to pay off existing forward mortgages. Credit lines, much like traditional home equity lines, can be established for convenience or emergencies.  A big difference that distinguishes a HECM Reverse credit line from a traditional home equity line is that there ...

May 6th, 2015 | Retirement Planning, HECM Reverse Mortgage, Reverse Mortgage, home equity access, lifetime income with a Reverse, supplemental retirement income, What is a HECM?

Blog Image: Assessing the new Financial Assessments for Reverse Mortgages: Problem-Solution

Assessing the new Financial Assessments for Reverse Mortgages: Problem-Solution

The new rules will dramatically change the current government insured HECM Reverse Mortgage from a non-qualifying loan to one that requires qualifications and is subject to broad lender discretion.  You can be assured that the mortgage providers will be strict because they fear the ultimate wrath of FHA.  Regardless of interpretation they better get the new rules right or FHA will not insure their loans and they will be at risk.  Based on this, one can only expect that lenders supporting Reverse Mortgages will be conservative to ensure their own financial integrity.  You ca...

April 10th, 2015 | Retirement Planning, Reverse Mortgage, FHA, Financial Assessments, HECM Reverse Mortgage, Assessing the new Financial Assessments for Reverse Mortgages: Problem-Solution

Avoid the Pitfalls of a POA when Applying for a HECM Reverse Mortgage

Reverse Mortgages have many practical applications but one of the common applications where people get stuck is with funds for care involving an incompetent loved one.  Keeping a loved one in their home and providing for care can be very expensive. A Reverse Mortgage is a nice tool that will allow you to access home equity to pay for in home care, but it is not an easy task with a loved one that has been deemed mentally incompetent. Anyone that falls into this category must have a representative with a valid power of attorney (POA) in order to obtain a HECM Reverse Mortgage.  The ...

March 6th, 2015 | Reverse Mortgage, HECM Reverse Mortgage, Home Care, Long Term Care, Avoid the Pitfalls of a POA when Applying for a HECM Reverse Mortgage

Effective March 2, 2015 - Financial Assessments Loom for the HECM Reverse Mortgage Program

**Update - The Federal Housing Administration (FHA) announced Thursday that it will delay the effective date to begin financial assessments for all reverse mortgage applicants due to technical issues.  They anticipate a delay of 30-60 days from original March 2, 2015 deadline.  President Reagan put the foundation in place for the government insured HECM Reverse Mortgage Program.  The mandate was to establish a path for retirees and seniors to have easy access to their home equity for their retirement years.  The program was established based on the borrower’s age...

February 5th, 2015 | Reverse Mortgage, HECM Reverse Mortgage, Government insured mortgage, Retirement Planning, Financial Assessments, Effective March 2, 2015 - Financial Assessments Loom for the HECM Reverse Mortgage Program

Reverse mortgage makeover: Baby boomer edition

As reported on Yahoo this morning....Changes in 2014 to federal reverse mortgage regulations have shifted this senior safety net away from its traditional role as a loan of last resort to keep the elderly in their homes. Reverse mortgages now serve as a financial planning tool for the waves of middle-class baby boomers facing retirement.See below for the full Yahoo article - Reverse Mortgage Makeover Baby Boomer Edition.  http://finance.yahoo.com/news/reverse-mortgage-makeover-baby-boomer-100000475.html George H. OmilanPresident-CEONMLS# 873983Jefferson Mortgage Group LLC - Your local Re...

January 28th, 2015 | Reverse Mortgage, supplemental retirement income, HECM for Purchase, Retirement Planning, HECM Reverse Mortgage, Reverse mortgage makeover: Baby boomer edition

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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.