Mortgage Blog

A Borrower's story: The Peace of Mind and Financial Flexibility that comes with a Reverse Mortgage.

This is a classic Reverse Mortgage scenario that contradicts the general public perception that the primary use for a Reverse Mortgage equates to “funds of last resort”.Recently, I met with a client that was unmarried, in her early seventies, and employed with $300,000 plus in IRA assets.  She currently works two part time jobs, pays a monthly mortgage payment, and is struggling to get by each month balancing her income from social security, the two jobs, and monthly withdrawals from an IRA to make ends meet.  We decided to establish a government insured HECM Reverse...

January 22nd, 2015 | Reverse Mortgage, supplemental retirement income, Retirement Planning, Retirement income insecurity, HECM Reverse Mortgage, A Borrower's story: The Peace of Mind and Financial Flexibility that comes with a Reverse Mortgage.

Seeing through the Fog of Skepticism with the HECM Reverse Mortgage

With all the habitual bad press provided for the government insured Reverse Mortgage program one might think that the government entitlement was, by design, established to ensnare retirees and seniors so the government could prey on them in their finest hour and drain their remaining home equity.  Could this really be true?  On this basis, could this program have sustained itself for so many years across thousands of homeowners with such devastating effects? Or could there be more to it? There is definitely more to the program.  The HECM Reverse Mortgage was designed to provi...

January 6th, 2015 | Reverse Mortgage, HECM Reverse Mortgage, supplemental retirement income, Retirement Planning, Seeing through the Fog of Skepticism with the HECM Reverse Mortgage

The Case for Reverse Mortgages. Wall Street Journal explains.

Nice article below from Wall Street Journal on Reverse Mortgages. The author actually did some research and plowed through the skepticism surrounding government insured reverse mortgages. The untapped portion of the home equity credit lines grow each year providing resources for the home owner and overall diversification if they have too much of their net worth tied up in their home. I am happy to see an objective view for financial planning with a HECM Reverse. http://blogs.wsj.com/experts/2014/12/01/the-case-for-reverse-mortgages/ George H. OmilanPresident-CEONMLS# 873983  ...

January 5th, 2015 | HECM Reverse Mortgage, Government insured mortgage, Reverse Mortgage, Retirement Planning, HECM for Purchase, The Case for Reverse Mortgages. Wall Street Journal explains.

Transitioning from a Standard Mortgage to a Reverse Mortgage.

Nice article comparing wealth and consumption effects of a HECM Reverse Mortgage.  I would like to add a few things.  First, the money is essentially the same.  You either pay the mortgage payment or have your home equity make the payment. Yes, there are closing costs and MIP but there are also significant benefits.  If you outlive the equity and have the money for consumption you may end up significantly underwater on the property.  Guess what?  The MIP insurance fund covers the loss and your estate and heirs are unaffected.  Also, add in long term care opti...

January 5th, 2015 | HECM Reverse Mortgage, Traditional Mortgage, Reverse Mortgage, supplemental retirement income, Retirement Planning, Transitioning from a Standard Mortgage to a Reverse Mortgage.

Rentership Defined!

It would appear that we may have a new word candidate for the mighty review board at Webster's.  Rentership is a new phenomenon that is pervasive throughout our real estate economy.  It is hidden below the radar and often not breached in conversation due to its unpopular appeal. Regardless, Rentership defines the thousands of homeowners that are stranded in properties where the mortgages owed, plus the costs to sell, exceed the value of the home.  These owners are defined as renters with full ownership responsibilities.  When the roof needs replacing, or the appliances ...

December 12th, 2014 | solutions for underwater properties, Traditional Mortgage, Rentership, Real Estate Economy, Rentership Defined!

Considering All Cash or Big Down Payment Purchase?

If you are in the market for a new home and considering an all cash offer or a large down payment you should consider the benefits of a HECM for Purchase.  This allows you to purchase a new home and establish a Reverse Mortgage in a single transaction.   You must be 62 years of age and the property must be FHA eligible to participate.  Diversify your funds and enjoy the benefits:  Financial flexibility  Buy the home you want with No Monthly Mortgage Payments  The option to Sell or Retain your existing home  Easy access to a non-recourse loan tailore...

November 21st, 2014 | Retirement Planning, HECM Reverse Mortgage, HECM for Purchase, Reverse Mortgage, Considering All Cash or Big Down Payment Purchase?

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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.