Mortgage Blog

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?

10 things you should know about reverse mortgages

Nice article.  A lot of ground is covered regarding Reverse Mortgages but some key points have not been touched on that I think are important.  Although a Reverse Mortgage has a broad array of practical applications, it is always more beneficial if it augments an existing retirement plan.  Along these lines, I think it of paramount importance to point out that many retirees and seniors will not qualify for forward mortgages to refinance or home equity lines.  In addition, for those that do, it is also very important to point out that any mortgage that requires a monthly pay...

January 14th, 2016 | Retirement Planning, HECM Reverse Mortgage, Financial Planning, Reverse Mortgage, Seniors, supplemental retirement income, Sandwich Generation, Retirement security, Government insured mortgage, 10 things you should know about reverse mortgages

The State of the LESA - HECM Reverse Mortgages

The overriding goal of a Reverse Mortgage is to allow retirees and seniors to help themselves in retirement.  You can think of this as a means of financial mobility with a loan program that has been specially designed for this demographic in an otherwise very stringent environment where credit may not necessarily be readily available.  Within this arena, the past year has brought changes to the Reverse Mortgage program that have significantly altered the landscape for retirees and seniors seeking eligibility for home equity access in retirement.  The new word of the day is LE...

January 10th, 2016 | Retirement Planning, HECM Reverse Mortgage, Seniors, Reverse Mortgage, Financial Planning, Financial Assessments, LESA, Retirement security, The State of the LESA - HECM Reverse Mortgages

How to use a reverse mortgage to protect your retirement income. Marketwatch Article Comment.

I agree that most people should consider establishing a HECM Reverse Mortgage credit line as early in life as possible. However, although I would support the idea of using a reverse credit line to protect retirement income, I am not convinced that it has practical application due to its complexity.  Having said that, I am familiar with the Sacks & Sacks research on this subject from 2012.  I have licensed it for redistribution, but again and again, I come back to what is realistic for my average 76 year old client for a Reverse Mortgage.  Simplicity and security is what they...

November 19th, 2015 | supplemental retirement income, Reverse Mortgage, Retirement Planning, HECM Reverse Mortgage, Government insured mortgage, Financial Planning, reverse credit line, How to use a reverse mortgage to protect your retirement income. Marketwatch Article Comment.

Reverse mortgages: Useful retiree tool or bad move?

Great article.  I agree that a Reverse Mortgage is best used when it can augment an existing retirement plan.  However, in many cases where that may not be an option, there is still room for ample benefit.  I would also like to add some clarity on the growth of credit for retirees and seniors so it is more easily understood.  When a homeowner is in a position to utilize a reverse mortgage where they have a substantial amount of available home equity (“principal limit”) over and above any mandatory payoff items like existing mortgages, the credit line growth fact...

November 17th, 2015 | Financial Planning, Retirement Planning, Reverse Mortgage, Home Care, Government insured mortgage, Reverse mortgages: Useful retiree tool or bad move?

October Beacon Article Mention - Hear what our clients have to say.

Check out the October issue of the Beacon and hear what some of our clients have to say. http://issuu.com/thebeaconnewspapers/docs/oct15dcbeacon/43?e=1984404/30449816 Would love to hear from you if you or a loved one are in a similar situation.     George H. Omilan President-CEO - NMLS# 873983 Jefferson Mortgage Group LLC Helping seniors with Reverse Mortgages in Virginia, Maryland and Pennsylvania. Questions/Comments encouraged.

October 20th, 2015 | Retirement Planning, HECM Reverse Mortgage, Financial Planning, Reverse Mortgage, Long Term Care, October Beacon Article Mention - Hear what our clients have to say.

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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.