Mortgage Blog

Could Getting a Reverse Mortgage Help You Save Money? NBC News Video

Changes to the HECM reverse mortgage have made it very safe.  However, it is much harder to get and not everyone will be eligible, but for those that do qualify, it can be a terrific way to augment your retirement plan.    George H. Omilan President-CEO - NMLS# 873983 Jefferson Mortgage Group LLC Located in Fairfax County, helping seniors with Reverse Mortgages in Virginia, Maryland, DC and Pennsylvania.Questions/Comments encouraged.

May 2nd, 2016 | Retirement Planning, Retirement security, Social Security, Seniors, HECM Reverse Mortgage, Reverse Mortgage, supplemental retirement income, Could Getting a Reverse Mortgage Help You Save Money? NBC News Video

How to Determine if a Reverse Mortgage is right for you.

I would like to comment on this Washington Post article to put aside the guess work and focus directly on what a reader or potential homeowner should realistically expect from a reverse mortgage given this situation.  Here's the facts.  The problem cited was that the homeowner has fallen behind on their property taxes.  This occurrence within the past two years will trigger a LESA.  This is an automatic escrow or otherwise termed “life expectancy set aside” for applicable real estate taxes and insurance.  This will consume a significant portion of the o...

April 25th, 2016 | Financial Assessments, HECM Reverse Mortgage, Retirement Planning, Retirement security, Seniors, Reverse Mortgage, supplemental retirement income, LESA, How to Determine if a Reverse Mortgage is right for you.

Top 5 Strategies to Protect Your Money from Medicaid

I am constantly hearing about asset protection strategy regarding Medicaid or other entitlement programs. If you go too far on the strategy you could end up with only two beans in your pocket. Not everyone is comfortable with giving funds away and the five year lookback applied can be limiting. Now I don’t claim any expertise on asset protection regarding entitlement programs. My only suggestion would be not to rule out all of your options when you plan. For instance, you can use a government insured reverse mortgage to pay off an existing mortgage and free up monthly funds for living. I...

April 15th, 2016 | supplemental retirement income, Retirement security, Retirement Planning, Reverse Mortgage, HECM Reverse Mortgage, Annuity, Seniors, Top 5 Strategies to Protect Your Money from Medicaid

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

Blog Image: Retirees, Seniors and Controlling Debt in Retirement.

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. 

Testimonials

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.