Mortgage Blog

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.

New Development from HUD on HECM Reverse Mortgages

Just last week, HUD announced positive changes to the principle limit factors that govern home equity access levels for eligible homeowners.  While younger homeowners in their sixties may not see much benefit in the form of increased eligibility, the real positive impact will be realized by the older demographics.  Older homeowners will have access to increased levels of home equity.  The older you are, the more you will benefit from these changes. Although this will not reverse the punitive changes and restrictions placed on the program in late 2013, it is deemed a step in the ...

July 9th, 2014 | Reverse Mortgage, Retirement Planning, Government insured mortgage, HECM Reverse Mortgage, HUD, home equity access, New Development from HUD on HECM Reverse Mortgages

HECM for Purchase

Statistics show a large number of home buyers paying cash for homes.  Is this the best strategy for retirees and older active adults?  Many people, regardless of their age, have been having difficulty obtaining a mortgage.  Once a mortgage has been granted, there is a monthly mandatory payment requirement.  This creates risk.In October 2008, FHA introduced a new innovative type of loan called HECM for Purchase. Very few people are familiar with this loan.  This is a government insured non-recourse, non-qualifying loan for home buyers 62+ that allows them to buy a ...

March 21st, 2014 | FHA, Government insured mortgage, Reverse Mortgage, Retirement Planning, Reverse to Purchase Mortgage, HECM Reverse Mortgage, HECM to Purchase, HECM for Purchase, HECM for Purchase

A Reverse Mortgage is Not a Construction or Property Rehab Loan

There appears to be a misconception in the market among some that a Reverse Mortgage can be used to solve any and all property and borrower ailments. This is categorically incorrect. A Reverse Mortgage is designed for a primary residence only and does not extend to second homes or investment property. A Reverse will allow up to ten percent (10) of the appraised value of the property for set asides to cover standard property repairs that may exist. Repairs eligible under this category do not include health, safety, and/or zoning issues. When a property reaches this state or re...

September 25th, 2013 | Reverse Mortgage, HECM Reverse Mortgage, solutions for underwater properties, FHA, Construction Loan, Hard Money Loan, Government insured mortgage, A Reverse Mortgage is Not a Construction or Property Rehab Loan

Regulation and Disclosure-Does it really protect our seniors with a Reverse Mortgage?

The mortgage market place has been heavily re-regulated since 2008 and for years we have relied on volumes of disclosures to guide and protect our borrowers.  Do you think for a moment that regulation prevents money motivated unscrupulous acts?  Further, as with our 11,000 page healthcare law everybody seems to be joking that no one knows what is in it. Regulation and disclosure appears to have overwhelmed us all and lost some of its purpose.  The same hold true with mortgage disclosures.  Do you really think anyone reads them?  Here is how a closing goes down at a tit...

August 1st, 2013 | Retirement Planning, Reverse Mortgage, lifetime income with a Reverse, Government insured mortgage, supplemental retirement income, Regulation and Disclosure-Does it really protect our seniors with a Reverse Mortgage?

Seniors Arrive at a Fork in the Road with Retirement and Must Decide between Finite versus Infinite Home Equity with a Reverse Mortgage!

It has to be noted that 70% of seniors are expected to have to tap their home equity to make it to retirement let alone through retirement. That is not something we really want to hear because not everyone has home equity as a vehicle. We also have to be realistic regarding Social Security and Medicare. The draw down projected on these entitlements versus the number of people paying into the programs dictate that these programs will have to be modified for them to remain as viable entitlements long term.   I am not telling you anything new. It comes down to planning fo...

February 19th, 2013 | Retirement Planning, home equity access, HECM Reverse Mortgage, Government insured mortgage, lifetime income with a Reverse, Seniors Arrive at a Fork in the Road with Retirement and Must Decide between Finite versus Infinite Home Equity with 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.