Mortgage Blog

Blog Image: Create Financial Flexibility in Retirement

Create Financial Flexibility in Retirement

A key retirement goal should always be financial security.  This is often much easier said than done.  It is easy to physically retire from work but are you also mentally retired?  In other words, being physically retired but mentally insecure over your financial situation or your monthly income is not constructive, although very common for retirees. Most often the first item on the list is housing.  The house that you have had for many years is often too large and much more costly then needed.  Downsizing is a nice way to reset your housing needs and expenses.&nb...

August 11th, 2016 | Reverse Mortgage, Retirement security, HECM for Purchase, supplemental retirement income, HECM Reverse Mortgage, Seniors, Create Financial Flexibility in Retirement

Strapped retirees are turning to reverse mortgages - Anna Robaton, special to CNBC.com

Good article that touches on the benefits, the protections, and the risks associated with a HECM Reverse Mortgage. With the first line of baby boomers recently turning seventy and faced with securing their retirement, this will become a go to program for the masses. It is clearly time to learn about a Reverse Mortgage.     Don't just take it from me.  Read the CNBC Article yourself at http://www.cnbc.com/2016/06/27/strapped-retirees-are-turning-to-reverse-mortgages.html Click here for more information on the practical uses of a Reverse Mortgage or ...

June 29th, 2016 | Reverse Mortgage, Seniors, Retirement Planning, Retirement security, Financial Planning, HECM Reverse Mortgage, Strapped retirees are turning to reverse mortgages - Anna Robaton, special to CNBC.com

Why a Reverse Mortgage Could Be Right for You

If you’re short on cash in retirement but do have equity in your home, you might want to get a reverse mortgage, says Jane Bryant Quinn, author of How to Make Your Money Last: The Indispensable Retirement Guide. New rules for reverse mortgages have removed some of the pitfalls that made them problematic in the past. The rules for reverse mortgages have certainly changed.  The program is much safer than in the past primarily because FHA has placed parameters on the program that don’t allow homeowners to stray from a constructive path.  This has been a very positive move...

May 18th, 2016 | Seniors, Reverse Mortgage, Retirement Planning, Retirement security, reverse credit line, HECM Reverse Mortgage, Financial Assessments, Why a Reverse Mortgage Could Be Right for You

Deciding when to take a reverse mortgage.

Good article on Philly.com.  I agree that a normalization of interest rates will definitely adversely affect procrastinating borrowers with reverse mortgages.  They will look back and regret not taking advantage of the program when internal rates were at historical lows. However, I don’t see that as the biggest threat to the procrastinating clan, regardless of age.  The biggest threat I see is a crisis after retirement.  This could be financial or health related, either one that grows out of the absence of a plan or one that overwhelms an existing plan.  The smar...

May 10th, 2016 | Retirement Planning, Retirement security, Reverse Mortgage, HECM Reverse Mortgage, Seniors, Deciding when to take a reverse mortgage.

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.

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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.