The great news is we are now living longer, more active, lives. The downside for many is that planning for this longevity is not always easy. A HECM Reverse Mortgage is a great way for retirees and seniors to take advantage of the equity they have built up in their home without the burden of unwarranted risk or tax liability and without having to sell their home. For many seniors, a HECM Reverse Mortgage can provide balance and alleviate the fear of running out of money or outliving financial resources. Whether you are retired or planning for retirement, a government insured HECM Reverse Mortgage may prove to be a nice tool to help you manage your cash flow and secure a more comfortable retirement. Important objectives that can be achieved with a Reverse Mortgage include: Paying off forward mortgages and traditional home equity lines thereby balancing debt, increasing monthly cash flow so you can more easily maintain your lifestyle on your current fixed income, establishing a safe credit line for emergencies, paying and planning for in home care needs, and establishing cost effective alternatives for long term care insurance on your terms with more personal flexibility.
Practical Applications of a Reverse Mortgage
Reverse Mortgage as a Planning Tool
Purchase or Downsize with Reverse Mortgage
A Reverse Mortgage is very different than a traditional mortgage. With a traditional mortgage loan, you are required to make monthly mortgage payments, but with a Reverse Mortgage there are no required monthly mortgage payments and the lender pays you money through an up front lump sum payment, monthly installments, the establishment of a credit line, or a combination of these funding options. The money that you receive from a Reverse Mortgage is dependent on your age and the value of your home as determined by an FHA appraiser. Read here for more information on "What is a HECM Reverse Mortgage?".
One of the great advantages of a reverse mortgage is that you are not required to pay the loan back until the home is no longer your primary residence or upon the death of your spouse. And you will never owe more than the value of your home regardless of fluctuations in value. Many of these flexible features and benefits of HECM Reverse Mortgages are summarized here on our site.
If you are 55 or older and own your home, you may be eligible for a reverse mortgage. However, deciding if a Reverse Mortgage is right for you, is an important decision. We, at Jefferson Mortgage Group, will work directly with your family and/or financial advisors to tailor the Reverse Mortgage to your specific needs. The primary objective is not just to get a Reverse Mortgage, but rather to get a Reverse Mortgage that is the right fit for you. Our team will guide you through this process and we will be with you every step of the way from origination to closing. There are several program options depending on your situation and we will work with you to find the right option for your needs. Contact your Reverse Mortgage Specialist to discuss your scenario and learn more about a Reverse Mortgage and ways to make it work for you. Or apply now and bridge the equity in your home to a more secure and comfortable retirement.
We offer HECM Reverse Mortgages & Jumbo Reverse Mortgages for eligible owner occupied Mixed Use Properties and multi-unit 2-4 family properties with acceptable zoning.
Full service provided by Jefferson Mortgage Group LLC specializing in government insured HECM Reverse Mortgages, located in Fairfax County, serving all of Virginia, Maryland, Florida and Pennsylvania. Your local Reverse Mortgage Provider.
Member National Care & Planning Council (NCPC) and National Association of Retirement Counselors (NARC)
*taxes & insurance still required
Please review these pages for more information about Reverse Mortgages.
Local areas served in Northern Virginia include Fairfax, Fairfax County, Leesburg, Loudoun County, Prince William County, Winchester and Frederick County, Warrenton and Fauquier County, Manassas, Springfield, Reston, Chantilly, Centreville, Arlington, Alexandria and Annandale. Statewide services include Richmond, Northern Neck and Tidewater Region and locations throughout the state of Virginia, Maryland, Florida and Pennsylvania. Learn more about the benefits and eligibility of a Reverse Mortgage - contact us today or click here to be added to our email list to learn how you can benefit from a HECM Reverse Mortgage.
Your request has been submitted.