Jefferson Mortgage Group LLC
A HECM Reverse Mortgage is a great way for seniors to take advantage of the equity they have built up in their homes without the burden of unwarranted risk or tax liability. Deciding if a Reverse Mortgage is right for you is a big decision. We will work directly with your family and 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.
George specializes in all aspects of the traditional FHA HECM Reverse Mortgage and the HECM for Purchase programs. With 28 years of experience in the mortgage industry, he is able to work directly with you and your family to understand your needs and offer you the right program tailored to your objective. George has the experience and resources to meet your needs when it comes to Reverse Mortgages.
How to win in retirement with a government insured Reverse Mortgage.
- Learn how to pay off forward mortgages, home equity lines, and expensive debt while balancing monthly cash-flow.
- Find out how to supplement retirement income and create a growing credit line reserve for the future.
- Discover how to downsize with a Reverse Mortgage and diversify your assets from your home.
- Understand the mechanics of the program and the power of the government insurance back stop as it applies to your spouse, your estate, and your heirs.
AAG Approved Partner.
What is a HECM Reverse Mortgage?
A HECM Reverse Mortgage is a government insured program designed to help homeowners 62 and older access their home equity with a non-recourse easily obtainable loan tailored for seniors.
Who is eligible for a Reverse Mortgage?
- You must be at least 62 years old based on the youngest borrower.
- The home must be your primary residence.
What can a reverse mortgage be used for? (examples)
- Pay off mortgage to live mortgage payment free (Taxes & Insurance still required)
- Increase monthly cash-flow
- Pay off credit cards and medical bills
- Home repairs / Modifications / Home improvements
- Emergency Reserve Credit Line for emergencies and peace of mind
- Funds to pay for in-home care
- Funds to satisfy tax liens & other liens
- Bring a delinquent mortgage current and prevent foreclosure
- Buy a new primary residence to down-size your home, get rid of the steps, or move closer to family
- Supplement your retirement income
- Retirement & Financial planning
- Establish a cost-effective mechanism for long-term care insurance
- Estate planning
- Buy a 2nd Home
- Tax free funds
Are there restrictions on how I can use money received from a Reverse Mortgage?
Any proceeds from a Reverse Mortgage must first pay off any existing mortgages or liens on the property. After these and any other mandatory obligations are paid there are no restrictions on how you may use the proceeds. You can use the money you receive from your reverse mortgage any way you would like, everything from travel to medical bills, to paying down expensive credit card debt or to remodeling your home. You certainly do not have to spend all your eligible proceeds. Maybe you would just like to pay off a mortgage, establish a credit line as an emergency reserve, or even create a monthly annuity like payment to supplement your retirement income. There are no limits to how you can use your proceeds.
George Omilan and Jefferson Mortgage Group can help you Bridge the Path to a more Sound and Secure Retirement. Call today to learn more!