Jefferson Mortgage Group LLC
George Omilan - Reverse Mortgage Professional
A Reverse Mortgage is a great way for seniors in Virginia, Maryland, Pennsylvania, and Florida 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, the HECM for Purchase program, as well as the Jumbo Private Label Reverse Mortgage as an option for higher priced homes. With 35 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 both a government insured Reverse Mortgage or a Jumbo Reverse Mortgage.
- Balance the adverse effects of inflation by improving monthly cash flow with a Reverse Mortgage.
- Learn how to eliminate mortgage payments and pay off forward mortgages, traditional home equity lines, and expensive debt while balancing monthly cash-flow
- Pay and efficiently plan for care needs on your terms in the comfort of your own home.
- Find out how to supplement retirement income with term and tenured annuity-like payments.
- Establish a safe home equity credit line reserve for emergencies and your future retirement where the untapped portion will grow annually as you age.
- Experiment with alternatives to expensive long term care insurance by using a reverse to create a more cost effective mechanism that provides more flexibility on your terms.
- 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.
- Discover how to downsize with a Reverse Mortgage and diversify your assets from your home.
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.
What is a Jumbo Private Label Reverse Mortgage?
The long-standing family home that has appreciated in value immensely over the years no longer has to be downsized. The new Jumbo Reverse is a relatively new consumer friendly option that offers more choice for higher priced homes. The Jumbo Reverse is not designed to replace the traditional government insured HECM, but rather to fill the voids and provide suitable alternatives for the higher priced family homes at a much lower percentage basis cost. (Jumbo Reverse Mortgages currently not available in Maryland).
Who is eligible for a Reverse Mortgage?
- You must be at least 62 years old based on the youngest borrower (55 years old Jumbo Reverse).
- 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
- Travel
- 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!
George Omilan [NMLS# 873983] - (703) 319-2198
Jefferson Mortgage Group LLC [NMLS# 935554]
Jefferson Mortgage Group LLC is licensed by the Virginia State Corporation Commission License Number MC-5659, The Pennsylvania Department of Banking & Securities #46259, The Florida Office of Financial Regulation License #MBR5228, and Maryland DLLR License #21586. An Equal Housing Lender.
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Service Area
Proudly serving Alexandria, Arlington, Fairfax, Falls Church, Loudoun and all of Virginia.
Also serving Florida, Maryland and Central and Eastern Pennsylvania.
About Me
George Omilan is the President and Principal of Jefferson Mortgage Group LLC. The company was founded as a Virginia based mortgage provider primarily focused on loan programs such as Reverse Mortgages, all Traditional Mortgage types, and Non-QM loans. George has 35 years experience in the Mortgage Industry. By understanding the mortgage industry so extensively, George is able to offer you the program the best suits your objective and primary needs and do so in the most cost-efficient manner.
Reverse Mortgage Reviews from Jefferson Mortgage Group Clients
Read our Reverse Mortgage customer reviews to learn what they say about working with Jefferson Mortgage Group, LLC.
Client Testimonials
It was our pleasure! Mr. Omilan is the ultimate professional when it comes to doing a Reverse Mortgage. He counsels, educates, performs magic and can walk you through the process as easy as possible Other than gathering and providing information for him to make it happen, we never imagined it was going to be that easy and without stress.
I am an incredibly happy customer after just receiving a Reverse Mortgage through Jefferson Mortgage Group. George was extremely helpful and personally guided me through each and every step along the way. Though I've had mortgages before, I've never dealt with a bank or a mortgage broker that was as knowledgeable, thorough, and effective as he was. Unlike many of the sales people at the big national reverse mortgage companies, George knows his business inside and out and has contacts he can personally call to make it happen. I was the beneficiary of his vast experience and I could not be happier. Ten stars!!
Thank you so much for all the hard work you put in for our HECM Reverse Mortgage. We appreciate it very much and it was so easy because of you. We will be forever grateful.
Jefferson Mortgage Group helped us in 2014 pay off our mortgage with a reverse and then came back again in 2016 with a new reverse when our property appreciated in value. George worked tirelessly to make everything work to our satisfaction. Our financial advisor was consulted about the entire process and stated that it was a good move for us. He was also impressed with the work Jefferson Mortgage Group did for us.
George and Jefferson Mortgage has been nothing short of amazing. He helped me with a refinance of a second property that is saving me a substantial amount of money AND a reverse mortgage for my parents. He has a pragmatic approach to the business. His patience coupled with his knowledge and intelligence made everything go so smoothly. George was so helpful dealing with my parents’ reverse mortgage-something I knew nothing about until he took the time with both me and my parents to educate us and make us feel so comfortable. It gives me such peace of mind knowing that my parents are in such a better place financially. George is more that a mortgage broker...he is your advocate and true advisor!
Through the process of working with Jefferson Mortgage I gained a real understanding of what a reverse mortgage (HECM) is and how it can be a very valuable tool in an overall financial plan. Jefferson Mortgage worked very patiently with me and my mother to make sure we understood exactly what her options would be in getting a HECM and how the process would work. Now, with her HECM in place, my mother can more comfortably live on her retirement income without the financial stress she was previously under. AND she can stay in the home she just finished fixing up to her liking!
I am happy that I called Jefferson Mortgage. I was thinking about retirement but I was concerned that I may struggle financially if I were to retire now. I had read a lot of peace meal information on reverse mortgages but nothing really ever made sense to me. Jefferson Mortgage explained the program to me in a way that I could finally understand it. In turn, they helped with me a reverse mortgage that allowed me to pay off my current mortgage. This freed up money each month and also provided me a credit line so I could now afford to retire. I am very happy with my new reverse mortgage. The key for me was finding patient and knowledgeable people that would take the time to explain the loan. Once I understood it I was comfortable. I appreciate the conscientious help. I am now happily retired.
George Omilan of Jefferson Mortgage Group helped me save my home and all my home equity from foreclosure. I am 68 years old and I have a small business. Business got tough and the money got tight to a point that I fell behind a few months on my mortgage. I felt that I was ok given I had so much equity in my home. The bank kept telling me that they would work with me. Each time I would call I would get someone different and they would tell me the same thing. All of this turned out to be false. Jefferson Mortgage helped me with a Reverse Mortgage in the nick of time. I used a reverse to pay off my mortgage and stop the foreclosure process. If I had not called Jefferson Mortgage, and if things would have gone on for another two weeks, I would have lost my home and all of my home equity. I am grateful that I found someone that could guide me through this and communicate the urgency that I needed to protect me from foreclosure. I am happy to recommend George Omilan of Jefferson Mortgage Group.
My wife and I were trying to get a government insured reverse mortgage from one of the big companies that advertises on TV. We went through the process and after five months found that we were stuck. Nobody had time for us because our loan was small. We had an approved loan but everything had expired. My wife and I were frustrated and we were ready to give up. We called Jefferson Mortgage Group and they were very helpful. They walked us through the process and helped us with guidance for repair companies to help us get our house in order and our loan approved. We really needed this loan and someone that was trustworthy that would help us. Jefferson Mortgage made it happen for us.
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About the NCPC
The National Care Planning Council and its affiliated members are dedicated to helping families recognize the need for long term care planning and to helping implement that planning. Integrity, honesty, and a genuine concern for those who are in need of (or may need) long term care are at the heart of our services.
