retire in miami: Appraisal Management Companies = Worst Concept in the Industry - 11/10/10 05:44 AM
I just want to vent about this.  We are a Full Eagle FHA Lender.  So we close both Reverse and Traditional FHA Mortgages with ease, and don't use Appraisal Management Companies (AMCs).  Most people don't know that AMCs are NOT required under the new appraisal guidelines.  It's the large lenders who have created them as a way to make more money.  (I know, crazy!)
So, my dilemma.  We are FHA approved, and not Fannie Mae approved, which means I cant underwrite, close, and fund a conventional loan in house.  OK, no big deal, right?  We just act as brokers and use … (3 comments)

retire in miami: REVERSE MORTGAGE CALCULATOR - 11/07/10 01:34 AM
REVERSE MORTGAGE CALCULATOR
Thank you for taking them time to visit this blog so that you can get the Reverse Mortgage Calculator.  Please click on the link below and enter the information as needed so that I can provide you with an ACCURATE and CURRENT CALCULATOR:
REVERSE MORTGAGE CALCULATOR
We are one of the top Reverse Mortgage Companies in Florida as we have ranked in the top 5 for almost 2 years in a row.
ONE MINUTE VIDEO TESTIMONIALS
Keep in mind that the programs, fees, costs, property values, and rates are ever changing.  So I cannot provide you with an … (0 comments)

retire in miami: Is the Reverse Mortgage the right solution for me? - 11/07/10 01:28 AM
Is the Reverse Mortgage the solution for me?  I get this question very frequently and my answer is rarely, “NO.”  You might be thinking, “Well, that’s because saying YES puts food on your table,” but I have told some clients that the Reverse Mortgage is not the right fit for them.  SEE ARTICLE BELOW FROM THE NEW YORK TIMES:
Is the Reverse Mortgage the right solution for me?  There are a growing number of people in their 50s and 60s who desperately want or need to continue working in order to pay for retirement, and they are starting to worry that they may be … (0 comments)

retire in miami: Should I do a Reverse Mortgage? - 11/07/10 01:08 AM
"Is the Reverse Mortgage really the right move for me?"  "I'm not sure if I should take the plunge, since I am not desperate or in foreclosure."  I get these questions very frequently and my answer is rarely, “NO.”  You might be thinking, “Well, that’s because it's your job to say YES,” but I have told some clients that the Reverse Mortgage is not the right fit for them. 
 
Here’s the truth about being of retirement age in today’s economy:
1)      Social Security Income is remaining flat, or going down if you have Medicare
2)      Besides, soc sec income barely pays enough … (1 comments)

retire in miami: Who's Afraid of the Big Bad AMC? - 11/07/10 01:05 AM
Who's afraid of AMCs?  Appraisal Management Companies are big and bad, and we should all be afraid of them!  I am a Reverse Mortgage Professional and AMCs are destroying the business.  Luckily, we do not use them because we are the direct lender.  I wrote a blog that didn't get a comment until a couple weeks later, but what a powerful comment.  It was so powerful that I am going to paste it into this blog.  To read the previous blog, click on the link; BORROWER BEWARE…of AMCs!
This is an appraiser who describes in details why AMCs are not only bad for … (0 comments)

retire in miami: Is the Reverse Mortgage right for me? - 11/06/10 05:02 AM
Is the Reverse Mortgage good for me?  I get this question very frequently and my answer is rarely, “NO.”  You might be thinking, “Well, that’s because saying YES puts food on your table,” but I have told some clients that the Reverse Mortgage is not the right fit for them. 
 
Here’s the truth about being of retirement age in today’s economy:
1)      Social Security Income is remaining flat, or going down if you have Medicare
2)      Besides, soc sec income barely pays enough to live as it is
3)      Cost of living continues to increase, but retirement income is … (2 comments)

retire in miami: Reverse Mortgage in Miami & South Florida - 10/28/10 07:58 AM
I am a Reverse Mortgage Lender, providing Reverse Mortgages in Miami and South Florida.  Below is my Biography, which will help you understand more about who I am and what I can offer as a Reverse Mortgage Expert.
Phil Stevenson combines his knowledge, education, and experience with his ingenuity and ethical practice to achieve the best possible outcomes for his clients and colleagues in every endeavor. Earning a reputation among his peers and clients as a detail-oriented, organized, efficient and highly disciplined leader, the experienced reverse mortgage advisor's goal is consistent service to his clients. He puts forth full effort and … (0 comments)

retire in miami: Reverse Mortgage Broker Servicing Monroe County & Florida Keys - 10/28/10 07:54 AM
I am a Reverse Mortgage Broker servicing Monroe County and the Florida Keys.  Below is my Biography, which will help you understand more about who I am and what I can offer as a Reverse Mortgage Expert.
Phil Stevenson combines his knowledge, education, and experience with his ingenuity and ethical practice to achieve the best possible outcomes for his clients and colleagues in every endeavor. Earning a reputation among his peers and clients as a detail-oriented, organized, efficient and highly disciplined leader, the experienced reverse mortgage advisor's goal is consistent service to his clients. He puts forth full effort and works … (0 comments)

retire in miami: What happens after 30 years of having the Reverse Mortgage? - 10/23/10 04:04 AM
Someone asked me to explain what happens to a homeowner who takes out a Reverse Mortgage at 62 when they are 90.  Someone who starts the Reverse Mortgage at the youngest age of 62 after 20 to 30 years will possibly owe more than the value.  The current interest rate of 4.99% plus MIP of 1.25% equals 6.24%, and average appreciate in a normal market is 4 to 5%, so we will say 4.5%.  This is why they are only able to borrow 55-70% of the value based on their age, as opposed to 80% or 90%. 
I show my … (6 comments)

retire in miami: NFL Week 7 Predictions: My Dolphins have a tough game this week - 10/22/10 04:50 AM
My Team, the Miami Dolphins, is facing one of the toughest teams in the NFL this week in the Pittsburgh Steelers.  The Steelers have lost only one game and now have their 2 time Super Bowl winning QB back for his second game, after a 4 game suspension.  This is one of the toughest Defenses in the league, and they are now boasting a great running game and some good WRs to go with Big Ben at QB.
I am hoping and praying for a surprise upset to go with a win by San Diego over the Patriots.  This will help … (0 comments)

retire in miami: REVERSE MORTGAGE CALCULATOR for Baby Boomers Retiring or Moving to Florida - 10/22/10 04:05 AM
Thank you for taking them time to visit this blog so that you can get the Reverse Mortgage Calculator for Baby Boomers retiring or moving to Florida.  Please click on the link below and enter the information as needed so that I can provide you with an ACCURATE and CURRENT CALCULATOR:
REVERSE MORTGAGE CALCULATOR
We are one of the top Reverse Mortgage Companies in Florida as we have ranked in the top 5 for almost 2 years in a row.
ONE MINUTE VIDEO TESTIMONIALS
Keep in mind that the programs, fees, costs, property values, and rates are ever changing.  So I cannot … (0 comments)

retire in miami: REVERSE MORTGAGE CALCULATOR for "Snowbirds" Retiring or Moving to Florida - 10/22/10 04:03 AM
Thank you for taking them time to visit this blog so that you can get the Reverse Mortgage Calculator.  Please click on the link below and enter the information as needed so that I can provide you with an ACCURATE and CURRENT CALCULATOR:
REVERSE MORTGAGE CALCULATOR
We are one of the top Reverse Mortgage Companies in Florida as we have ranked in the top 5 for almost 2 years in a row.
ONE MINUTE VIDEO TESTIMONIALS
Keep in mind that the programs, fees, costs, property values, and rates are ever changing.  So I cannot provide you with an accurate calculator at … (0 comments)

retire in miami: Reverse Mortgage Professional Servicing Miami & South Florida - 10/22/10 03:53 AM
I am a Reverse Mortgage Professional, serving clients in the area of Miami and South Florida.  Below is my Biography, which will help you understand more about who I am and what I can offer as a Reverse Mortgage Expert.
Phil Stevenson combines his knowledge, education, and experience with his ingenuity and ethical practice to achieve the best possible outcomes for his clients and colleagues in every endeavor. Earning a reputation among his peers and clients as a detail-oriented, organized, efficient and highly disciplined leader, the experienced reverse mortgage advisor's goal is consistent service to his clients. He puts forth full … (0 comments)

retire in miami: Reverse Mortgage Expert Servicing Monroe County & Florida Keys - 10/22/10 03:50 AM
I am a Reverse Mortgage Expert, Serving clients in the area of Monroe County and the Florida keys.  Below is my Biography, which will help you understand more about who I am and what I can offer as a Reverse Mortgage Expert.
Phil Stevenson combines his knowledge, education, and experience with his ingenuity and ethical practice to achieve the best possible outcomes for his clients and colleagues in every endeavor. Earning a reputation among his peers and clients as a detail-oriented, organized, efficient and highly disciplined leader, the experienced reverse mortgage advisor's goal is consistent service to his clients. He puts … (0 comments)

retire in miami: Social Security Benefits will NOT Increase for Seniors for a Second Year in a Row - 10/18/10 07:08 AM
Social Security Benefits for seniors is not increasing since its last increase in 2009.  Last year many people who are 65 and over that rely on their Social Security benefits to live, did not see an increase in the money they would receive.  On the contrary, those who pay for Medicare actually saw a REDUCTION in their monthly income checks.  This is because the cost of Medicare went up, but the income stayed flat.
SO WHY IS THE SOCIAL SECURITY ADMINSITRATION (SSA) NOW SAYING THAT THEY ARE NOT INCREASING IT FOR A SECOND YEAR IN A ROW?  BECAUSE THEY SAY INFLATION … (3 comments)

retire in miami: Information on Reverse Mortgage Loan & Value Limits - 10/15/10 01:46 AM
Information on Reverse Mortgage Loan & Value Limits…What a seesaw ride the last few months have been in the Reverse Mortgage Industry.  Much of the news has been doom and gloom.  First, we waited for congress to sign the $250 Million appropriation that FHA was asking for, but it never came.  FHA needed this money to supplement and diminishing Mortgage Insurance Fund, but congress only allowed for $150M and then reduced it to $140M.  This in turn caused FHA to announce that they would lower the Principal Limit for Reverse Mortgages a second year in row. 
What exactly does this … (0 comments)

retire in miami: Is the Reverse Mortgage right for me? - 10/15/10 01:39 AM
Is the Reverse Mortgage the right solution for me?  There are a growing number of people in their 50s and 60s who desperately want or need to continue working in order to pay for retirement, and they are starting to worry that they may be discarded from the work force, forever.  This is according to an article by the New York Times.
“Of the 14.9 million unemployed, more than 2.2 million are 55 or older. Nearly half of them have been unemployed six months or longer, according to the Labor Department. The unemployment rate in the group — 7.3 percent — is … (0 comments)

retire in miami: HOME TWEET HOME - 10/15/10 01:12 AM
Home Tweet Home…Using social media is no longer simply a hobby for Real Estate & Mortgage Professionals who are more technically inclined; rather it has become the backbone of marketing for many.  For those of us on Active Rain, we have seen the power of blogging as one part in the social media frenzy.  But there are others like Twitter, Facebook, Foursquare, and more.
Twitter can be used in many ways to gain new clients, which came as a huge surprise to me.  How can writing a sentence on Twitter bring you client?  I always hear about famous people tweeting an … (6 comments)

retire in miami: Reverse Mortgage Changes Fiscal Year 2011 - 10/12/10 12:54 AM
The Reverse Mortgage is seeing many changes now in October 2010, and what a seesaw ride the last few months have been in the Reverse Mortgage Industry.  Much of the news has been doom and gloom.  First, we waited for congress to sign the $250 Million appropriation that FHA was asking for, but it never came.  FHA needed this money to supplement and diminishing Mortgage Insurance Fund, but congress only allowed for $150M and then reduced it to $140M.  This in turn caused FHA to announce that they would lower the Principal Limit for Reverse Mortgages a second year in row.  … (1 comments)

retire in miami: Reverse Mortgage Value Limits Extended - 10/12/10 12:52 AM
The value limit, or loan limit, for the Reverse Mortgage has been extended again.  In February 2009, President Obama signed the stimulus package, which included an increase in the Reverse Mortgage loan limits.  Well not really the loan limit, but the value we use to then figure the loan amount was increased by 150%.  The value limit had previously been set at $417,000, and the new limit is $625,500.  This was supposed to expire at the end of 2009, and then was extended until the end of 2010.  Now congress has signed another extension lasting 9 more months, which should finally … (0 comments)