ARCHIVED BLOG POSTS
2010
What is the purpose of FHA’s Mortgage Insurance Premium for the Reverse Mortgage? The Mortgage insurance premium (MIP not PMI) is mandatory on Reverse Mortgages and it’s the main reason the closing costs are as high as they are. Below is why it is a “necessary evil” so to speak, and is a huge be...
12/18/2010
What is the Reverse Mortgage? How does it work? And what are its benefits? First of all I will tell you what the Reverse Mortgage does NOT do: -The Lender will NOT own the property -The Government will NOT own the property -You are NOT selling the property -You are NOT coming off title -You hei...
12/18/2010
What is the point of Reverse Mortgage Counseling? Some clients of mine complain that they have to sit through the counseling even though they fully understand the program. I believe this counseling is highly beneficial. It takes away the possibility that a Fraudulent Mortgage Broker will take a...
12/18/2010
What am I supposed to say? How am I supposed to properly greet people? The Holidays are more like Holi-daze! I often find myself confused, in a daze, in December because you’re not sure what to say or who to say it to when you are wishing someone a good Holiday. The PC or Politically Correct ph...
12/18/2010
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Some Positivity from a Mortgage Professional Yes, I know it’s rare in today’s market to hear some positive words coming from a Mortgage Professional, but the truth it I couldn’t be more excited about the future of MY business. I helped our company start a specialization in the Reverse Mortgage a...
12/14/2010
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Short Refi Program is Here! We are now starting a Short Refinance Program (aka negative equity refi or underwater refi). This means people who owe more than their value can refinance to 97.75% of today's appraised value and today's low rates. The hard part is negotiating with your current lende...
12/14/2010
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Why is the Reverse Mortgage so expensive? It is mainly because of a mandatory Mortgage Insurance Premium (MIP not PMI). Below is why it is a “necessary evil” so to speak, and is a huge benefit to the Reverse Mortgage borrower and their heirs. MIP: This guarantees that no one can kick you out ...
12/12/2010
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How to Buy a House Using a Reverse Mortgage Why pay double closing costs, when you can do both at the same time? This program is called the Reverse Purchase or Reverse Mortgage for Purchase. The program began at the beginning of 2009, and believe it or not very few people know it exists and tho...
12/11/2010
REALTORS: Did you know that your buyer can purchase using a Reverse Mortgage? -Do you know about the Reverse Mortgage for Purchase Program aka Reverse Purchase? -Do you have buyers or sellers who are over 62? -Did you know that if the buyer has a large enough down payment (30% to 50%), they can ...
12/11/2010
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Hiring Mortgage Loan Originators in Florida Full Direct Lender looking for Mortgage Professionals who want to thrive in this market. We are not the institutional, large lending/banking centers, but we have all the same abilities to underwrite and fund loans. Are you a highly driven, self motiva...
12/11/2010
Rainmaker
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Phil Stevenson, CRMP
"Mortgage Nerd" in Miami, Florida and Texas
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