reverse mortgage broward county: Deciding Whether or Not to Get a Reverse Mortgage - 10/14/14 01:22 AM
Deciding Whether or Not to Get a Reverse Mortgage: Educate Yourself on the Program Before Making a Decision
An article recently published by Buffalo News, titled "Avoid Reverse Mortgage Regrets," begins detailing the regrets past and present borrower have felt because they did not fully understand the reverse mortgage program.
In truth, many borrowers still don't understand the reverse mortgage, despite the recent changes through the past years, choosing instead to listen to advice of their neighbor who knew someone who had a reverse mortgage and was not happy with it.
Because of this, the first thing I make clear to my potential … (5 comments)

reverse mortgage broward county: CFPB's Interpretive Rule on Mortgages Benefits Borrowers and Heirs - 07/10/14 06:56 AM
CFPB's Interpretive Rule on Mortgages Benefits Borrowers and Heirs
The Consumer Financial Protection Bureau has issued an interpretive rule that will allow heirs to take over the mortgage of their loved ones when the borrower dies.
According to an article in Reverse Mortgage Daily, CFBP's clarification will make it possible for surviving family members who acquire the deceased borrower's property to take over the mortgage or be considered for a loan workout in order to keep the home.
The rule states that when a borrower dies, the heir can be added to the mortgage without triggering the CFPB's Ability-to-Pay rule. It also … (1 comments)

reverse mortgage broward county: Using a Reverse Mortgage for Changing Retirement Plans - 07/03/14 02:25 AM
Using a Reverse Mortgage for Changing Retirement Plans
The reverse mortgage is still a viable option for seniors hoping to pay off their mortgage and continue to live debt free during retirement, but very few take advantage of it.
In fact, according to a nationwide survey, presented at the National Reverse Mortgage Lenders Association by Dan Gorin, only 2% of seniors 62 years of age and older actually get a reverse mortgage.
This means less than half of those who consider a reverse mortgage in the first place are actually getting one.
Considering the reputation the reverse mortgage has had until recently (and … (2 comments)

reverse mortgage broward county: So You Have a Reverse Mortgage… Now What Do You Do with Your Time? - 03/10/14 12:54 AM
So You Have a Reverse Mortgage…
Now What Do You Do with Your Time?
Many of the blog posts I write deal with how and why a borrower should get a reverse mortgage but, like the classical Disney movie, I rarely talk about what happens after "the happily ever after..."
Namely, what do you do with your time now that you have the ability to age in place without the stress of monthly mortgage payments?
ReverseFocus.com's Amara Rose has a few suggestions though, ensuring that seniors in retirement, who have decided not to return to the work force, still get to live an … (8 comments)

reverse mortgage broward county: You Want the Best Service But... - 09/13/13 12:07 AM
You Want the Best Service But...
You Don't Want to Pay for It?
It's a fact that the people who get the bet deals or "bang for their buck" are the ones who shop, and shop WELL. However, there are times when you think that just because you are paying less, you are getting the better deal. 
The truth is something else entirely.
This is something I have to consistently tell my clients.
As the saying goes: "YOU GET WHAT YOU PAY FOR..."
When clients shop around for the mortgage that will mesh with their situation, they have this assumption that … (0 comments)

reverse mortgage broward county: Why Are You Trying To Sell Me Something? I Just Had a Question. - 09/12/13 01:35 AM
Why Are You Trying To Sell Me Something?
I Just Had a Question.
It's not uncommon that we have come across this at least once or twice in our careers. The fact of the matter is, whenever a potential client calls to make inquiries and we bombard them with sales pitches, we potentially loose out on their business. They don't want to be sold on anything, they just wanted some information.
It's important to remember that while we are in the business of selling, we are consumers ourselves, and we don't like to be sold either. I think sometimes this slips … (7 comments)

reverse mortgage broward county: Techno Savvy, Business Forward - 09/11/13 07:56 AM
Techno Savvy, Business Forward
In order to continue to be on top of the game, we must adapt to the new changes, not just in the market, but in our personal lives as well. Technology is one of those personal changes that can end up benefiting, not just our business, but our lives in general as well.
In a blog post, Six Quick and Inexpensive Way to Turn Real Estate Technology Excuses into Solutions, Sam DeBord talks about relatively painless ways to get ahead of the curve and become a better agent.
Adjust Your Smart Phone Attitude. It seems incredible that … (2 comments)

reverse mortgage broward county: Retooling Retirement: Baby Boomers and Beyond - 09/06/13 12:23 AM
Retooling Retirement: Baby Boomers and Beyond
"People in their 40s and younger have some time to retool their plan, but Baby Boomers need to think with more urgency," says Philip Rousseaux, founder and president of Everest Wealth Management, Inc, explaining how retirement planning has changed, published in Life After 50.
I have to agree.
One of the benefits of youth is you have time. Even if you had everything worked out in your 30s, and were slowly working toward it, unexpected events can alter those plans. You can, however, always course correct.
But what about Baby Boomers, some who had invested in … (0 comments)

reverse mortgage broward county: Reverse Mortgages in Broward County, Florida - 08/22/13 02:50 AM
Reverse Mortgages in Broward County, Florida
Reverse mortgages, also known as Home Equity Conversion Mortgages (HECM), get a bad reputation for being the next subprime disaster waiting to happen. I beg to differ. The reverse mortgage is an available tool for homeowners, 62 years of age or older, which occupy the property as their primary residence.
What makes the reverse mortgage different from other mortgages? The borrower does not have to make monthly payments on the mortgage as the interest and service fees build up over time. Also, there is no income or credit requirement allowing those who own a home with equity, but have … (2 comments)

reverse mortgage broward county: Reverse Mortgages Options in Florida - 08/16/13 01:58 AM
Reverse Mortgage Options in Florida
Find the RIGHT Formula
As a tool for present and future financial planning, the reverse mortgage program was not attractive for consumers--and was often called "a last resort"--because of high setup costs. The introduction of the HECM Saver, or the "Standby" Reverse Mortgage has changed this perspective for the better and financial planners have noticed.
An article, published by National Reverse Mortgage Lenders Association, discussed the importance of reverse mortgages from a business and public policy standpoint and their growing importance in the future, during senior retirement planning and execution.
The current popularity of the reverse mortgage program can be attributed … (4 comments)

reverse mortgage broward county: Find Blogging Inspiration...When the Muse is On a Break - 08/15/13 05:37 AM
Find Blogging Inspiration...
When the Muse is on a Break
Inspiration hits in many ways. It can come from a recently read news story, a funny anecdote your friend told you at work, or even an epiphany in the supermarket. But what happens when the muse is on a break?
I don't know about you, but not being able to write is one of the worst feelings. I have things I want to say but it's not coming together. I want to get my story out there but the words look all wrong. I want to get inspired, but the muse is taking … (50 comments)

reverse mortgage broward county: What Does Your Name Say About You? - 08/09/13 02:50 AM
What Does Your Name Say About You?
It's not a question we ask often enough.
We ask: what does our name mean? And then we get interested when it means something like "strength" or "beauty" or "hope" but what does your name say about you is a different question. It's kind of like when someone asks you for your horoscope to determine what kind of personality you have or "what's in the stars" for you this month.
What your name says about you could be just as important in understanding your personality as your horoscope (if you believe in all that) … (15 comments)

reverse mortgage broward county: New Precedents Are Set Everyday - 08/07/13 12:07 AM
New Precedents Are Set Everyday
In our business, we have to constantly think on our feet, be creative, and find solutions to previously unprecedented and unforeseen problems. According to an article published in Reverse Mortgage Daily, the creative thinking of The Oregon Department of Transportation might have set a new precedent in a special reverse mortgage case.
The circumstances surrounding the case began last spring when the ODOT needed Patsy Burnsed's land in order to complete the Brookwood Parkway/Helvetica Road Interchange Project on U.S. Highway 26. However, following the established condemnation process, in this situation, would've left Burnsed homeless.
Why?
She had taken out a reverse … (0 comments)

reverse mortgage broward county: Reverse Mortgages Get a Bad Rep... - 07/30/13 03:28 AM
Reverse Mortgages Get a Bad Rep...
But the Truth Is Something Else Entirely
A recent article that appeared in the Los Angeles Times, Reverse Mortgages Can Be Hazardous to Seniors' Financial Health, tells the story of Sarah Havemeyer, who has been contesting the repayment of her late mother's reverse mortgage loan, which was originated by One West's reverse mortgage subsidiary, Financial Freedom, in 1997, for two years.
I want to stress that this type of reverse mortgage
NO LONGER EXISTS! 
At a base interest rate of 9.95%, plus a 50% share for the lender (at the time of closing if, … (0 comments)

reverse mortgage broward county: Property Tax Increase for Davie, Fl... - 07/24/13 12:25 AM
Property Tax Increase for Davie, FL....
What Does It Mean for Reverse Mortgages?
The town staff of Davie, FL has approved a property tax increase for 2014, following the approval of an $182.7 million budget (a $31.5 decrease from last year's budget).
In order to balance the 2014 budget, a slight tax increase is necessary to in order to maintain town services after revenue from the past two years have been depleted.
The property tax increase can spell disaster for those senior homeowners over 62, which account for about 28% of Davie's current population. Reverse Mortgage guidelines dictate that homeowners must continue … (0 comments)

reverse mortgage broward county: Reverse Mortgage Calculators in Broward County, Florida - 07/08/13 06:04 AM
Reverse Mortgage Calculators in Broward County, Florida
Many reverse mortgage sites, including my own, have a reverse mortgage calculator in place to help potential clients gauge if a reverse mortgage is right for them before contacting a broker or lender. Many ask the obvious question such as your age, the value of your home and your current mortgage balance.
Nonetheless, when considering a reverse mortgage it is always best to talk to a representative in person before fulling deciding to commit. The specifics of a case differ from client to client and it is my job to decide how a reverse mortgage can work best for you depending … (0 comments)