reverse mortgage companies: Buying Your In-Laws' Home? Consider the Pitfalls Before You Do. - 08/20/14 07:46 AM
Buying Your In-Laws' Home? Consider the Pitfalls Before You Do.
In an age when retirement planning continues to not be enough (because there are more factors to consider than ever before), many cash strapped retirees are looking for options to continue to supplement their long-term retirement.
In a recent article by Liz Weston in the LA Times, a reader asked if it would be a good idea for them to buy their in-laws' home and help pay the mortgage, taxes, insurance as well as maintenance for the time being and when the in-laws pass away the home is theirs to do as … (4 comments)

reverse mortgage companies: 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 companies: 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 companies: HECM For Purchase: Downsizing With a Reverse Mortgage - 06/24/14 01:02 AM
HECM For Purchase: Downsizing With a Reverse Mortgage
Back in 2008, Congress authorized a HECM for Purchase programs, allowing seniors, for the first time, the ability to buy a house and take out a reverse mortgage at the same time. This option continues to be the best option for older Americans looking to downsize after they retire without breaking the bank.
Under this new program, homeowners only incur one set of closing costs, making buying a home (and getting a reverse mortgage) all the more cost-effective. As a matter of fact, the fees, terms, conditions and interest rates are identical to those in a traditional … (6 comments)

reverse mortgage companies: What's the Largest Asset in Your Retirement Portfolio? - 06/19/14 02:31 AM
What's the Largest Asset in Your Retirement Portfolio?
According to an article published in Reverse Mortgage Daily, housing assets continue to be the largest dominant force in many senior retirement portfolios, revealed a report from the Mortgage Bankers Association's Research Institute for Housing America.
This isn't particularly shocking news, even after 2010 when housing prices bottomed out. Houses are still the greatest asset in a senior’s retirement portfolio because they remain the biggest investment many Americans will make during their lifetimes. It's worth more than stocks, social security and a car all-together. 
In addition, a study has revealed that older Americans who own homes … (2 comments)

reverse mortgage companies: 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?'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 companies: The "HECM Choice" Offers Consumers More Choices - 02/18/14 01:45 AM
The "HECM Choice" Offers Consumers More Choices
Months after unveiling their new reverse mortgage product, the "HECM Choice," Reverse Mortgage Funding has announced that it has expanded the HECM Choice to include all payment options at origination.
When the HECM Choice was first announced, it was the first fixed rate reverse mortgage product in the market after the changes that were implemented at the end of September 2013. Until then, all reverse mortgage products were adjustable, offering little options and flexibility to consumers who were looking for fixed options.
The HECM Choice, which came into play on December 2013, offered consumers … (2 comments)

reverse mortgage companies: Is There a Right Time to Get a Reverse Mortgage? - 02/18/14 12:32 AM
Is There a Right Time to Get a Reverse Mortgage?
There may be many seniors out there, 62 years of age and over, maybe even younger, thinking about applying for a reverse mortgage.
Whatever the reason for their consideration, one of the questions they may be asking themselves is: is there a right time to consider a reverse mortgage?
I don't think there is a right or wrong time to consider a reverse mortgage, mostly, because every situation is different.
If a homeowner is looking to pay off their mortgage in order to live debt free then the sooner the better. Especially … (2 comments)

reverse mortgage companies: "Extreme" Action is Underway for Reverse Mortgages - 02/06/14 11:26 PM
"Extreme" Action is Underway for Reverse Mortgages
The National Reverse Mortgage lenders Association is taking "extreme" action in order to change the face (and reputation) of the reverse mortgage, according to an article published by Reverse Mortgage Daily.
The "Extreme Summit," as it has been named by those in charge of the campaign, has gained the financial backing to make a serious dent in reverse mortgage program misconceptions over the next few years.
Lenders and industry leaders have showed their support and encouragement by collectively donating $2 million to revitalizing the reverse mortgage program through advertising across several media outlets and raising awareness about the new … (0 comments)

reverse mortgage companies: Baby Boomers See, Baby Boomers Do - 01/16/14 03:44 AM
Baby Boomers See, Baby Boomers Do
Retirement means something different for everyone. Even before the Recession, I'm sure there were retirees who never thought of retirement as "completely retiring yourself from the workforce and moving to Florida."
We are all different, so it stands to reason that some people either remained in the workforce until they couldn't anymore, or dedicated themselves to their life-long career part time and enjoyed other hobbies on the side.
If it is true that retirement is truly changing and becoming another stage in life, instead of the end of a long journey, then the habits of baby … (2 comments)

reverse mortgage companies: "The Iceberg of Retirement": Dealing with Hidden Retirement Concerns - 01/10/14 01:18 AM
"The Iceberg of Retirement": Dealing with Hidden Retirement Concerns
Retirement concerns for many seniors can stem from one main concern: finances. How will I afford this? Will this be enough to pay for it? How much do I need to save? And the list goes on.
However, there are other concerns future retirees, especially those with a spouse should look into, namely, the unforeseen issues that may raise when one spouse, or both spouses, chose to retire.
An article published on, which discussed emerging trends in the baby boomer market, brought up what writer, Robert Laura, likes to call, "the iceberg of retirement."
What does … (5 comments)

reverse mortgage companies: HUD Appeals Non-Borrowing Spouse Ruling - 01/07/14 12:49 AM
HUD Appeals Non-Borrowing Spouse Ruling
The Department of Housing and Urban development is not giving up without a fight and has appealed the October court decision that found them liable for foreclosing on the homes of non-borrowing spouses whose spouse had a obtained a reverse mortgage.
According to an article published by Reverse Mortgage Daily, the appeal, filed by HUD Secretary Shaun Donovan, was submitted by Assistant Attorney General Stuart F. Delery on November 26.
The plaintiffs, Robert Bennett of Maryland and Leila Joseph of New York, filed the lawsuit against HUD after they foreclosed on their homes when the loan became due and payable … (4 comments)

reverse mortgage companies: "Right-sizing" with a Reverse Purchase - 01/06/14 11:43 PM
"Right-sizing" with a Reverse Purchase
The new, consolidated reverse mortgage program still has a ways to go before it can become what the FHA hoped it would when the changes were implemented. However, this doesn’t mean that the effort to educate the reverse mortgage industry, and the public, will be anything less than stellar.
In fact, many in the industry have finally realized that unless the public is educated about the changes, there will be a heavy price to pay. Consumer interest hasn’t slowed down, but the program has changed, making it a safer but, ultimately, a different program than it once was.

reverse mortgage companies: Texans Get 12 Days... - 01/03/14 12:40 AM
Texans Get 12 Days...
The Lone Star state become the last state to allow its senior citizens the ability to purchase a home using a reverse mortgage when Proposition 5 was voted into a law in early November. The reverse purchase is expected to be available for senior homeowners during the first quarter of 2014, even when the bill went into effect on November 22 with a catch...lenders must include a "12-day disclose" at the closing of any reverse mortgage loan. This means a borrower has a 12-day period where they can opt not to move forward with the loan.
It's like … (4 comments)

reverse mortgage companies: HUD Makes HECM for Purchase Available In Texas - 01/02/14 11:56 PM
HUD Makes HECM for Purchase Available In Texas
Weeks after the citizens of Texas voted to amend the state's constitution to allow older citizens, 62 years of age and older, the ability to obtain a HECM for Purchase (or Reverse Purchase), the National Reverse Mortgage Lenders Association has announced, just in time for the New Year, that the loan is finally available in Texas.
According to an article published in Reverse Mortgage Daily, this approval makes Texas the last state to allow its citizens ability to obtain a Reverse Purchase. While they may have been behind on the times for a while, it seems Texas … (0 comments)

reverse mortgage companies: Non-Existent Long-Term Care Solutions - 12/26/13 12:55 AM
Non-Existent Long-Term Care Solutions
The harsh realities of retirement and long term care are upon us but America continues to prove its unequipped to handle the growing number of retirees who will need long term in the future.
“Unfortunately, America does not have a strategy to deal with this growing demand,” writes Long-Term Care Commission chair Bruce Chernof in an editorial, according to an article published in Reverse Mortgage Daily. 
The sad truth is, that while the biggest retirement concern is financial security and the "Golden Years" are slowly becoming the "Debt Years" few initiatives are being taken to provide affordable long term care solutions.
Part … (2 comments)

reverse mortgage companies: Planning for Retirement Becomes More Crucial - 12/25/13 11:27 PM
Planning for Retirement Becomes More Crucial
"Two-thirds of seniors have little or no problems paying monthly living expenses now, but more than half (53 percent) are concerned that their savings and income will not be sufficient to last them for the rest of their lives," reports the second annual United States of Aging Survey in an article published by the National Reverse Mortgage Lenders Association.
It's interesting to see how older Americans are slowly realizing that the retirement planning they do today will have an immense impact on how their retirement goes in the future. 
The biggest hurdle future retirees have to overcome … (2 comments)

reverse mortgage companies: Baby Boomers and the Housing Recovery, Are They One and the Same? - 12/18/13 01:34 AM
Baby Boomers and the Housing Recovery, Are They One and the Same?
It doesn't seem likely that many people associate one with the other, after all, baby boomers already bought their homes, had their families and are content with staying in one place to enjoy their retirement close to family and friends.
However, various articles online and blog posts on Active Rain have gotten me thinking:
What could possibly lead to baby boomers' eventually domination of the housing trend?
Interestingly enough, the power of the baby boomer on real estate is not, by any means, a new thing. Back in February, … (61 comments)

reverse mortgage companies: Refinancing A Reverse Mortgage... - 12/17/13 02:10 AM
Refinancing A Reverse Mortgage...
It's not typical to associate refinancing with reverse mortgage loans BUT it is possible to refinance your reverse mortgage loan. Recent factors, like the housing recovery gaining momentum and the extension of value limits on the reverse mortgage, have created a potentially beneficial environment for seniors looking to refinance their reverse mortgages. 
Especially, if your original reverse mortgage was done around 2010-2011, when home values were at their lowest.
The new refinanced reverse mortgage will also have lower closing costs than the original reverse mortgage.
However, before you refinance your reverse mortgage you should, firstly, consider the current value of your home. If … (4 comments)

reverse mortgage companies: How is Retirement Like Winning the Lottery? - 12/16/13 01:32 AM
How is Retirement Like Winning the Lottery?
It's not a connection you will likely make. I didn't either, until I saw an article in Daily Finance, "Why Retirement is Like Winning the Lottery."
Unless you really think about it, it's hard to put two and two together but they are more alike than you think:
You're kind of lucky. Not everyone that buys a lottery ticket will win the lottery, just like not everyone who works to retire later on, will be able to retire fully by the time they plan. In fact, the amount of retirees with concrete retirement plans have declined … (4 comments)

Phil Stevenson, CRMP, "Mortgage Nerd" in Miami, Florida and Texas (PS Mortgage Lending 305-791-4874 or 888-845-6630)

Phil Stevenson, CRMP

"Mortgage Nerd" in Miami, Florida and Texas

Miami, FL

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PS Mortgage Lending 305-791-4874 or 888-845-6630

Address: 14100 Palmetto Frontage Rd Ste 104, Miami Lakes, FL, 33016

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