reverse mortgage company: Ever Use the Rocking Chair Test…? - 06/30/14 02:08 AM
Ever Use the Rocking Chair Test…?
Have you ever thought back on your life?
What you could have done differently?
What you could have improved on?
Have you ever thought of the decisions that led you to where you are?
That's exactly what the Rocking Chair Test is all about. Bruce Kasanoff, a LinkedIn member, posted an excellent article, entitled "Huge Decisions Require the Rocking Chair Test," and many of the things he stated resonated with me.
It's probably because I've yet to have the time to contemplate where my life is heading, or the wisdom to look back and realize what I did right, … (4 comments)

reverse mortgage company: Most Long-Term Healthcare Services are Received at Home… - 05/15/14 01:06 AM
Most Long-Term Healthcare Services are Received at Home...
Aging in place is becoming a more prominent alternative to seniors who are retired or retiring in the future, especially considering their choices when it comes to receiving long-term healthcare services.
According to an article published by Reverse Mortgage Daily, which cites an report conducted by the CDC's National Center for Health Statistics, 56% of the 8.4 million older Americans who received healthcare services received them at home.
If this is an indication to the current state of long term healthcare then older Americans will need to secure more stable methods of income in … (2 comments)

reverse mortgage company: "Reverse Mortgages Fit an Important Niche..." - 05/07/14 01:23 AM
"Reverse Mortgages Fit an Important Niche..."
Says Columbus Dispatch
The reverse mortgage program has undergone many changes in the past few months, and while some may say it is not worthwhile, despite all the success stories, the reverse mortgage industry will not give up on trying to educate consumers, financial planners, etc. on the benefits of the program.
Most importantly, for those who say the reverse mortgage program is on its way out, Columbus Dispatch says, "reverse mortgages fit an important niche," and for that very reason alone they will never cease to exist.
Even in marketing, and branding your company, … (4 comments)

reverse mortgage company: Home Equity Lines of Credit Are Ballooning - 04/04/14 12:51 AM
Home Equity Lines of Credit Are Ballooning
Home Equity Lines of Credit may cause a new problem for banks as many reach their 10 year anniversary. This means many borrowers willl have to start paying their principal balance on these loans on top of the interest payments they've been paying for the last 10 years.
According to an article published by Reuters, more than $221 billlions worth of these loans will hit the 10 year mark for the next four years in the country's largest banks such as Bank of America and Citigroup. Most of these loans have about 40% of the line of … (0 comments)

reverse mortgage company: Reverse Mortgages Make Retirement Plans Easier Thanks to New Software - 01/21/14 11:12 PM
Reverse Mortgages Make Retirement Plans Easier Thanks to New Software
IBIS Software has developed two new software platforms for both loan original and financial planners which will allow them to input reverse mortgages into retirement portfolios based on the 6% rule.
The 6% rule is an upcoming trend in retirement planning, based on the original 4% rule, which states that a person planning for a 30-year retirement, whose portfolio is invested at least 50% in equities, can withdraw 4% of their initial portfolio value in the first year and increase those withdrawals according to cost of living changes. If executed correctly, and if the portfolio performs … (4 comments)

reverse mortgage company: Are "Green" Home Improvements Worth It? - 12/17/13 12:26 AM
Are "Green" Home Improvements Worth It?
They Might Be...Now
Home improvements, when done right, can add value to a home during resale or appraisals.
One improvement that has been falling by the wayside, however, is energy efficiency. 
There have been many posts on Active Rain that have got me thinking, not just about going green in my diet, but also about homeowners who go green in their homes, only to be disappointed by lower-than-expected appraisals when they're selling or applying for loans.
In an article published by, "Industry push to raise visibility of home energy efficiency improvements," Ken Harney discussed … (2 comments)

reverse mortgage company: HELOC Payments are Going from Interest Only to Fully Amortized - 12/05/13 02:35 AM
HELOC Payments are Going from Interest Only to Fully Amortized
This time it's not about the recovering housing market but about making sure borrowers who took out home equity lines of credit during the boom will be able to make their monthly payments once their loans reach the ten year mark.
Many borrowers have been able to continue making payments on their loans because they have only been making payments on their interest, not their principal balance for the first ten years. At the ten year mark, payments can as much as triple for many borrowers, rendering repayment impossible for some.

reverse mortgage company: Is Right Now the Worst Time to Retire? - 11/24/13 11:24 PM
Is Right Now the Worst Time to Retire?
It has been said before and I'll say it again: retirement is slowly becoming that far off dream that everyone hopes to achieve but few ever do.
It's important to also note that the retirement I'm talking about is the textbook definition of retirement: "relaxing comfortably and without worries, etc." For retiring baby boomers and future retirees, this "textbook" retirement could look more like "working part time to supplement my low fixed income".
It's one of the harshest realities older Americans are going to have to face as the cost of living rises and previous … (3 comments)

reverse mortgage company: 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 company: R.E.S.P.E.C.T. Reverse Mortgages - 08/27/13 02:00 AM
R.E.S.P.E.C.T. Reverse Mortgages
The lack of respect for reverse mortgages continues even as many older Americans, who have used them, continue to rave about their benefits.
One couple in particular, Bob and Fran Ciaccia, have taken full advantage of the reverse mortgage they took out in 2005. Using the $120,000 HECM loan they obtained, on their $220,000 home equity, the Ciaccias bought a recreational vehicle (RV) to travel their home state of Pennsylvania and saved the rest in a line of credit for future expected (and unexpected) expenses. 
Older Americans aren't taking advantage of the reverse mortgages though. In fact, according … (2 comments)

reverse mortgage company: Golden (Debt) Years - 08/26/13 12:29 AM
Golden Debt Years
The Golden Years might not be so "golden" anymore, especially because of debt. More and more often, older Americans are retiring to soaring medical care expenses, high credit card balances and the stress of second mortgages, making retiring to a "life of luxury and relaxation" a distant dream instead of a promising reality.
In an article published in The Miami Herald, "More seniors Head into the Golden Years with Debt," outlines the daily struggle of current retiring Americans. Specifically, the fact that the baby boomer generation will retire with more mortgage and credit care debt than any previous generation had … (2 comments)

reverse mortgage company: The 'Who,' 'Which' and 'What' of Reverse Mortgages... - 08/16/13 01:05 PM
The 'Who,'  'Which' and 'What' of Reverse Mortgages...
When it comes to reverse mortgages, the who and which are extremely important. They determine which reverse mortgage product and which lender best fit the client's needs and situation. The trick is to disclose everything, to the best of your ability, to your client.
It's the way I work.
I, not only, want them to be comfortable with me as the liaison to their lender, I also want them to trust that I have their best interest in mind. I go over every document with my clients because they should be aware … (0 comments)

reverse mortgage company: President Obama Signs Reverse Mortgage Reform Bill into Law - 08/13/13 03:20 AM
President Obama Signs Reverse Mortgage Reform Bill into Law
This past friday, August 9, President Barack Obama signed the Reverse Mortgage Stabilization Act into law, according to an article published in Reverse Mortgage Daily. 
The bill grants the Department of Housing and Urban Development the authority to establish additional requirements to improve the financial stability and safety of the Home Equity Conversion Program.
The President's signature was the only component missing after the Senate approved the bill last week. The bill was approved in the House of Representatives back in June.
The additional requirements the HUD is seeking to include are:
A … (10 comments)

reverse mortgage company: Reverse Mortgage Success Story in Miami... - 07/29/13 12:34 AM
Reverse Mortgage Success Story in Miami...
Mimi Planas wanted her mother, Caridad Planas, to have a better quality of life during her retirement. 
Planas began the reverse mortgage process in December 2009 and PS Financial Services met with them on January 29, 2010. The company that Planas had been using before had not even done an appraisal yet while PS Financial Services was able to get an appraiser out to the Planas a day after their first meeting.
PS Financial Services, however, promised more net money in a much shorter closing time. We delivered on both by getting the Planas over $25,000 more … (0 comments)

reverse mortgage company: Reverse Mortgage Success Story in North Miami... - 07/29/13 12:32 AM
Reverse Mortgage Success Story in North Miami...
Joe Manzanilla wanted to retire comfortably and spend days of leisure on his boat. However, his everyday, as well as long-term, expenses become more difficult to sustain on his current fixed income. He wanted a way to be able to, not only, balance out his income with his current living expenses but also improve his lifestyle considerably. 
His friend suggested he take out a reverse mortgage in order to have more disposable income during his retirement. Manzanilla, while initially skeptical began the reverse mortgage process with another local company, which offered Manzanilla a very low and conservative … (0 comments)

reverse mortgage company: Reverse Mortgage Success Story in Pembroke Pines, Fl... - 07/24/13 12:45 AM
Reverse Mortgage Success Story in Pembroke Pines, Fl...
Dennis Skinner was heading to foreclosure. He looked to a reverse mortgage to pay off his mortgage and continue to live in his home during retirement. He began to the process with Wells Fargo Bank in February 2009 but just a few months later, in September, Wells Fargo announced that they would be unable to give Skinner the enough money to pay off his mortgage with his lender at the time, GMAC Mortgage.
In addition, Wells Fargo told Skinner that no company would be able to help him, no matter where he tried. 
When he came … (0 comments)

reverse mortgage company: Reverse Mortgage Success Story in South Florida - 07/24/13 12:39 AM
Reverse Mortgage Success Story in South Florida
In August 2009, Tom and Patty Harrison began their search for a reverse mortgage 6 months before Patty would turn 62. Tom was suffering from kidney failure and was forced to retire. Patty had to quit her job in order to take care of Tom and their monthly mortgage payments kept putting undue stress on their already complicated situation.
The Harrisons wanted to keep their house, however, but it seemed less and less likely that they would even be able to pay it off, much less take out money for Tom's medical expenses.
Even … (0 comments)

reverse mortgage company: Tips for Swimming Pool Safety - 07/17/13 03:06 AM
Tips for Swimming Pool Safety
Now that summer's here, it's time to hit the pool. Whether it's your own, a friends, or the public swimming pool, here is a few tips for swimming safely in any swimming pool:
Never leave children unattended in the pool and always watch your child if they're near or in the pool. Children are curious so it's crucial that your eyes are always on them in order to keep your pool outing a fun experience.
Teach your child how to swim. Even if they fall in by mistake they'll be able to pick themselves back up again. Not … (3 comments)

reverse mortgage company: Knowing Your Finances Isn't Important Anymore, or Is It? - 07/17/13 12:19 AM
Knowing Your Finances Isn't Important Anymore, or Is It?
Things aren't going to get better if more Americans don't start learning about financial literacy.
Why? Because Americans continue to be unprepared for credit cards, debt, credit scores, expenses, mortgages, etc.
If the most basic level of financial literacy isn't taught, then how are we, as a society, supposed to get better?
A study, published by The Washington Post, explaining why most states don't score well on financial literacy, only 7 states scored an A, 13 scored Bs, 8 scored Cs while 11 scored a D and another 11 scored an F.
Is … (0 comments)

reverse mortgage company: Time to Tighten the Belt...On Reverse Mortgage Consumer Guidelines - 07/17/13 12:16 AM
Time to Tighten the Belt...
Even as potential changes to the reverse mortgage program push forward, the Federal Housing Administration plans to continue to offer all its current reverse mortgage programs to future consumers. Current products consist of the Reverse Mortgage Standard and Saver programs, after the Fixed-Rate Standard Reverse Mortgage was eliminated starting July 1 of this year.
If Congress fails to be compliant, however, starting October 1 of this year, another reverse mortgage program product might get eliminated as well, potentially affecting the cash flow available to senior homeowners by 10 to 15%. 
In an article that appeared in Reverse Mortgage Daily that signal the … (0 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

More about me…

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

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

Office: (888) 845-6630

Office: (305) 791-4874

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