reverse mortgage experts: Effective Retirement Planning for Baby Boomers... - 12/13/13 02:03 AM
Effective Retirement Planning for Baby Boomers...
WSJ Says: "Reverse mortgages aren't just for people struggling to keep their homes anymore."
It seems the word is out: reverse mortgages aren't just for the financially desperate. In fact, they can be a valuable source of retirement planning when used correctly.
In an article, "Reverse Mortgages Can Help Rich and Poor Retirees," published in the Wall Street Journal, detailing the benefits of a reverse mortgage as a financial planning tool and not as a last resort for "cash poor, equity rich" retirees.
In fact, the reverse mortgage can be a saving grace for many retiring baby boomers, … (4 comments)

reverse mortgage experts: Reverse Mortgage Calculators in Palm Beach County, Florida - 09/04/13 12:09 AM
Reverse Mortgage Calculators in Palm Beach 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. In the end, every case is different and none should be handled in the same manner as those that came before it or those who will … (2 comments)

reverse mortgage experts: Reverse Mortgages in South Florida - 06/27/13 04:46 AM
Reverse Mortgages in South 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 … (0 comments)

reverse mortgage experts: Building Connections to the Common Client - 06/27/13 02:13 AM
If you were anywhere near Downtown Miami Monday, you were probably a witness to one of the greatest celebrations for a winning team in Miami. Complete with a parade and an American Airlines Arena After Party for season ticket holders, the Miami Heat and it's immense collection of fans celebrated in style. 
Well, at least some did.
In an article that appeared in the Sun Sentinel's editorial page, Gary Stein acknowledged the lack of respect for the common heat fan, the one without the season tickets, who had to stand in the sun as others passed into the air-conditioned AAA and … (1 comments)

reverse mortgage experts: 4th of July events in Florida - 06/27/13 02:08 AM
Living in a peninsula, there is plenty of activities to do by the water, at the bay or in the beach and the Fourth of July is no exception. If parades, picnics and inland firework displays are too unoriginal and mundane for you, there are various 4th of July celebrations taking place by the water. 
On Anna Maria Island, the 26th Annual "Sandbar Fireworks Spectacular," will light up the sky in an array of colors fit for any Fourth of July celebration. There will be specials and valet parking is available. it is suggested that you come early for the best … (0 comments)

reverse mortgage experts: Which Reverse Mortgage Option is RIGHT for YOU? - 06/27/13 01:54 AM
If a reverse mortgage is the right option for you, it's important to know that there are also many options within the reverse mortgage itself. These include: line of credit, lump sum payment, or,the least popular, scheduled tenure payments.
According to Reverse Focus, which published a video in May talking about the tenure payment as a long term solution for a retirement pension, this aspect of the reverse mortgage can be a saving grace for reverse mortgage borrowers because it offers equal monthly payments until the borrower(s) passes away or is no longer occuping the primary residence. 
While not as popular as a reverse … (0 comments)

reverse mortgage experts: Changing the Way Baby Boomers Look at Retirement - 06/26/13 06:04 AM
In the first annual meeting of the Aging in Place Council more than 90 people gathered for a two day conference this past June 13 and 14 in Washington, D.C. to discuss innovative ideas to continue to the aging in place movement full speed ahead. In an article by Marty Bell, discussing various ideas that were brought forth in the meeting, one of the talking pointing was motivation. We need to motivate seniors to safe guard their financial security for the future, not just when there is a crisis.
In a previous blog post, which dealt with reverse mortgage as a source … (2 comments)

reverse mortgage experts: To Wait or Not to Wait...Is that the Question? - 06/26/13 06:01 AM
The Federal Reverse's recent move to lower interest rate, and, hopefully, stimulate the recovering economy is creating a new window of opportunity for seniors interested in a reverse mortgage. While this means less interest earned on savings account, and essentially using more of the prinicipal portion of your savings account more quickly, there is hope yet for those interested in a reverse mortgage.
In a recent Reverse Focus news report released on June 24th, Shannon Hicks, Vice President of Product Development at Reverse Focus, Inc., warns of the dangers of waiting and not taking advantage of the lower interest rates. In a … (0 comments)

reverse mortgage experts: MythBusters: Reverse Mortgage Edition - 06/24/13 05:35 AM
To qualify for Home Equity Conversion Mortgage (HECM), or reverse mortgage you must:
You must be 62 years of age or older Own your home and live in it (primary residence only, no second or investment homes) Have enough equity, which we can help you determine using today’s values The myths and misconceptions about reverse mortgage, however, still exist and they need to be clarified.
The main fear a potential borrower has is losing their home if they get a reverse mortgage. In reality, the home is still yours and you remain on title and have the option to sell, refinance or pass … (0 comments)

reverse mortgage experts: Counseling for Reverse Mortgages - 06/24/13 05:12 AM
New funding has finally come to housing counseling agencies in the form of a $40 million dollars awarded by the Federal Housing Administration and Department of Housing and Urban Development.
The funding award, which will help sustain HUD-approved counseling, will go toward helping new and existing homebuyers manage their money as well as achieving financial security at present and in the future. 
In a previous blog post, I outlined the benefits of reverse mortgage counseling, and the fact that, while the process has become increasingly complex, the borrower will benefit immensely from it. Many mortgage brokers and lenders will say and explain … (1 comments)

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

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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