reverse mortgage fort lauderdale: 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 fort lauderdale: 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 fort lauderdale: 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 fort lauderdale: 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 fort lauderdale: "I'll Just Live Paycheck to Paycheck and Never Worry About Saving." - 11/22/13 01:21 AM
"I'll Just Live Paycheck to Paycheck and Never Worry About Saving."
An article, published in MoneyNews, offered some shocking, but ultimately unsurprising satistics:
46% of Americans have less than $10,000 saved for retirement. (Employment Benefit Research Institute) 40% of baby boomers now plan to work until they die. (AARP) 36% of Americans say they don’t contribute anything at all to their savings. [CNBC] 87% of adults say they are not confident about having money for a comfortable retirement. (Lifehappens.org) Expected retirement age is up to 67 from age 63. (Zero Hedge) Why are they shocking? I never thought it would be this bad, … (4 comments)

reverse mortgage fort lauderdale: The Sky's the Limit... - 11/19/13 11:52 PM
The Sky's the Limit...
on Long Term Care Costs
Nursing home care, or in-home care, is expensive and the costs continue to raise, according to an article published by Reverse Mortgage Daily, which cites the findings of a survey involving more than 16,000 care providers nationwide. 
While the costs of nursing homes versus in-home care or living communities vary, prices are rising all across the board. 
Currently, the cost of a private room in a U.S. nursing home averages roughly $94, 170 per year and the costs of assisted living averages $41, 124, according to John Hancock Life Insurance Company. Nursing home … (4 comments)

reverse mortgage fort lauderdale: Do You Listen or Just Talk? Know the Difference. - 10/17/13 12:22 AM
Do You Listen or Just Talk? Know the Difference.
A plateau is "an area of highland surrounded by consisting of moderately flat terrain". In a sense, if you are starting at the top of the plateau, you are above all else. Everyone and everything is below you, making you, essentially, untouchable. 
However, if you are at the top of the listening plateau, what does this mean for your business deals, if you are above all else?
In an article published by Reverse Focus, Amara Rose talks about a book she recently read, The Plateau Effect: Getting from Stuck to Success. In Chapter 7, a … (6 comments)

reverse mortgage fort lauderdale: Adapting to Market Changes - 09/19/13 01:58 AM
Adapting to Market Changes...and Life
Adapting to any given situation is essential for survival. Like many of us, I had to adapt during the 2007-2009 recession or perish like the rest of them. It's not so much a choice anymore when financial burdens are breathing down your neck but it's also an important part of life.
When we were young, we had to adapt from being with our parents every hour of every day to being with our teachers for most of the day. As teenagers, we had to adapt to getting a job and spending more time with teachers and … (5 comments)

reverse mortgage fort lauderdale: Reverse Mortgages Aren't Just for the Financially Desperate - 08/21/13 12:52 AM
Reverse Mortgages Aren't Just for the Financially Desperate
"Aren't reverse mortgages just for people in trouble financially?"
It's a question I hear all the time and it's one of the biggest misconceptions about reverse mortgages.
Can homeowners 62 years of age and older, who live in their primary residence and have enough equity in their home, who are financially desperate apply for a reverse mortgage? Yes.
Is this the only to apply for a reverse mortgage? No, not in the slightest.
Depends on what you want to use your reverse mortgage for.
For example, if you live on a fixed income, and … (6 comments)

reverse mortgage fort lauderdale: The Reverse Mortgage Program is About To Change - 08/20/13 04:57 AM
The Reverse Mortgage Program is About To Change
Following President Obama's signature of approval and the Senate's decision to pass the Reverse Mortgage Stabilization Act of 2013, which gives the Federal Housing Administration the authority to implement changes that will stabilize the reverse mortgage program, the FHA has announced that the new changes will come in August at the earliest, and will be fully implemented by October, according to an article published in Reverse Mortgage Daily.
The changes will be disclosed via a Mortgage Letter, which should arrive at the end of August, and the Department of Housing and Urban Development … (8 comments)

reverse mortgage fort lauderdale: Social Media Blunder #3, The Balance Between Style and Substance - 08/07/13 02:36 AM
Social Media Blunder #3, The Balance Between Style and Substance
I don't think that there is an exact science when it comes to the layout of a blog post but there are plenty of guidelines on how to make it better. Adding color, headers, and white space are just a few of the ways you can turn your ordinary layout into something extraordinary.
You want people to read your blog posts, right?
Well, that's my social media blunder #3, making an ordinary post. When I first came back my posts were short, boring, bland and so incredibly devoid of any … (4 comments)

reverse mortgage fort lauderdale: Bueller...? Bueller...? Social Media Blunder #2, No Response - 08/07/13 02:35 AM
Bueller...? Bueller...? Social Media Blunder #2, No Response
The thrill of receiving new comments is intoxicating. I love see what people have to say, especially, after getting into blogging again after taking some extensive time off. One of my biggest social media blunders though, has been to not respond to the comments left on my blog posts.
Most recently, I wrote a post about "How Much Color, Is 'Too Much Color?'" It was a featured and immediately the comments began to pour in. I was excited about the prospect of new and old readers coming in, getting to know me again … (0 comments)

reverse mortgage fort lauderdale: Social Media Blunder #1, Don't Forget To Write...I Did - 08/07/13 02:35 AM
Social Media Blunder #1, Don't Forget To Write...I Did
Blogging is hard work.
You have to take time out of your day to pick a topic, write about it, edit it, embed videos, add photos, make it pretty, etc. The point is: it doesn't happen over night, not the good ones anyway.
If you're going to write a bad post then don't write any at all. Which brings me to my social media blunder #2, choosing not to blog after blogging for so long. 
When I joined Active Rain in 2007, after receiving an invitation, I didn't even know you could blog … (0 comments)

reverse mortgage fort lauderdale: Can Creative Retirement Planning Save Older Americans...? - 08/02/13 01:00 AM
Can Creative Retirement Planning Save Older Americans...?
It's the question everyone keeps asking themselves without really find a clear answer for it. In truth, it's been known that retiring in the current financial climate would be a hassle but after working 30+ years, older Americans expect a return for their investment and it's not coming.
According to an article published by Reverse Mortgage Daily asking: 'is now the worst time to retire?', Bankrate reports that the amount needed to maintain an investment portfolio is rising while returns on those same investment portfolios remain the same.
Bankrate reports that a $1 million dollar … (0 comments)

reverse mortgage fort lauderdale: Can You Refinance A Reverse Mortgage? - 07/30/13 03:30 AM
Can You Refinance A Reverse Mortgage?
It's not typical to associate refinancing with a reverse mortgage. After all, one of the reasons you refinance in the first place is to get a lower interest on our typical mortgages and pay less in interest yearly.
Refinancing your reverse mortgage is also possible.
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.
One of the reasons … (2 comments)

reverse mortgage fort lauderdale: Webinars Can't Answer Every Question...But They Try - 07/29/13 12:53 AM
Webinars Can't Answer Every Question...
But They Try
Since I become an Active Rain member, I've taken various webinars. 
Most recently, I took the 'Review Your Blog Post' with Bob Stewart, who helped three bloggers make better blogging choices when creating a post. The three posts were listings and, as a reverse mortgage broker (not a real estate agent) I knew there were things that were going to be discussed that didn't specifically apply to me.
I was fine with that.
Sometimes it's good to just see someone else's work, see how they blog and, hopefully, get ideas you want … (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

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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