REVERSE MORTGAGE MIAMI – Not Just for the Desperate

By
Mortgage and Lending with PS Mortgage Lending 305-791-4874 or 888-845-6630 365768

This is a story about a Reverse Mortgage in Coral Gables, Miami, Florida

Many believe that the Reverse Mortgage is for the poor, desperate, or those on the verge of foreclosure.  My grandfather feels the same way, but after years of explanation and my Aunt Uncle, and I offering our support my grandparents used the Reverse Mortgage for themselves.  Unfortunately, there are a lot of myths and misunderstandings about the program.  This blog is not about the program and how it works; rather it’s about different clients of mine who have closed using the program and why they did it.

 

I March of 2010 a prospective client, whose home is in Coral Gables, contacted me via the internet.  He didn’t give me a phone number to call, instead he left his address and fax number.  Many people do things like this because they feel they will encounter pushy sales people.  So I sent him a fax with my letterhead, and soon after a chain of email communications ensued.

 

Keep in mind, my clients are 62 years and up, so not all are internet savvy.  He is, and I was soon invited into his home.  What I encountered was a very intelligent business man who had built a large company that was now working for him.  His kids all had money and their own homes, careers, etc, and he was sitting on a $1,000,000 home with no mortgage.  So he was looking for a way to access his equity to supplement an already large asset portfolio.

 

WAIT A MINUTE, PHIL!  ARE YOU SAYING THIS GUY HAS BIG BUCKS AND WANTS TO USE A PROGRAM THAT MOST FEEL IS FOR THE DESPERATE?

 

That is correct!

 

After several meetings, and the client shopping at the big name lenders, he saw the value in using someone like me.  We closed in 17 calendar days (only because we started the process on a Friday and closed on a Monday, otherwise it would have been quicker), and he cashed out over $350,000 to improve his quality of life.

 

Notice what I just said, IMRPOVED HIS QUALITY OF LIFE!  It doesn’t matter if he used the money to buy a yacht or to have an extra $3,000 per month to spend on his lifestyle; it IMPROVED HIS QUALITY OF LIFE.

 

Isn’t that the same thing the Reverse Mortgage does for people who are desperate and poor?  It’s just a different level.

 

CLICK HERE to view video testimonials from clients who have closed with me!

 

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Information and content in this blog is original to Phil Stevenson

Please click the "SUBSCRIBE TO MY BLOG" button on the right, and receive more Traditional and Reverse Mortgage information in Florida and other parts of the US & Puerto Rico.

 

Phil Stevenson

PS Financial Services

Owner and Principal Mortgage Originator

Certified Reverse Mortgage Professional (CRMP)

LO #365768

NMLS #968090

Cell: 888.845.6630

Miami Mortgages & Florida Mortgages

Copyright © 2013 by Phil Stevenson & PS Financial Services, LLC

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Roy Kelley 01/26/2011 01:29 AM
Topic:
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Location:
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Tags:
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Rainmaker
5,975,652
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Excellent post. Many do not understand the benefits of reverse mortgages. Some real estate professionals advise against this mortgage product because of their lack of knowledge.

 The colors of winter in Maryland. Life is good!

Jan 26, 2011 01:25 AM #1
Rainmaker
89,425
Rick Kellow
Cherry Creek Mortgage - West Bend, WI
FHA & Reverse Mortgage Expert

Phil

Great post... we have helped alot of people with reverse mortgages... Roy is right knowledge is needed

Rick

 

Jan 26, 2011 03:24 AM #2
Rainmaker
271,377
Phil Stevenson, CRMP
PS Mortgage Lending 305-791-4874 or 888-845-6630 - Miami, FL
"Mortgage Nerd" in Miami, Florida and Texas

Roy, thanks again for your comments!  Hope the snow is not getting to you!  LOL...

Hi Rick, I spoke to another Realtor today who has only heard bad things about the Reverse, and didn't realize that it can open up many possibilities for new purchases and sales via the Reverse Purchase.

Jan 27, 2011 01:47 AM #3
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Rainmaker
271,377

Phil Stevenson, CRMP

"Mortgage Nerd" in Miami, Florida and Texas
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