Coral Gables (Miami, FL)
By Josh Garcia
(EWM Realtors, Inc.)
Comments 0
Historically, Coral Gables has been one of the premier places to live in Miami due to its ideal location, thriving downtown area, and pedestrian-friendly tree lined streets, and according to recent closings the Coral Gables market continues to thrive. A considerable amount of 3 bedroom properties have closed in the past 6 months (i.e., 41), with an average sale price of $386, 507 (or $229 per sq. ft.). An interesting trend emerges when you compare the current 90 days closing sales (i.e., 2-10-13 to 5-10-13) with the previous 90 days closing sales (i.e., 11-19-12 to 2-9-13). During the current 90 days closing sales a total of 19 3 bedroom properties sold for an average of $390, 326 (or $231 per sq. ft.), in contrast, during the previous 90 days closing sales a total of 22 3 bedroom prop...
By Phil Stevenson, CRMP, "Mortgage Nerd" in Miami, Florida and Texas
(PS Mortgage Lending 305-791-4874 or 888-845-6630)
Comments 0
I am a Reverse Mortgage Lender, providing Reverse Mortgages in Miami and South Florida.  Below is my Biography, which will help you understand more about who I am and what I can offer as a Reverse Mortgage Expert. Phil Stevenson combines his knowledge, education, and experience with his ingenuity and ethical practice to achieve the best possible outcomes for his clients and colleagues in every endeavor. Earning a reputation among his peers and clients as a detail-oriented, organized, efficient and highly disciplined leader, the experienced reverse mortgage advisor's goal is consistent service to his clients. He puts forth full effort and works diligently to complete all tasks in the shortest time frame possible. Family values, honesty, and integrity are of utmost importance to him. Born...
By Phil Stevenson, CRMP, "Mortgage Nerd" in Miami, Florida and Texas
(PS Mortgage Lending 305-791-4874 or 888-845-6630)
Comments 6
Someone asked me to explain what happens to a homeowner who takes out a Reverse Mortgage at 62 when they are 90.  Someone who starts the Reverse Mortgage at the youngest age of 62 after 20 to 30 years will possibly owe more than the value.  The current interest rate of 4.99% plus MIP of 1.25% equals 6.24%, and average appreciate in a normal market is 4 to 5%, so we will say 4.5%.  This is why they are only able to borrow 55-70% of the value based on their age, as opposed to 80% or 90%.  I show my clients that if they were to take whatever their mortgage payment was before the Reverse Mortgage or would be if they were to take out a new Traditional Mortgage for the same amount.  Then if they were to invest it in the historical average for a CD (which is a 5% average in the US over the las...
By Phil Stevenson, CRMP, "Mortgage Nerd" in Miami, Florida and Texas
(PS Mortgage Lending 305-791-4874 or 888-845-6630)
Comments 0
Is the Reverse Mortgage the right solution for me?  There are a growing number of people in their 50s and 60s who desperately want or need to continue working in order to pay for retirement, and they are starting to worry that they may be discarded from the work force, forever.  This is according to an article by the New York Times. “Of the 14.9 million unemployed, more than 2.2 million are 55 or older. Nearly half of them have been unemployed six months or longer, according to the Labor Department. The unemployment rate in the group — 7.3 percent — is at a record, more than double what it was at the beginning of the latest recession,” from Reverse Mortgage Daily. So while the problems of the so-called “past recession” persist, and retirement and property values have dwindled, people in...
By Phil Stevenson, CRMP, "Mortgage Nerd" in Miami, Florida and Texas
(PS Mortgage Lending 305-791-4874 or 888-845-6630)
Comments 0
The Reverse Mortgage program has changed now in October 2010, and what a seesaw ride the last few months have been in the Reverse Mortgage Industry.  Much of the news has been doom and gloom.  First, we waited for congress to sign the $250 Million appropriation that FHA was asking for, but it never came.  FHA needed this money to supplement and diminishing Mortgage Insurance Fund, but congress only allowed for $150M and then reduced it to $140M.  This in turn caused FHA to announce that they would lower the Principal Limit for Reverse Mortgages a second year in row.  What exactly does this mean? In 2009, FHA announced a 10% reduction of the loan amount that a borrower receives for the Reverse Mortgage starting FY 2010 (which was Oct 1, 2010).  So imagine falling values only compounded b...
By Phil Stevenson, CRMP, "Mortgage Nerd" in Miami, Florida and Texas
(PS Mortgage Lending 305-791-4874 or 888-845-6630)
Comments 0
Bank of America has decided to stop offering wholesale business, which means Mortgage Brokers can no longer offer BOA Loans.  Hmmm, is this another step in the direction of the Government and Large Banks squeezing out the Brokers? If that wasn't enough for you, now the large lenders are cutting the compensation/income that their Loan Officers make.  So let me get this right; Brokers are squeezed out of the market so many migrate to banking institutions to become Loan Officers (LOs).  So these banks have probably the top talent in the industry and now they are cutting their income?!?!?! WHY? Because the banks know that as they strangle brokers the brokers will migrate to the banks anyway!  So now the banks can get better talent and pay less.   BETTER TALENT + LESS PAY = HIGHER PROFIT MAR...
By Phil Stevenson, CRMP, "Mortgage Nerd" in Miami, Florida and Texas
(PS Mortgage Lending 305-791-4874 or 888-845-6630)
Comments 5
"Moral Hazard occurs when a party insulated from risk behaves differently than it would behave if it were fully exposed to the risk."*  It can be said that the reason Mortgage "Brokers" are being pushed out of the market by regulation is because of Moral Hazard and the fact that they are unregulatable. I was watching the movie "Wall Street: Money Never Sleeps" this weekend, and a lady asked Michael Douglas what Moral Hazard means.  He defined as Wikipedia did above, but slightly differently.  He stated its when you give someone money who is not responsible for what happens to that money.  I immediately turned to my wife and said, "that is what has happened to the Mortgage Brokers in our industry." HOW CAN THIS BE? Here is my disclaimer, first and foremost.  I do not believe that all Mor...
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