HECM Loan Changes...What They Mean for Borrowers: Part 3 of 3 The changes to the reverse mortgage program will affect everyone. From HUD to brokers to borrowers, these new changes are poised to change the reverse mortgage program (as we know it) completely. For borrowers, these changes will affect the amount they can potentially receive, if they are able to qualify at all. The new financial assessment, coupled with mandatory set-asides, which will be implemented on January 13, will affect who will and who will not qualify for a reverse mortgage. It's scary to think about, especially for those borrowers who see the reverse mortgage as a "last resort," but maybe that's the problem. The more the reverse mortgage is used a last resort, the greater risk of that the borrower will go into defa... 10/01/2013

Who Will Care for Baby Boomers in the Future? Times continue to change for baby boomers--and not just in terms of when they will retire and how they will pay for it--but also about who will care for them in their 70s and 80s.  A recent study, conducted by the AARP, documented the "caregiver support ratio"  in order to assess the declining availability of family caregivers to meet the demands for long-term services and support in the future. The study, which paired a potential caregiver (aged 45-64) with one person 80 years of age and older, found that potential caregivers will shrink from 7.2 to 1 in 2010 to as little as 2.9 to 1 by 2050. How is this possible? Well, succeeding generations are having less children so they will be less able-bodied family members to take care of baby boome... 09/20/2013

Does Less Money Mean Less Problems? The changes to the reverse mortgage program are becoming a reality. By the end of September, the reverse mortgage program (as we know it) will be gone, and with it, the old principal limit factors. According to an article in Reverse Mortgage Daily, the new principal limit factors under the consolidated reverse mortgage program, will be, roughly, 15% less than HECM Standard PLF for 2011. In a nutshell, if a borrower could qualify for a HECM loan for the full 60%, under the new program they would receive 50% of that. Or, if a borrower could qualify for 58% of the HECM loan, they will receive 48% under the new program. In my opinion, these changes will bring more stabilization to the reverse mortgage program, making the program safer, overall, for curren... 09/19/2013

South Fla real estate news- HUD rule can make more eligible for loan South Fla real estate news- HUD rule can make more eligible for loan   FREE LIST of Today's Short sale homes for sale in Weston, Cooper City, Davie, Sunrise, Miramar, Southwest ranches, Plantation. FREE LIST of Today's Foreclosures for Sale in Weston, Cooper City, Davie, Sunrise, Miramar, Southwest ranches, Plantation.   New HUD rule could make more eligible for mortgages Though it probably won't. An ex-owner could qualify for a new mortgage only one year post-foreclosure or bankruptcy, but most banks still won't take the risk. Read more. Fla. CFO rolls out healthcare webpage for small biz Brokers: CFO Atwater unveiled small business Q&A webpage, scheduled webinars and offered a warning: Watch out for health insurance ... 09/17/2013

South florida real estate news- Jumbo loans cheaper than conventional South florida real estate news- Jumbo loans cheaper than conventional   FREE LIST of Today's Short sale homes for sale in Weston, Cooper City, Davie, Sunrise, Miramar, Southwest ranches, Plantation. FREE LIST of Today's Foreclosures for Sale in Weston, Cooper City, Davie, Sunrise, Miramar, Southwest ranches, Plantation.   Jumbo loans cheaper than conventional for first time It's historic: Interest rates for jumbo mortgages have dropped below the average rates for conforming mortgages, lenders say. Read more.   Studies take early look at health law's premiums Key question: How much will Obamacare cost me? Many variables, but a decent "silver" policy will be about $190 monthly for single adults making $29K yearly. Read ... 09/08/2013

The Biggest Retirement Concern... Financial Security The finance problem continues to be...well, a problem. Older Americans are looking at their finances and starting to worry more about their income during retirement than the deterioration of their health.  It's shocking to say the least, especially because health problems can often lead to financial problems, because of high health-care and prescription medicine costs, but a recent United States of Aging survey says otherwise, according to an article published in Reverse Mortgage Daily.  In fact, 53% of the participants are concerned about whether or not their savings and income will be sufficient to last them the rest of their lives, reports the article, while 33% remained unconcerned about their future finances. The point being, fut... 09/06/2013

The Benefits of Reverse Mortgage Counseling The importance of reverse mortgage counseling is growing. In June, the Department of Housing and Urban Development awarded the new funding, in the form of $40 million, to housing counseling agencies in hopes of sustaining HUD-approved counseling. The funding went toward helping new and existing home buyers manage their money as well as achieving financial security in the present and in the future.  In the past, I've had clients complain about having to sit through reverse mortgage counseling but I think that it is highly beneficial to homeowners looking to apply for a reverse mortgage. For example, reverse mortgage counseling takes away the possibility that a fraudulent mortgage broker--who will take advantage of a senior borrower--because eve... 08/30/2013

Housing report for Miramar FL for August 2013 Real estate market data provided by your local expert, Jacob Thomas- REMAX Presidential Housing report for Miramar FL for August 2013  The City of Miramar is located in Southwest Broward County, is approximately 31 square miles and is home to over 40290 residents. Miramar loosely translates from Spanish as "sea view" or "sea sight," though it is not located directly on the Atlantic Ocean. The city is bordered by the following municipalities: Miramar is bordered by Pembroke Pines to the north, Hollywood to the northeast, West park to the east and Miami- Dade county to the south. Headquarters for Spirit air, Carnival Cruises and Royal Caribbean Cruise lines are located in Miramar, employing 1000’s of people. Many trade schools like Devry Unive... 08/26/2013

The Benefits of a Reverse Mortgage Line of Credit Option Financial Columnist Jane Bryant Quinn says: "Take a Line of Credit Now" The reverse is changing. By the end of September, the program that you and I know as "the reverse mortgage program" will no longer exist. How is this possible? The HUD is merging the two existing products into one and creating new guidelines to determine who will qualify for the reverse mortgage. These changes, coupled with rising interest rates (which are currently at an all-time low) will affect the amount of money you can receive if you wait to take out the reverse mortgage.  One of the common reverse mortgage misconceptions, however, is that reverse mortgages are just for the financially desperate. I want to stress, this is not true. In fact, the line of c... 08/24/2013

Reverse Mortgages in Broward County, 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 equity, but have bad credit or a poor income, to be eligible for a reverse mortgage.  The reverse mortgage can be used in a variety of ways: It can be used to pay off an existing ... 08/22/2013

What Does Your Name Say About You? It's not a question we ask often enough. We ask: what does our name mean? And then we get interested when it means something like "strength" or "beauty" or "hope" but what does your name say about you is a different question. It's kind of like when someone asks you for your horoscope to determine what kind of personality you have or "what's in the stars" for you this month. What your name says about you could be just as important in understanding your personality as your horoscope (if you believe in all that) because, as much as we deny it, names carry meaning and associations.  Aren't we captivated by the name Aurora? Or put off by the name Adolf? It happens! We make judgments about people based on names. There's even a list of the most villainous nam... 08/09/2013

Don't Get Lost (in Translation)... I try to speak as clearly as possible, especially if I'm leaving a voice-mail on an answering machine. Still, it happens: things get lost in translation. It's like telling a story in school, from early in the morning up until the final bell. Something is bound to get mixed up, and the story you started with, is no longer the story you end up with. However, there are a few ways to minimize the "lost in translation" syndrome: Keep the message simple. Half of the time, things get lost in translation because of how convoluted the message is. A long, overblown story, for example, is less likely to be remembered (an repeated correctly) than a short, simple one. If you call a client and leave a message in their voice-mail, keep it clear and concise. A big, fl... 08/06/2013

If you've been kept awake at night by the thought of "how to stop a foreclosure on my home", you're not alone. It's been estimated that one in 200 homeowners are in serious risk of foreclosing on their properties. The good news is that there are actions and alternatives that you can take to prevent foreclosure.First of all, you should try to build up your savings in case of emergencies. Every home owner needs at least one to three months worth of mortgage payments PITI (Principle, Interest, Taxes and Insurance) in savings just in case of hardship plus your other obligations.Secondly, make sure that you have established a home equity line of credit. This is a form of revolving credit in which your home serves as collateral. If something happens to come up that threatens you with foreclos... 08/01/2013

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 to try out to make your own blogging better. There are general terms and concepts (like keywords and anchor texts) that apply to anyone who blogs, not just agents who blog about their listings. However, one member call... 07/29/2013

Highlight Your Strengths, Outsource Your Weaknesses There are things we are good at, there are things we are bad at. Does that mean you give up? No. What do you do instead? Become self-aware. How do we know what we're good or bad at? Because we are aware of ourselves, our surroundings and our daily interactions. If we're oblivious to what's going on around us, and in us, how do we know what we need to work on? The first step and to always know what you're doing, regardless of what you're doing. If you go to close a deal, and most days you close it without problem, then one of your strengths is one-on-one client interaction. You have a head for making them feel safe, comfortable and ready to close. Strengthen your strengths. Sounds weird right? If it's a strength why does it need to be a... 07/23/2013

 Can I Age in Place With a Reverse Mortgage? Yes You CAN! Moving when you're entering retirement, or worse yet, when you've been in retirement for a few years, is the worst. I know because I've moved myself and it's always a hassle.  Where do I move? How fast can I sell my house? How fast can I get a new house? Can I afford it? What do I take and what do I leave? Moving isn't simple, but if you want to age in place, then you should consider a reverse mortgage. Why? It can help improve your home in order to age in place, pay for unexpected or expected costs, and give you the peace of mind you want and need during retirement. A study done last year, presented in Reverse Mortgage Daily, found that 90% of older Americans intend to age in place and 74% of them intend to modify their homes to... 07/11/2013

Reverse Mortgage Program Company in Florida Ever considered a Reverse Mortgage Program? If you have, the time to act is NOW! The Reverse Mortgage Program is an available tool for senior homeowners, 62 years of age or older, which occupy the property as their primary residence. What makes the Reverse Mortgage Program 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 equity, but have bad credit or a poor income, to be eligible for a reverse mortgage program. In what ways can you Reverse Mortgage Program? It can be used to pay off an existing mortgage and therefore eliminate monthly mortgage payments. To cov... 07/08/2013

Reverse Mortgage Calculators in Broward 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. The specifics of a case differ from client to client and it is my job to decide how a reverse mortgage can work best for you depending on your situation.   The reverse mortgage calculator is a useful tool. It helps those who are on the fence about reverse mortgage decide if they want to call a... 07/08/2013

Are You Productive or Counterproductive With Your Insanity? It might sound like a weird question but there is a certain truth to it. If insanity, by definition, is "doing the same thing over and over, expecting different results" then why can't it be productive? In the business, we are always look for the next big thing to help us create or pursue leads, but how productive are we in our endeavors? In an article published by Reverse Focus, Shannon Hicks outlines two different types of insanity and how you can benefit from one, while crashing and burning from the other. If you suffer from productive insanity then you are on the right track. The symptoms include: a creative approach, a strong online presence and tenacious networking ability. If you think about it, it all makes sense. You k... 07/08/2013

As the month of June comes to a close, the demand for reverse mortgage professionals remains strong according to Reverse Mortgage Daily. This offers a considerable boom in our business even after the elimination of the Standard Fixed Rate HECM by the Federal Housing Administration and the Federal Reverse's decision to stop buying bonds by mid-2014, which sent secondary markets in a downward shift.  One reason for the continued high demand for the reverse mortgage specialist is the faith consumers have placed in the reverse mortgage, which saw a 10.2% increase in the month of April, according to an article on June 25th by Reverse Mortgage Daily. The same article saw a 15.4% increase in reverse mortgage endorsement in the state of Florida, continuing an upward trend. At PS Financial Servi... 07/01/2013