Reverse mortgages help seniors with the costs of retirement by turning equity into cash, making the twilight years truly goldenOdds are – if you’re over the age of 62 and own all or some of your home – you’ve wondered, “what is a reverse mortgage?” With all the negative spin and fake news attacking from every corner, it’s easy to get confused by fearmongering that distorts facts. You have enough things going on and time would be better spent enjoying the people and things you cherish.Thankfully, Phil Stevenson, AKA The Mortgage Nerd, and PS Mortgage Lending are here to clear up a few misconceptions and straighten out the facts. Here is some need-to-know info everyone should have when considering a reverse mortgage.What is a reverse mortgage?Reverse mortgages are federally insured loans anyone 62 and over who has equity in a home can take out as cash for their financial necessities. Better known as a Home Equity Conversion Mortgage (HECM), it allows you to take a portion of what you’ve invested into your property to pay off an existing mortgage and anything else you may need. Although you still have to take care of paying property taxes, homeowners’ insurance, and home maintenance costs, this frees up some money so you’re able to handle these costs.The loan is repaid when you and your spouse can pay it back or have moved on.Who is eligible?There are 6 essential requirements to qualify for a HECM:
Must be 62 years of age or older
Own your primary property or have a considerable amount invested in it
The property must be a primary residence and an
Not have any delinquent federal debt
Must be able to pay off property taxes, HOA, insurance, bills, etc.
Consult a HECM counselor approved by the Department of Housing and Urban Development (HUD)
Though a few other small HUD Regulationsmust be discussed and looked over, this is the gist of it until sitting down with a counselor.How does a reverse mortgage work?Five quick things to get out of the way right off the top are:
If you own the home, you remain the owner of the home UNLESS YOU DON’T PAY TAXES
You can sell the home or pay off the loan with no penalty
No monthly payments are required, but you can make payments if you like
You can receive the loan as one lump sum, in monthly payments, a line of credit, or any combination of the three
You will not owe more than the value of your home if it sells for less than you mortgaged because you have protection against declining home values since it’s a non-recourse FHA Federally insured loan
Can I get a reverse mortgage if I have a mortgage? Yes.Another common misconception is that if you can’t get a reverse mortgage if you already have a mortgage of a traditional type.This is false.If you have a decent enough amount of equity in your property, you can turn some of it into liquid assets.Why get a reverse mortgage?Phil recommends people get this type of loan for a variety of reasons including:
You don’t have anyone interested in inheriting the home
You need to fulfill and immediate need or take care of an emergency
Are considering an equity loan for any reason
In other words, if you have any retirement needs, Phil recommends you seek some reverse mortgage counseling in Florida now.How is a reverse mortgage paid back?Quite simply, put the loan is paid back when you or your spouse leave the home – however that may be. The basic premise behind the reverse mortgage is that you’re able to use the equity you need now because you really can’t take it with you when you pass away.That’s why this is such a great opportunity for those with well-off heirs or don’t have that worry. And if you do have legal successors, all they have to do is pay back the loan or cash in on anything that’s left.A reverse mortgage gives you a more comfortable lifestyle in those times when you deserve to reap the benefits of your hard work. After all, you earned it.Can I lose my home or go into foreclosure with a reverse mortgage?The straight answer is YES, but ONLY if you do not meet the terms of the loan. You might be thinking, “didn’t you just say the reverse mortgage does not require payments?” That is correct, but you must continue to pay the following, just as if your home was free and clear with no mortgage of any kind:
You must continue to pay your property taxes
You must continue to pay your homeowners insurance
You must maintain your property, meaning you cannot let it fall into disrepair
At least 1 borrower must be alive and living in the home. If all borrowers are away from the home for more than 12 consecutive months due to physical or mental illness, then the loan is due and payable.
If one spouse is under 62 years old, can both spouses get an FHA insured reverse mortgage?The answer is yes and no. Yes, the reverse mortgage can be done under the name of the spouse who is over 62. No, both spouses cannot be “borrowers”, but the one who is under 62 CAN be what is called a “non-borrowing spouse” or NBS. Yes, both spouses CAN live in the home for the rest of their lives, as long as the following criteria are met:
The NBS must be living in the home and married to the borrower at the time of the closing of the reverse mortgage.
The NBS must still be living in the home and married to the borrower at the time of the borrower’s death.
Death of the borrower is the only that the deferral period, the period in which the NBS can stay in the home for life, can go into effect and the NBS would be “protected” under the rules.
Private or Jumbo Reverse Mortgages are not insured by FHA. These reverse mortgages allow for borrowers to be 60 and older, and have loan amounts up to $4,000,000.Where can I find a professional HECM counselor near me?Finding a HECM counselor approved by HUD in Florida shouldn’t be too hard – we got a guy. Phil Stevenson knows that your home and what you put into it is a culmination of years’ worth of hard work filled with memories. He’s even beenfeatured in Forbes Magazine discussing his expertise. Its value is significant financially and priceless emotionally. Getting a HECM requires advising from someone who knows what they’re doing – and can trust – in order to plan for the future appropriately. This is not a trade or a second mortgage nor do you need to sell your home to pay back the debt. Borrowing against your home is a big decision. It requires HUD-approved counseling for a reason and Phil understands it on a personal level. He became interested in reverse mortgages by trying to help his beloved grandparents – abuelo y abuela – when they needed money.Check outPS Mortgage Lending’s Reverse Mortgage Calculatorand see if this is an opportunity that could benefit you.
Are you or a loved one considering a reverse mortgage?Reach out to Phil Stevenson and the Expert Mortgage Team at PS Mortgage Lendingto see how you can benefit!
Aren’t you tired of big lender call centers that use the word “Veteran” in their name or use a military branch in their name, but then you are dealing with a rookie mortgage person who was never in the military? Why do we always feel that the big names give us the best deal? We need to realize that the larger the mortgage company, the more impersonal the transaction.Don’t become a number, you’re not a cog in the wheel.
Phil Stevenson joined the US Army in 1999 to find a way to fund his college education, but knowing full well that “peace time” doesn’t last. He was deployed to Afghanistan in 2002 and then back to back to Iraq 2003-2004, and was part of the first rotations into both. Phil ETS’d in 2007 to focus on his family and his fledgling mortgage career, but always wanted to find ways to give back and help veterans.So now #1vet2another is his movement to offer VA Mortgage Loans to fellow veterans, and take care of vets the way they deserve to be treated.
Phil “Felipe” Stevenson, CRMP
Owner & Principal
PS Financial Services 365768
Phil Stevenson is 1 of approximately 150 Certified Reverse Mortgage Professionals (CRMP) in the United States, and currently sits on the Ethics Committee of the National Reverse Mortgage Lenders Association (NRMLA).
Born and raised in Miami to a Cuban mother, he speaks fluent Spanish and uses the nickname “Felipe” when working with clients who are not strong in the English language. Stevenson is always taking the lead and trying to find new ways to succeed by helping others around him become successful as well. With over a 13 years of experience in mortgage processing, origination, recruiting, and managing other mortgage professionals, Stevenson has a broad understanding of the mortgage process from beginning to end. He began focusing on Reverse Mortgages in 2008, and today offers all types of Mortgages with specializations in Reverse Mortgages and VA Home Loans. As a reverse mortgage originator in Miami, he has personally closed and funded hundreds reverse mortgages. PS Financial Services has become one of the top Reverse Mortgage Companies in Florida, and was ranked #1 Reverse Mortgage Broker in Florida for 2015, 2016, & 2017 (based on Reverse Mortgage Insight’s “RMI Reports”).
Stevenson earned a bachelor’s degree in International Relations with minors in Economics and Geography from Florida International University. Studying interest rates, money supply, and amortization tables has given him in-depth knowledge of past, current, and projected issues in the industry. His economics degree gave him a phenomenal knowledge base that allowed for a seamless transition into the mortgage business from the military. As a father of 2 and a veteran of the wars in both Afghanistan and Iraq, family values, honesty, and integrity are of utmost importance to him.
Roberto Crespo, CRMP
Reverse Mortgage Specialist
PS Financial Services 372275
Roberto Crespo was born and raised in Cuba where he became electrical engineer in 1985.
He arrived in the United States in 1992 and started his entrepreneurial career. He’s been a top producer in several marketing companies.
In 2006, he became a Mortgage Loan Originator and has specialized in Reverse Mortgages serving 100’s of satisfied customers in the Miami community during these years.
Philip Dixon, CRMP
Reverse Mortgage Professional
PS Financial Services 229659
A native of Essex England, Philip Dixon attended Chelmer Institute of Higher Education. He moved to the United States in 1984 eventually making his home in Stuart, Florida. Since moving to the States he has built a career in the mortgage industry, specializing in FHA Reverse Mortgages since 2003.
He describes his focus on Reverse Mortgages as both challenging and rewarding. Challenging in that there are many misconceptions about Reverse Mortgages that need clear, credible explanation; rewarding in that once he is able to provide factual information and understanding, he has been able to help many seniors more fully enjoy life in retirement. He describes his decision to specialize in Reverse Mortgages as the best choice of his working life.
Philip is active in recreational soccer when not pursuing his mortgage career. He has one daughter, recently graduated from college.
Ana Raquel Maya
Reverse Mortgage Specialist
PS Financial Services 359688
Ana was born and raised in Nicaragua. She has lived in Miami since 1989.
Currently, she continues to help the Hispanic community with Reverse Mortgage Loans and has been since 2007.
Judd offers creative, personally tailored mortgages. Judd was established around the concept of “value-driven” client relationships. Judd is aware that his success depends on you, and his business model is as simple as that.
Judd believes that his client’s liabilities need to be managed in the context of their individualized capital liquidity needs, in addition to their long-and-short term financial goals. Judd offers his clients the best possible rates and unparalleled service in the business. He maintains utmost integrity in all transactions and makes no compromise in representing his client’s best interests at all times.
Judd is not only a Mortgage Loan Originator, but has been in Law Enforcement since 1992. Judd felt the need to be able to not only connect with people that he encounters throughput his day but have a deeper understanding of their needs. For this reason, Judd recently graduated with his Masters in Clinical Psychotherapy/Social Work. Having the tenacity to complete a degree such as this one takes discipline and effective time management. This shows in the dealings Judd has with his clients.
Former State of Florida Mortgage Broker Instructor
Knowledge, experience, and his constant commitment to meet and exceed the clients’ expectations have allowed unmatched growth and performance in our industry. Judd was a former Professor for the largest Real Estate school in Florida teaching the State of Florida approved Mortgage course.
Judd taught the 24-hour State required Mortgage Broker class, Mortgage Broker cram, Foreclosure class, and Now That I Have My Mortgage Broker License, What Do I Do With It?
All that expertise is not, however, what makes Judd different from all of the other mortgage companies out there. Judd is what makes PS Financial different. His approach to anything he does is to exceed all apparent possible expectations. Every customer is treated with this in mind: “How would I like to see this loan handled if it were my own transaction?” The answer to this question defines the caliber of service he and his staff delivers. No matter how large or how small your transaction, you can count on Judd to provide you with the type of service Judd would demand if it were his own. To this end, Judd will provide direct answers to your specific requests, as well as insights Judd may gain during the analysis process. No question is left unanswered. Bottom line; Judd will evaluate your loan situation, review your loan options, and help you understand the entire process from pre-qualifying to closing. You will never be left alone. Certified Reverse Mortgage Professional “CRMP” Designation:
Being one of only 120 or so people nationwide to have achieved this milestone is a testament to my commitment to reverse mortgages. The process involved to receive this professional designation was long and arduous and adds to the level of expertise maintained by the firm and myself.
Rachel Williams
Reverse Mortgage Professional
PS Financial Services 1214023
Alexander Michael Santa
Licensed Reverse Mortgage Specialist
PS Financial Services 1417418
Alexander Michael Santa was born in Detroit Michigan but considers himself a Florida native. He graduated from the University of Florida in 2013 with a bachelor of science in Tourism, Recreation, and Sport Management.
For 2 and a half years Alexander worked in the health and wellness industry motivating adults to take control of their present wellness and future. He now looks to encourage and educate people to gain control of their own financial well being. Working first hand with his father (a financial retirement professional of 15 years) in the Florida insurance industry, Alexander has learned the ins and outs of personal retirement investment plans.
Alexander became licensed as a loan originator after learning about how HECM products can be a critical piece of many retirement portfolios. He leads an active lifestyle and enjoys spending time with his family and friends.
Henry Montoya
12 Años de Clientes Satisfechos – Oprima Aqui!
PS Financial Services 352897
NMLS #352807
43 AÑOS SIRVIENDO A LA COMUNIDAD LATINA
Estudios: Ciencias Económicas y Financieras Estudios: Banca Internacional, Ginebra, Suiza
Licenciado: Bienes Raíces Nacionales e Internacionales,
Licenciado: Seguros de Vida, Salud, Anualidades y Planes de Retiro
Licenciado: Originación de Préstamos Hipotecarios Nacionales e Internacionales