ARCHIVED BLOG POSTS
2010
Reverse Mortgage Value Limits Extended…In February 2009, President Obama signed the stimulus package, which included an increase in the Reverse Mortgage loan limits. Well not really the loan limit, but the value we use to then figure the loan amount was increased by 150%. The value limit had pr...
12/23/2010
Stimulus Bill Increases HECM Loan & Value Limits. 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 n...
12/23/2010
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FHA’s Mortgage Insurance Premium for the Reverse Mortgage…Why do I need it? What is the purpose of FHA’s Mortgage Insurance Premium for the Reverse Mortgage? The Mortgage insurance premium (MIP not PMI) is mandatory on Reverse Mortgages and it’s the main reason the closing costs are as high as th...
12/23/2010
I am buying a new home. Can I get the Reverse Mortgage at the same time? THE ANSWER IS YES! Why pay double closing costs, when you can do both at the same time? This program is called the Reverse Purchase or Reverse Mortgage for Purchase. The program began at the beginning of 2009, and beli...
12/23/2010
-Do you know about the Reverse Mortgage for Purchase Program aka Reverse Purchase? -Do you have buyers or sellers who are over 62? -Did you know that if the buyer has a large enough down payment (30% to 50%), they can purchase a home and never have to make a single mortgage payment FOR LIFE? -Or...
12/23/2010
Full Direct Lender looking for Mortgage Professionals who want to thrive in this market. We are not the institutional, large lending/banking centers, but we have all the same abilities to underwrite and fund loans. Are you a highly driven, self motivated Mortgage Loan Originator who wants to ta...
12/23/2010
Blogging is like a monetary investment that gains compound interest! While radio, TV, and print is the type of marketing that is more like simple interest because there is typically only a 1 time gain. What do I mean by this? When you blog or add info to the internet via social media or any oth...
12/23/2010
Mortgage Bankers of Florida is a Full Mortgage Lender. A few years back I was between mortgage companies when I received a call from someone by the name of Michael “Mike” Camus. He is the owner of MCM Holdings, a Wholesale Mortgage Lender dba Mortgage Bankers of Florida, and was trying to recru...
12/21/2010
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You don’t want me to discount my service, so why do you want me to discount my fees? This is something I have to consistently tell my clients. The people who get the best deals or best bang for their buck, with anything in life, are the ones who shop and shop well. Yet, there are times when you...
12/18/2010
Reverse Mortgage Info from a Lender in Monroe County & Florida Keys area. Most Mortgage Brokers and some Lenders offer the Reverse Mortgage, but they simply do it out of necessity or because a Reverse Mortgage client has come their way. There are some companies that focus the majority of their ...
12/18/2010
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Phil Stevenson, CRMP
"Mortgage Nerd" in Miami, Florida and Texas