2017—PS Financial Services, a leading Miami-based Company specialized in Reverse Mortgages Loans, recently had Owner and Principal, Phil Stevenson, a Certified Reverse Mortgage Professional (CRMP), participate as a guest panelist at a webinar held as part of the National Reverse Mortgage Lenders Association’s Reverse Mortgage Education Week. The webinar was also created in partnership with Next Avenue, a PBS news service that covers baby-boomer issues.
The goal of the panel was to inform how these types of loans work and to try to eradicate common misconceptions related to the industry. Stevenson and his fellow industry professional panelists answered a variety of questions collected by Next Avenue, disclosing the challenges that specialists face when attempting to pitch the products to consumers.
“Whenever a borrower or a client asks me if they can outlive a reverse mortgage and be forced to move, I tell them, ‘yes… when you turn 150 years old,’” Stevenson said, humorously, before adding, “reverse mortgage does have a date on the legal document and you need a date when this mortgage will end, and it’s the youngest borrowers 150 th birthday. We know no one is going to reach 150, at least not at this point in history, maybe in the future. So, you can live there for the rest of your life as long as you comply with the rules.”
During his portion of the panel discussion, Stevenson focused on explaining why it’s important to comply with Home Equity Conversion Mortgages (HECM) rules and provided specific examples of cases managed by PS Financial Services and how they have counseled several couples with their reverse mortgage. He also explained that, after August 2014, some rules changed for the non-borrowing spouse, ultimately providing them more protection.
Stevenson is one of only approximately 150 CRMPs nationwide and currently sits on the Ethics Committee of the NRMLA. He was also on the expert panel in 2016 assigned to rewrite the National Mortgage Licensing Test, which every person in the United States who wants to become a Licensed Mortgage Loan Originator must pass.
As we all know it, New York real estate is quiet discouraging, but not impossible! When searching for starter apartments it is very possible to find something in your price range.
Median sales price: $289,000
It’s no secret that for most of us, the search for an affordable apartment is going to pull you deep into the outer boroughs. It’s best to start your search outside of Manhattan. Look deeper into south Brooklyn and the Bronx. The neighborhood with the largest inventory of apartments is Riverdale. The only down side is the Bronx neighborhood has limited transportation. There is a Metro-North stop and a 1 train stop outside of Van Cortlandt Park.
Median sales price: $274,900
This small and often forgotten Bronx neighborhood has the second highest concentration of affordable one bedrooms in the city. Prices tend to be cheaper than Riverdale also. Spuyten Duyvil has many hills and lots of green, with views of the Hudson and Harlem Rivers. The most affordable co-ops are found in medium-sized post-war buildings. There are limited transportation options, with the 1 train to the east and a Metro-North stop at the southernmost point of the neighborhood.
Median sales price: $1.25 million
For buyers committed to staying in Manhattan, a couple of neighborhoods made the cut. If you’re willing to comprise on size, Midtown East isn’t a bad place to look. Don’t expect a one bedroom unit here, stick to studios.
The Dining Capital of the United States
Having an office in Houston we though our clients might want a couple good tips and a little tad bit of history on the cuisine in this neck of the woods. Enjoy!
USA Today referred to Houston, Texas as the “dining capital of the U.S.” Houstonians eat out more often than residents of any other U.S. cities. Houston restaurants are also known to be inexpensive and convenient. A major role in Houston’s eccentric food scene is the city’s ethnic diversity.
Tex-Mex cuisine is very popular in Houston. Many Mexican restaurants are influenced by the Texas culture. Rob Walsh of the Houston Press says, “the immigrant flow is what keeps the ‘Mex’ is ‘Tex-Mex’.” The cooking methods in the city are highly influenced by the recent immigrants.
Being a self starter is difficult business. Even being successful in a company of millions can become a hassle, and, after months (maybe years) of yearning for success, and not achieving it, you wonder why you’re not as successful as you should be.
I think it’s an important factor to consider. Does success equal happiness or fulfillment? No, but we like to feel like we have accomplished something worthwhile, that all the time and sweat we have input into our jobs has not been a waste of time.
Having said that, I think there are reasons why people are not as successful as they should be, according to the National Federal of Independent.
Postcards can be a nice gesture in a world that, little by little, continues to dive into technological methods of communication.
Aside from face-to-face communication, postcards (or any handwritten note for the matter) provide a more intimate connection to people than just sending another email or text.
“A day without laughter is a day wasted.” – Charlie Chaplin
Don’t waste your day and come laugh all night at 850 WTFL’s annual Legends of Catskills Comedy Event featuring comedians Freddie Roman and Dick Capri at the Coral Springs Center for the Arts. The event is sponsored by PS Financial Services, a reverse mortgage company in Florida.
These legends of comedy have been making audiences laugh all around America for decades and now it’s your turn. If you’ve ever seen “Catskills on Broadway” you know what I’m talking about, if you haven’t it’s not to late to see what everyone has been talking about.
House of Horror Amusement Park at International Mall
South Florida’s largest Halloween amusement park, and a yearly Halloween stable at Miami’s International Mall, returns from September 26th through November 3rd.
House of Horror, which features over 30 themed rooms, over 20 amusement park rides, delicious good, a circus (over two acres) and, for the first time ever, Hulk Hogan’s Microchip Championship Wrestling, is going to scare the daylights out of you with surprises at every corner.
“Pay One Price and Ride All Night”:
Tickets for adults are $23 and children (6 and under) are $15. The purchase of tickets allows for one entry through the Haunted House, unlimited use of the amusement rides, and access to any and all concerts, shows or attractions throughout House of Horror.
Tickets can only be purchased during regular operating houses at the ticket office. House of Horror accepts cash and all major credit cards.
For a $2 Discount off regular ticket price Mondays, Tuesdays and Wednesdays, visit the House of Horror Amusement Park website.
House of Horror Park Hours (Subject to weather conditons. Haunted House Hours may vary from regular park hours):
Monday – Thursdays: 6 p.m. to 11 p.m.
Friday & Saturday: 5 p.m. to Midnight
Sunday: 5 p.m. to 11 p.m.
Free parking is available near the east side of International Mall, close to House of Horror, near Kohl’s and JC Penney’s.
Dress to Impress:
While Halloween costumes are allowed in House of Horror, no patron can wear a costume that conceals their face. Masks and face paint aren’t allowed. Ony actors, working in House of Horror are allowed to wear facial disguises, such as masks, inside the amusement park.
Location, Location, Location:
Miami International park (East Parking Lot)
1455 NW 107th Avenue
Doral, FL 33172
For more information call: (305) 639-6000
Enjoy the fun until November 3rd!
Find the RIGHT Formula
As a tool for present and future financial planning, the reverse mortgage program was not attractive for consumers–and was often called “a last resort”–because of high setup costs. The introduction of the HECM Saver, or the “Standby” Reverse Mortgage has changed this perspective for the better and financial planners have noticed.
An article, published by National Reverse Mortgage Lenders Association, discussed the importance of reverse mortgages from a business and public policy standpoint and their growing importance in the future, during senior retirement planning and execution.
The current popularity of the reverse mortgage program can be attributed to rising health care costs and lower investment returns coupled with tighter fixed incomes.
However, the reverse mortgage program is not as “new” as people might think.
“An event has happened, upon which it is difficult to speak, and impossible to be silent.”
– Edmund Burke
Such is the truth in the latest scandal that shocked Florida when Miami Lakes Mayor Michael Pizzi and Sweetwater Mayor Manuel Marono were arrested by the FBI for accepting bribes in separate schemes.
To add insult to injury, Governor Rick Scott has now suspended both mayors, following their arrest at their City Hall offices, after a two-year public corruption investigation. According to NBC NEWS, two lobbyists, Jorge Forte and Richard Candia, has also been charge with conspiracy to commit extortion under color of official right.
While this is Marono’s third term and Pizzi’s second term, U.S. Attorney Wifredo A. Ferrer has stated that Marono received more than $40,000 in bribes since 2002 and Pizzi received $6,750 in bribes.
Reverse Mortgage Success Story in Miami…
Mimi Planas wanted her mother, Caridad Planas, to have a better quality of life during her retirement.
Planas began the reverse mortgage process in December 2009 and PS Financial Services met with them on January 29, 2010. The company that Planas had been using before had not even done an appraisal yet while PS Financial Services was able to get an appraiser out to the Planas a day after their first meeting.