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.