New York is a state full of natural beauty. Even though many associate New York with a concrete jungle, New York is full of wonderful parks for all citizens and residents to enjoy.
One of these parks is the Brooklyn Bridge Park, an 85-acre park where visitors can enjoy various sporting activities, outdoor movies at sundown and even Jane’s Carousel, a 1920’s restored marry-go-round. The park is also home to various Piers, one of which hosts a basketball court and another who hosts a playground.
The other, of course, is Central Park, where visitors and residents can spread out a blanket at Sheep’s Meadow and enjoy the view, play frisbee or just hang out. For those who are more active, the park also has various walking trails and streams to enjoy.
Less known but still worth a visit is the Flushing Meadows-Corona Park, which is New York City’s second largest park, and is home to the Unisphere, a steel globe that was created for the 1964 World’s Fair. For nature enthusiasts, the green fields of this park also include a zoo, a boating lake, a barbecue area, and a $66 million aquatic and hockey center.
The same visionaries who designed Central Park, Frederick Law Olmsted, and Calver Vaux, also helped designed Prospect Park. Home to the Long Meadow and Nethermead, which offer a spacious place to enjoy nature, the park was also the brain child of Robert Moses, a city planner who included some more child-friendly offerings such as a zoo and the Wollman Rink. Wollman Rink is currently known for throwing plenty of decade-themed skating parties throughout the summer months for visitors of all ages to enjoy.
One of the more exciting and modern parks currently in NYC is The High Line, which opened in 2009, and built on an elevated infrastructure in Manhattan’s West Side. A final expansion opened in 2014 and many visitors and residents can now enjoy a beautiful walkway, lined with the gardens and sculptures.
New York City is a city that appreciates the natural beauty of the world. If you are a resident of NYC, then many of these parks are a part of your everyday life. For your retirement, take advantage of these scenic views with a reverse mortgage. If you are looking for a new adventure during retirement, then a reverse purchase can help you achieve those goals.
Determining if a reverse mortgage loan is right for your retirement goals, or a loved one’s goals, is as easy or as hard as you would like it to be. Please let PS Financial Services walk you through the process and make easier for you and your family. Give us a call at (888) 845-6630 to speak to one of our brokers or email us at info@PSReverseMortgage.com.
The reverse mortgage continues to be one of the most misunderstood financial products in the market today. To prove this point, and demonstrate to many potential borrowers the benefits of a reverse mortgage, Reverse Mortgage Funding utilized a “Blind Taste Test.”
The “Blind Taste Test” was originally made popular by Pepsi, when it dared soda drinkers to see if they preferred their cola product to Coca-Colas by participating in a blind taste test. By drinking the two samples, but not knowing which was Pepsi or Coca-Cola, participants could choose the one they preferred, blindly.
For reverse mortgages, or the Home Equity Conversion Mortgage, doing a blind test seem like the perfect approach, as most borrowers are then introduced to the financial product, beforehand, and allowed to choose their favorite one before the “stigma” of the reverse mortgage is included.
The fact of the matter is, and despite many recent changes to the program, when a potential borrower hears “reverse mortgage,” most immediately shut down and refuse to hear the rest of the information. Even if they do hear it, all the negative reverse mortgage press is swirling around in their heads, preventing them from hearing the information with an unprejudiced mind.
In order to combat this stigma, RMF gathered a group of participants and presented all the facts of a reverse mortgage line of credit (LOC) and a traditional HELOC, without telling them which one was which. At the end of the presentation, participants could choose which product they preferred.
As noted in an article published by Reverse Mortgage Daily, when the participants were shown which product was a reverse mortgage LOC and which one was a traditional HELOC, many were surprised at, not only the similarities between both products, but how the reverse mortgage HELOC was better, in some ways.
One participant stated: “I wish I had known about this before I had taken out the home equity line of credit.” While another stated, “I haven’t heard yet any reason I shouldn’t pick this product.”
Most importantly, RMF aims to create more awareness about the benefits of the reverse mortgage so that future borrowers can make an informed decision.
Determining if a reverse mortgage is right for your retirement goals or a loved one’s goals is as easy or as hard as you would like it to be. Please let PS Financial Services walk you through the process and make easier for you and your family. Give us a call at (888) 845-6630 to speak to one of our brokers or email us at info@PSReverseMortgage.com.
Disclaimer: “PS Financial Services, LLC, uses RMF as their primary wholesale lender, so please contact PS Financial Services for more information and you will be able to use both companies at once.”
Phil Stevenson, CRMP, NMLS 365768
PS Financial Services, LLC, NMLS 968090
9480 SW 77 AVE Miami, FL 33156
With over 25 years of experience as both a real estate agent and mortgage broker, Theresa has acquired the expertise to provide her clients with the most comprehensive mortgage and real estate solutions. Theresa has achieved multiple recognition for her work ethic as it represents integrity, energy, hard work and commitment in every detail of the mortgage transaction.
She has spent over three years specializing in reverse mortgages and assisting senior citizens in enhancing their retirement years. Theresa’s mission is to educate and advise the senior homeowner on how to achieve financial peace of mind. She offers trust and security as she listens to her client’s needs and works together with them during the entire loan process. Theresa makes sure that all of their questions and concerns are taken care of and find them the best mortgage option to suit their needs.
Reverse mortgages are not for everyone. They are also not a loan of last resort.
What they are is a way for retirees or seniors to use the cash they have invested into their property to live comfortably during retirement.
Terry Savage, an investment advisor columnist for the Chicago Tribune, suggests that reverse mortgages may be perfect for some borrowers while imperfect for others, depending on their needs and current financial situation.
One of these perfect candidates was her own father, who obtained a reverse mortgage 15 years ago in his FHA-approved condominium. One of her father’s worries was the accruing interest on the amount borrowed, which grew steadily throughout the years as he pulled out more funds from his reverse mortgage line of credit to supplement his in-home care.
Savage also lists the various factors to consider when obtaining a reverse mortgage. Most importantly, a borrower must stay in the primary residence at least 5 years after the closing of the reverse mortgage for the loan, and the closing costs, to be worth it. For example, a borrower looking to sell their current home and buy a new property would be better suited for a reverse purchase than a regular reverse mortgage.
Most importantly, a borrower should take into consideration that property taxes, insurance, as well as any maintenance in the home are still they’re responsibility.
However, Savage reminds readers that reverse mortgages are also a non-recourse loan, meaning heirs are not responsible for repayment, and carry a mortgage insurance premium, which ensures that the borrower does not owe more than the home is currently worth.
One of the benefits for Savage was the fact that her father could live comfortably and decently in the home he knew, with all the comforts necessary, during retirement. After he passed, she was able to turn the home over to the lender and use it to repay the loan on the property.
Most importantly, Savage and her family discussed everything with her father and proceeded according to their mutual understanding of the benefits of the reverse mortgage as well as the potential pitfalls. Borrowers are also required to go through reverse mortgage counseling, by a third-party company, to ensure they understand all the information presented to them is correct and they understand their financial obligations.
Determining if a reverse mortgage is right for your retirement goals or a loved one’s goals is as easy or as hard as you would like it to be, please let PS Financial Services walk you through the process and make easier for you and your family. Give us a call at (888) 845-6630 to speak to one of our brokers or email us at info@PSReverseMortgage.com. A reverse mortgage calculator is great to get started but it’s the personal touch that matters.
Reverse Mortgages have a less than stellar reputation; in fact, many Americans, retired or not, continue to see the reverse mortgage as a “loan of last resort” or a loan to take out when there are no other options left. In fact, many Americans think taking out a reverse mortgage either means you are poor or uneducated because there is no way a financially savvy senior would even take out a reverse mortgage.
The truth about reverse mortgage, however, is something else entirely. The first hurdle is making sure a borrower understands the reverse mortgage and, most importantly, realize that the reverse mortgage is a way to use the untapped equity in the home they’ve paid for throughout their working years.
A recent article, published by CNBC, highlights how and why the reverse mortgage became a loan of last resort:
“The criticism of reverse mortgages is less with the product itself than with the way that people use them. ‘Free money’ has a tendency to encourage bad behavior — one reason the Federal Housing Administration requires borrowers to undergo a counseling session before entering a reverse mortgage contract. In other words, don’t use a lump sum payment from one of these to buy the Mercedes-Benz you’ve always wanted.”
A reverse mortgage should be a long-term retirement planning tool, and not just for cash strapped seniors, but for affluent seniors who have planned and saved for retirement. As with any financial product though, a borrower should know and understand their financial obligations, which include paying any and all maintenance on the property as well as keeping up with their property taxes and homeowner’s insurance payments.
Most importantly, a reverse mortgage is a flexible alternative to more traditional forms of retirement planning such as social security or 401ks or stocks and, with more Americans living a lot longer than ever before, flexibility is key.
For example, if the stock market has taken a downturn, it may be time to pull funds from the reverse mortgage line of credit in order to sustain retirement expenses while the market stabilizes. Another example may be to set up monthly reverse mortgage payments to help supplement social security payments and cover retirement expenses.
These are just two of the ways reverse mortgages can adapt to a retiree’s situation, not just at 62, but also at 72 or 82. For example, a potential retiree may be saving at 62 for retirement but may need more cash flow at 72 as they adjust to their new needs and wants. At 82, fixed expenses may be set and monthly payments may be more attractive than they were at 72.
Point is, things change, and so do retirement needs and a reverse mortgage is a way to, not only sustain retirement but also ensure that it is secure and worthwhile.
Give us a call at (888) 845-6630 to speak to one of our brokers or email us at info@PSReverseMortgage.com. A reverse mortgage calculator is great to get started but it’s the personal touch that matters.
The reverse mortgage was a created to help retirees stay in their home without the need to keep up with monthly mortgage payments at a time when cash flow might not be optimal. In addition, borrowers who also owned their homes free and clear could tap into the home equity they accumulated throughout their working years and leverage it during retirement.
Something happened along the way that increasingly painted reverse mortgages in a negative light and, suddenly, a financial product that was created to help seniors became the “most misunderstood mortgage” there is. Even more confounding is the fact that many financial experts and academics find “no rational reason” why many older homeowners remain hesitant to tap into their home equity.
A recent article in Reverse Mortgage Daily interviewed Steven Sass, a research economist at Boston College’s Center for Retirement Research, about the familiar behavioral roadblocks many retirees have about the reverse mortgage and the financial industry in general.
At the top of the list is a fear of getting into debt late in life and the satisfaction that comes with owning a home free and clear. These are two things that are not inherently bad but can cause problems for future retirees.
For example, the article mentions the fact that Social Security may be non-existent in the future and newer generations are saving less and less so where do future seniors obtain cash flow for their retirement needs: the equity in their home. Equity is a funny thing, many people don’t think about it until they need it but it’s an important source of cash flow. More importantly, it’s an option to supplement income and diversify assets in an ever-changing environment.
In a perfect world, a homeowner takes out a reverse mortgage line of credit at 62 and lets it grow, untouched, as a “rainy day” fund for the future but, like equity, many homeowners don’t think about the reverse mortgage until it is necessary and, by then, it may be too late.
“If you have a sufficient income to cover your expenses, is there any great need to go out and secure this line of credit or get the money?” Sass asked rhetorically. “So I think people might need some impetus to use a reverse mortgage.”
Henry Tome’ was born in Chicago, IL and raised in Miami, FL. Being a determined and persistent individual, he always works his hardest to help every client reach their goals and live their dreams. Having a background in marketing and advertising he has always loved working with the public and teaching them about new products.
He has been working in the mortgage industry for nearly 10 years and has loved every minute of it.
Henry’s main goal is to change the lives of as many clients as he can with The New HECM product, known as The New Reverse Mortgage.
As a father to four children, his out of the box thinking is what has driven him to reach new heights in the reverse mortgage industry and succeed in all of his ventures.
Since 2005, I have specialized in educating seniors & boomers, along with their trusted advisors about the federally insured FHA HECM reverse mortgage programs. I have managed and developed teams, and originated loans myself during my career. My passion is for education and helping the senior population truly understand the power of these products when suitable. I am certified to teach Continuing Education Credits for CFP’s and other financial professionals.
Specialties: Reverse Mortgage CE instructor for CFP’s and other financial professionals, Reverse Mortgage Education, Reverse Mortgage eam Management, Reverse Mortgage Sales Training, and more…
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.