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I am a Reverse Mortgage Lender, providing Reverse Mortgages in Miami and South Florida. Below is my Biography, which will help you understand more about who I am and what I can offer as a Reverse Mortgage Expert.

Phil Stevenson combines his knowledge, education, and experience with his ingenuity and ethical practice to achieve the best possible outcomes for his clients and colleagues in every endeavor. Earning a reputation among his peers and clients as a detail-oriented, organized, efficient and highly disciplined leader, the experienced reverse mortgage advisor's goal is consistent service to his clients. He puts forth full effort and works diligently to complete all tasks in the shortest time frame possible. Family values, honesty, and integrity are of utmost importance to him.

Born and raised in Miami, Stevenson is always taking the lead and trying to find new ways to succeed. He spent 8 years in the US Army Reverse and was deployed to both Afghanistan and Iraq as a Staff Sergeant. With over five years of experience in mortgage processing and origination, Stevenson has a broad understanding of the mortgage process from beginning to end. He joined Mortgage Bankers in 2008 and has been able to excel amidst the largest mortgage meltdown in U.S. history. As a reverse mortgage originator in Miami, he was a top producer for several months during 2009 and 2010 in a company that was ranked #2 in all of Florida and #25 in the entire U.S. in early 2010 for Reverse Mortgages. While others are leaving the business, he and Mortgage Bankers continue to succeed.

Stevenson earned a bachelor's 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.

Seniors who are in desperate need for financial help, in danger of foreclosure, and/or seeking alternative ways for retirement planning have seen Stevenson as a shining beacon of hope. Strategically creating relationships with financial professionals, he is able to assist homeowners in the areas of estate tax savings, prolonging the use of or need for retirement funds, and taking advantage of a largely unused asset, your home. As a husband and father of three, Stevenson is dedicated to improving your quality of life, when it matters most.

WE ARE FULL FHA DIRECT ENDORSEMENT LENDERS. THIS MEANS THAT WE HAVE THE BENEFITS OF LARGE LENDERS, BUT NOT THE STRICT RULES THOSE LENDERS AND THEIR BROKERS MUST FOLLOW.

Someone asked me to explain what happens to a homeowner who takes out a Reverse Mortgage at 62 when they are 90. Someone who starts the Reverse Mortgage at the youngest age of 62 after 20 to 30 years will possibly owe more than the value. The current interest rate of 4.99% plus MIP of 1.25% equals 6.24%, and average appreciate in a normal market is 4 to 5%, so we will say 4.5%. This is why they are only able to borrow 55-70% of the value based on their age, as opposed to 80% or 90%.

I show my clients that if they were to take whatever their mortgage payment was before the Reverse Mortgage or would be if they were to take out a new Traditional Mortgage for the same amount. Then if they were to invest it in the historical average for a CD (which is a 5% average in the US over the last 15 years) during that same time, they will end up with close to the same amount of debt. Disclaimer: I am not recommending that anyone withdraw money from their home via the Reverse Mortgage and invest it. I am simply comparing apples to apples in an example.

THIS OPTION IS BETTER FOR THE BORROWER EVEN THOUGH THE CD RATE IS LOWER THAN THE INTEREST ACCRUED ON THE REVERSE MORTGAGE! WHY?

Let’s fast forward to when this 62 year old turns 90. If the mortgage debt is 500k and the value is 400k, and let’s assume they have saved the payments and gained interest on their savings totaling 450k. If they pass away and leave the home to the heirs, the heirs DO NOT have to pay the 100k loss as that difference is insured with FHA’s Mortgage Insurance Premium (MIP).

So the heirs will have 450k cash and won’t have to worry about selling and paying any realtor fees or closing costs, etc. for selling that property at 400k.

Which would you rather have?

450k cash OR a property to sell valued at 400k

I’ll take the cash! This doesn’t work out this way for every situation, but it’s a good comparison for those who want to leave money to their heirs, but also want the security of not having to make payments on the mortgage.

There are a lot of benefits to the Reverse Mortgage. I have my grandparents on it, and my aunt, uncle, and I are the heirs. We understand that they are using THEIR money now to live better, and what ever is left in the end, IF ANY, is ours.

Is the Reverse Mortgage the right solution for me? There are a growing number of people in their 50s and 60s who desperately want or need to continue working in order to pay for retirement, and they are starting to worry that they may be discarded from the work force, forever. This is according to an article by the New York Times.

“Of the 14.9 million unemployed, more than 2.2 million are 55 or older. Nearly half of them have been unemployed six months or longer, according to the Labor Department. The unemployment rate in the group — 7.3 percent — is at a record, more than double what it was at the beginning of the latest recession,” from Reverse Mortgage Daily.

So while the problems of the so-called “past recession” persist, and retirement and property values have dwindled, people in their 50s and 60s are left wondering what options they have. Also keep in mind that this is the largest sector of our population, the Baby Boomers. A lot of them are looking to the Reverse Mortgage as a way to supplement their retirement, but will that be enough? I don’t think so. We are living longer and longer, and social security is drying up. This is a very bad and deep conundrum.

According to a Gallup poll in April, more than a third of people not yet retired plan to work beyond age 65, compared with just 12 percent in 1995. So how big will the Reverse Mortgage be in the future? I think it will be HUGE!

For the Unemployed Over 50, Fears of Never Working Again

-Source of the graphs and a couple of quotes; Reverse Mortgage Daily

The Reverse Mortgage program has changed now in October 2010, and 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 needed this money to supplement and diminishing Mortgage Insurance Fund, but congress only allowed for $150M and then reduced it to $140M. This in turn caused FHA to announce that they would lower the Principal Limit for Reverse Mortgages a second year in row.

What exactly does this mean?

In 2009, FHA announced a 10% reduction of the loan amount that a borrower receives for the Reverse Mortgage starting FY 2010 (which was Oct 1, 2010). So imagine falling values only compounded by a lower amount that can be used for seniors in need, but wait cause it gets worse! Then because of the failed appropriation I mentioned above FHA was talking about another reduction for FY 2011 to be anywhere from 5% to 20% in addition to the FY2010 reduction of 10%.

WHOA!!! WAIT A MINUTE!!! UP TO 20%???

Fortunately, this did not happen, but imagine what would have happened to the people who NEED the Reverse Mortgage and couldn’t do it! So finally FHA said it would be a sliding scale based on age. Those who are 62 would get about a 2-3% reduction and those in their 80s and 90s would get 7-10% reductions. Not bad considering the majority of Reverse Mortgages is now done by people in their 60s & 70s.

BETTER NEWS!

Then only 2 weeks before FY 2011 (Oct 4, 2010) FHA announced a drop in the “floor rate.” OK, another explanation. The rate of 5.5% would give the borrower the highest possible loan amount or highest percentage of their value. If you went lower it didn’t change the amount they receive, but if you went higher they would get less. So by dropping the floor rate to 5.0% the borrower can now get even more money or a higher percentage of their value. IF YOU HAVE BEEN FOLLOWING ME AT ALL AND YOUR EYES HAVE NOT ROLLED TO THE BACK OF YOUR HEAD, YOU WILL REALIZE THAT THIS WAS/IS A VERY VERY GOOD THING!

So with all the doom and gloom, the outcome was even better than if there were no change at all. Borrowers are actually getting higher percentages in FY 2011 than they were n FY 2010, but not as much as in FY 2009. Well, I can’t have my cake and eat it too, so I will be happy with the changes. The only downside is that the cost of the Reverse Mortgage's yearly MIP has increased, but this was also almost completely offset by the rate reduction.

SO,

A Reverse Mortgage now gives you more than before = GOOD NEWS!

If you would like to see how much you could receive with today’s rates and limits if you were to do the Reverse Mortgage, please click on the following link. I will get back to you as soon as possible:

REVERSE MORTGAGE CALCULATOR

Thanks!