"Can I Refinance a Reverse Mortgage?" Know Your Options. A HECM to HECM Refinance means you are refinancing your original HECM loan because factors, such as current home value and FHA value limits, have changed. These changes, however, are beneficial to you and your HECM loan, especially if the value of your home has risen while value limits have lower.  ***The higher the value limit, the less money you receive even if you refinance.*** This is why it's important to consider various factors before moving forward with a refinance. One way to look at it is: the principal limit increase vs. cost to refinance If your principal limit increases to $60, 000 vs. $6,000 in costs to refinance, then the only benefactor is you. However, if your principal limit is only $10,000 vs. $6,000 in costs to... 09/10/2013

As any Miami local knew before the game even began, the winner was….   Miami who won the game 21 to 16!   According to sources, Saturday’s University of Miami Hurricanes game vs the University of Florida Gators was the last time the rivals will meet on the fieldwhich made the game an historic occasion. The rivalry started 75 years ago and, for all intents and purposes, the Gators pulled the plug on it Saturday. Forever. Although it saddens many lifelong college football fans from the State of Florida, fiscally it makes sense for UF not to play Miami again in the regular season. Since the SEC is likely moving to a nine-game conference schedule and the Gators already committed to playing Florida State, this leaves UF with only two remaining games. The Gators want to play those two games ... 09/09/2013

Affordable Reverse Mortgage Counseling For the protection of older homeowners, considering a reverse mortgage, the Federal Holusing Administration requires them to attend mandatory reverse mortgage counseling and come back with a signed document that confirms they attended their counseling session. The Department of Housing and Urban Development approved an allocation of $40 million for reverse mortgage counseling, in June, with the hope of helping homeowners better understand the rules and regulations involved with a reverse mortgage. Until now, however, Florida-based debthelper.com, has been the only low cost reverse mortgage counseling option at $89. The good news is that National Council on Aging has lowered the fees on reverse mortgage counseling from $125 to $90 through September ... 09/08/2013

Condos for Sale in Midtown Miami & Biscayne Corridor Real Estate Neighborhood, Florida Why Do People Live here? The Midtown Miami real estate & Biscayne Corridor real estate neighborhoods are two fairly new neighborhoods in terms of new development for the neighborhoods and the buildings. Many of the high rise condominium buildings were built over the last several years. People live in Midtown Miami and Biscayne Corridor because the location is a central area to the rest of the Miami, the pricing tends to be more affordable than other areas of the city and the buildings tend to be newer. Midtown Miami is considered the hip area of the city with lots of smaller local restaurants, shops, hair salons and art galleries. Midtown Miami still has a lot of growth in it and going forward there w... 08/30/2013

R.E.S.P.E.C.T. Reverse Mortgages The lack of respect for reverse mortgages continues even as many older Americans, who have used them, continue to rave about their benefits. One couple in particular, Bob and Fran Ciaccia, have taken full advantage of the reverse mortgage they took out in 2005. Using the $120,000 HECM loan they obtained, on their $220,000 home equity, the Ciaccias bought a recreational vehicle (RV) to travel their home state of Pennsylvania and saved the rest in a line of credit for future expected (and unexpected) expenses.  Older Americans aren't taking advantage of the reverse mortgages though. In fact, according to AARP, only about 1% of older Americans utilize a reverse mortgage.  In an article published by Reverse Mortgage Daily, "No Respect for Reverse Mortgages?"... 08/27/2013

"Short-Sighted" Changes Are Coming to the Reverse Mortgage Program The reverse mortgage program, as we know it, will be gone October 1. While the specifics on how these changes will be implemented, and regulated, are yet to be seen as well as the consequences of so many changes with little prior notice, they are coming swiftly. The AARP, however, despite providing support for the Reverse Mortgage Stabilization Act of 2013, initially, continues to express doubts on the effectiveness of the law, which has bypassed the rule making process by not including public option. According to an article in Reverse Mortgage Daily, published this past June, the AARP's Senior Strategic Policy Advisor Lori Trawinski stated: "While we support the idea of tax and insurance escrows set asides, the public s... 08/26/2013

Condos for Sale in Downtown Miami Real Estate Neighborhood, Florida Why Do People Live here? The Downtown Miami real estate area is a fairly new neighborhood in terms of development for new condos as most of the buildings were built over the last several years. People live in Downtown Miami because the location is a central area to the rest of the Miami, the buildings tend to be pretty luxurious and the neighborhood is growing. Looking for a condo in Downtown Miami, Florida? Interested in finding condos for sale in Downtown Miami Real Estate, Florida? Click that link to find all the currently available homes in this area of Miami Beach. What’s the Neighborhood Like? Downtown Miami stretches east of 95, south of the causeway and along the Biscayne Bay. On the bay side of Downtown Miami a... 08/21/2013

Find Blogging Inspiration... When the Muse is on a Break Inspiration hits in many ways. It can come from a recently read news story, a funny anecdote your friend told you at work, or even an epiphany in the supermarket. But what happens when the muse is on a break? I don't know about you, but not being able to write is one of the worst feelings. I have things I want to say but it's not coming together. I want to get my story out there but the words look all wrong. I want to get inspired, but the muse is taking a walk and, no matter how loud I call, she's not going to come. Until something inspires her to. Like many of us, the muse must be inspired before she can inspire us. How to get her inspired, however, is another question. But don't give up, because there are ways to help rouse the... 08/15/2013

Miami Real Estate It is common to find international residents in the Miami real estate area. Not only to international investors enjoy the luxury Miami-Dade real estate has too offer, but they are also playing an important part in our local economy. According to reporting in The Real Deal, the businesses that cater to Latin American residents are following them to their new homes. The report reveals that Latin American banks are making creating a strong presence in Miami, owing to the fact that a great many of their most affluent customers keep a lot of their investment sin Miami.  Latin American Miami Real Estate Investors What does the influx of Latin American businesses and investors mean for the Miami real estate market? It means a huge boost in home buying, an increase in business... 08/15/2013

The Impact of Change on the Reverse Mortgage Program Last week marked the start of change for the reverse mortgage program when Congress approved the Reverse Mortgage Stabilization Act of 2013. With President Obama's signature of approval, the HUD hopes to implement various changes to make the reverse mortgage process a lot smoother for consumers in the present and future.  The changes pending approval include, a financial assessment of the borrower, mandatory set asides for property taxes and homeowners insurance, restrictions on the amount of funds that can initially be withdrawn and include all borrower spouses on the loan, even if they are a non-borrowing spouse. It's important to note that while not all regulations cast a dark shadow, the changes will affect how reverse mortgage tr... 08/14/2013

Recently there was a blog from one of my co-workers Dulcey Schuster  when she was out doing her PR work at the Dirty Dash in Eugene check out the full story here: Rentec Sponsors Dirty Dash Runners While Dulcey was out working hard (way to go Dulcey, getting dirty for the team!) I decided to have a little fun... I wasn't out there rolling in the mud, promoting property management software or tenant screening, I enrolled in the Team Oregon  Motorycle Riding Course. I attended a Team Oregon Beginner’s class so I could learn the right techniques to ride a motorcycle and to earn my certificate that is required now by DMV to get my endorsement.  Before taking this class I must say there is a lot of positive buzz in the air on how excellent these classes are.  I spoke to beginners, intermedia... 08/13/2013

President Obama Signs Reverse Mortgage Reform Bill into Law This past friday, August 9, President Barack Obama signed the Reverse Mortgage Stabilization Act into law, according to an article published in Reverse Mortgage Daily.  The bill grants the Department of Housing and Urban Development the authority to establish additional requirements to improve the financial stability and safety of the Home Equity Conversion Program. The President's signature was the only component missing after the Senate approved the bill last week. The bill was approved in the House of Representatives back in June. The additional requirements the HUD is seeking to include are: A financial assessment of the borrower (to determine financial fitness and the amount of debt a borrower is in) Mandatory set asides f... 08/13/2013

Bueller...? Bueller...? Social Media Blunder #2, No Response The thrill of receiving new comments is intoxicating. I love see what people have to say, especially, after getting into blogging again after taking some extensive time off. One of my biggest social media blunders though, has been to not respond to the comments left on my blog posts. Most recently, I wrote a post about "How Much Color, Is 'Too Much Color?'" It was a featured and immediately the comments began to pour in. I was excited about the prospect of new and old readers coming in, getting to know me again (or for the first time). So excited, in fact, that I didn't take the time to respond to what was being said. Looking back, I realized my mistake and decided then and there that if I wasn't able to respond to comments fa... 08/07/2013

If the Trust is Gone, So Are You... It's Crucial Not to Lose It Gaining a client's trust is hard. They don't know you, they just know what your prices are and what you are selling. In order for them to trust you, you must show them something other than what've they already seen.  It's a tight rope we have to walk in this business so that everything goes as smoothly as possible. However, when we finally get it, there's nothing more rewarding than finding the product that perfectly suits your clients' needs. They put their trust in you, so it's up to you to make sure they're taken care of. Not delivering on what you promised, however, can spell disaster for all those involved.  Trust is already one of those things that is hard to earn but the easiest to lose. It's our responsibility to cr... 08/07/2013

The Downtown Miami real estate area stretches south of the causeway and along the Biscayne Bay. On the bay side of Downtown Miami is the Port of Miami, Bayside Market Place, the American Airlines Arena and the soon to be Miami Art Museum & Science Museum. This area is still a bit in development but I think long term it’s going to be a HOT neighborhood.  The quality of the buildings and the developer names are the cream of the crop in the real estate and design business. Downtown Miami Real Estate Update Condos 08-06-2013 Number of current Active Listings: 430Highest Priced Listing: $13.7 millionLowest Priced Listing:  $98,000 Number of Sales this year: 289 (keep in mind developer units rarely go on the MLS so there are probably more sales than this number)Highest Priced Sale this year: ... 08/06/2013

If you are looking for preconstruction listings for the Miami real estate market online, you may have a hard time finding individual listings.  Often most developers don't put a full list of the entire building online.  Below Jamey and Ognjen talk a little more about how to handle this and what you need to know.   Do you have questions about the current Miami real estate market and preconstruction listings? Let us know we have access to all of the developer agents and great connections with them. We will be happy to reach out to them and find a great deal for you.  Also we can show you many different options in terms of what's available and in many different neighborhoods. We can help you.   We specialize in Miami and Miami Beach real estate and since 2006 we have completed hundreds of ... 08/02/2013

HUD Proposes Changes to the Reverse Mortgage Program As new regulations continue for the Home Equity Conversion Program (Reverse Mortgage), the National Reverse Mortgage Lenders Association (NRMLA) voiced their support for the proposed changes because they see the "HUD proposal is a model responsive and responsible governing." The President and CEO of NRMLA, Peter Bell, had this to say about the proposed legislation in an article published in Reverse Mortgage Daily: "No government program works perfectly from the outset. HUD has carefully observed the results of the 780,000 HECM loans thus far and suggested creative improvements based on the actual experience of owners." I have stated before that not all regulations cast a dark shadow and the proposed legislation, by the Department of H... 07/31/2013

Reverse Mortgages Get a Bad Rep... But the Truth Is Something Else Entirely A recent article that appeared in the Los Angeles Times, Reverse Mortgages Can Be Hazardous to Seniors' Financial Health, tells the story of Sarah Havemeyer, who has been contesting the repayment of her late mother's reverse mortgage loan, which was originated by One West's reverse mortgage subsidiary, Financial Freedom, in 1997, for two years. I want to stress that this type of reverse mortgage NO LONGER EXISTS!  At a base interest rate of 9.95%, plus a 50% share for the lender (at the time of closing if, and when, the home value increases) and a 2% maturity fee, this reverse mortgage loan was anything but satisfactory. In addition, Havemeyer's mother had to purchase a mandatory annuity of $33,000, which was ad... 07/30/2013

        Cite at the Bay, Miami FL 333137  Gorgeous 2 Bed, 2 Baths Designer Unit With Bay View. Brazilian Wood Floors, Stainless Steel Appliances, Granite Counter Bar, Washer & Dryer. 2 Pets ok. Cite Is A Full-service-building Offering 24-hrs Concierge-valet-security As Well As Heated Beach-style Pool, Jacuzzi, Clubroom, Business Lounge With 24/7 Free Internet Access. Ny-style Deli, Hair Salon & Spa, Bank, Dry-cleaner On Premises. Only Minutes Away From Downtown, Brickell, The Beaches & All Major Highways.   My beautiful Listing Offered for $286,000 just closed for $286,000   Interested in selling your home? Call us:   954.667.7253                     07/29/2013

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. PS Financial Services, however, promised more net money in a much shorter closing time. We delivered on both by getting the Planas over $25,000 more than originally estimated and closing the deal 19 days after we first met on February 17, 2010. ***Check out Caridad and Mimi Planas' Story*** Interested in a reverse mortgage program? There a... 07/29/2013