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

The PATH (Act) to Hell is Paved With Good Intentions... It's not uncommon for a piece of legislation, which hopes to fix one problem, can create another. The Protecting American Taxpayers and Homeowners Act is just one of the most recent, especially where reverse mortgages are concerned. The PATH Act, introduced by the House Financial Services Committee on July 18, seeks to: Phase out Fannie Mae and Freddie Mac by the next five years and end their $200 billion taxpayer-funded bailout Increase competition by ending the dominion of the Federal Housing Administration  in the housing finance market Give consumers more mortgage program choices better suited to their needs While this is all good, the last piece of legislation is the most troubling for me: Repeal the FHA's Home Equity Conversi... 07/27/2013

If You Keep Your Website Simple...They Will Come Your business website is the most important tool you have in your online arsenal. If you think so, it's important to consider what is user-friendly, and what is not, when creating your website. As important as your blog is, if potential clients can't navigate your website, they will leave. It's just that simple. In order to create a user-friendly website: Write a clear description of who you are. It should be the first thing clients see, preferably on the first page. They should be able to read up on you from the beginning. That's why they are there! They want to get to know a little more about you before calling or sending an email, make it easy for them. If the path to you is filled with thorns, they will back out before getting hurt. M... 07/26/2013

"Brokers Beat Banks on Tough Loans..." States Rick Bettencourt, government affairs official for the National Association of Mortgage Professionals Being a broker is tough, especially because of the misconceptions associated with the term 'broker.' In an article, published by Mortgage Professional America, Bettencourt discusses the necessity of brokers, especially in the current financial climate. In a previous blog, I talked about the difference between Broker v. Banker and the truth is, the debate is still raging on.  Bettencourt states: "There are a diverse set of investors and guidelines that brokers have access to that bankers do not."  And he couldn't have hit the nail more square on the head. WHY? One unsung benefit of the mortgage broker is their ability to take on complex, imper... 07/24/2013

Are You Talking to Me? The Power of Testimonials on Potential Clients We live in the digital, technological age but one of the most powerful marketing strategies out there is still word of mouth. How many times have you done something because someone else said something positive about it? And vice versa, how many time have you not done something because someone else said something negative about it? That's why testimonials still continue to play a vital part in our business. I previously discussed user-friendly website tips and one of them was testimonials because nothing calms down that nagging voice in the back of your mind like seeing other people talk about their success story.  You are not longer promoting yourself and your product, other people are doing it for you. They agreed to... 07/22/2013

Tips for Swimming Pool Safety Now that summer's here, it's time to hit the pool. Whether it's your own, a friends, or the public swimming pool, here is a few tips for swimming safely in any swimming pool: Never leave children unattended in the pool and always watch your child if they're near or in the pool. Children are curious so it's crucial that your eyes are always on them in order to keep your pool outing a fun experience. Teach your child how to swim. Even if they fall in by mistake they'll be able to pick themselves back up again. Not knowing how to swim can potentially ruin how far they go out into the pool. Make sure they know how to swim so they are limited. Teach yourself how to swim. In case you don't know yet, it's important to that you know how to swim too. Don't limit you... 07/17/2013

Knowing Your Finances Isn't Important Anymore, or Is It? Things aren't going to get better if more Americans don't start learning about financial literacy. Why? Because Americans continue to be unprepared for credit cards, debt, credit scores, expenses, mortgages, etc. If the most basic level of financial literacy isn't taught, then how are we, as a society, supposed to get better? A study, published by The Washington Post, explaining why most states don't score well on financial literacy, only 7 states scored an A, 13 scored Bs, 8 scored Cs while 11 scored a D and another 11 scored an F. Is 22 more than 28? No, but it's close and it's shocking.  The study also states that more parents are comfortable talking to their children about sex than about money. I just don't understand. As a pa... 07/17/2013

Time to Tighten the Belt... Even as potential changes to the reverse mortgage program push forward, the Federal Housing Administration plans to continue to offer all its current reverse mortgage programs to future consumers. Current products consist of the Reverse Mortgage Standard and Saver programs, after the Fixed-Rate Standard Reverse Mortgage was eliminated starting July 1 of this year. If Congress fails to be compliant, however, starting October 1 of this year, another reverse mortgage program product might get eliminated as well, potentially affecting the cash flow available to senior homeowners by 10 to 15%.  In an article that appeared in Reverse Mortgage Daily that signal the FHA's intention to keep all current reverse mortgage products, future borrowers might be facing harshe... 07/17/2013

The Wild, Wild West of Retirement Planning WSJ says: "Using your nest to help with your nest egg..." What used to be viewed as the "Wild Wild West" of retirement planning (reverse mortgages) has become a more cost-effective option for senior homeowners looking to supplement a comfortable retirement and take advantage of the equity their home has acquired throughout their lifetime. In an article, published by The Wall Street Journal, entitled "Advisers Reverse Thinking on Reverse Mortgages," author Tom Lauricella describes how the reverse mortgage program went from being the red-headed stepchild of the mortgage broker to a possible retirement planning technique for seniors.  In truth, the most ample financial asset homeowners have at their disposal is their home. However, because their m... 07/16/2013

Does Less Fees, mean Less Money? (The Benefits of the HECM Saver) Reverse Mortgages are a possible tool for senior who wish to live comfortably during retirement. Unless it has been used as a last resort, however, senior homeowners have been largely skeptical of the reverse mortgage, choosing to exclude it in their retirement plans because of the high costs associated with it.  In 2010, the “Standby” Reverse Mortgage was introduced as a cost effective alternative to seniors hoping to obtain a reverse mortgage. The benefits of a HECM Saver include: Lower Up-Front Costs. Firstly, amount of equity that can be borrowed with a “Standby” Reverse Mortgage is about 10-18% less than with a Standard Reverse Mortgage. As an added benefit, the up-front fees on the Mortgage Insurance Premium--which ... 07/16/2013

Value Limits for Reverse Mortgages May Drop to Previous Levels... Last December, The Department of Housing and Urban Development extended the $625,500 maximum appraised value limit on Home Equity Conversion Mortgage (HECM), or the Reverse Mortgage, effective until December 31, 2013. This represents an 150% increase over the statutory loan limit of 417,000. Under this new extension, (which began in 2009 under the American Recovery and Reinvestment Act and has been extended for the past three years in hopes of continuing a steady economic growth) senior homeowners living in higher priced homes--above $417,000--receive significantly more money than before. Good news for senior homeowners hoping to apply for a reverse mortgage! The following example sums up the situation: A borrower with a ... 07/11/2013

Reverse Mortgages and the Non-Borrowing Spouse If you are married, the best way to approach applying for a reverse mortgage is for both spouses to be on the title of the house and both apply jointly for the reverse mortgage.  This is not always possible, so there are details to consider, especially if the borrowing spouse passes away before the non-borrowing spouse can reach the age of 62 and, therefore, qualify for the reverse mortgage. Can the non-borrowing spouse pay off the loan if the borrowing spouse passes away?  This is important because, if and when the loan is due, the borrowing spouses will have to sell the home in order to pay off the lender. If the home upside down (mortgage is higher than value), the non-borrowing spouse might be left with no money and no home after paying... 07/11/2013

Reverse Mortgages With Non-Borrowing Spouses Are Still Possible The fastest way to apply for a reverse mortgage is with both senior homeowners to qualify and be on title of the house. However, there are still ways to qualify for a reverse mortgage even when one spouse doesn't qualify as a borrower for a reverse mortgage. PS Financial Services follows new guidelines as a safeguard for senior households with both a borrowing and non-borrowing spouse, ensures senior homeowners are aware of the rules and regulations when applying for a reverse mortgage. Very few companies still offer Reverse Mortgages for borrowers with Non-Borrowing Spouses (NBS). At PS Financial Services, a reverse mortgage company in Florida, we DO offer NBS Reverse Mortgages.  As a modification to the non-borrowing spou... 07/11/2013