Reverse mortgage

Reverse mortgage

 

What is a Reverse Mortgage?

While you may have heard about a reverse mortgage loan, do you really know what it is? When you hear “loan”, you conclude you owe something. However, when associated with “reverse”, what is its meaning?

Are you over 62 years old?  A reverse mortgage loan, or house equity conversion, is available to seniors 62 years old or older. This tool aids senior homeowners in their retirement years.  Why?  Because when their income is not as it was during their younger, more productive years, this tool allows seniors to transform a part of their home’s equity into a certain amount of money. Instant money is available to the elderly without needing to sell their house.  The also don’t need to make additional regularly monthly mortgage payments.

How a Reverse Mortgage Helps Seniors

Reverse mortgage loans permit senior citizens to access their home’s equity.  There are two ways you may this off. The repayment can be deferred until you pass away.  Or, you may liquidate it when you  vacate the house you currently own. Subsequently, this is a great opportunity for the elderly.   Since they make no payments, it provides liquidity in retirement. A reverse mortgage is an excellent financial tool.  The interest on the loan is added to the loan balance itself every month.

Why Work with Mario Quintero

Is a reverse mortgage right for you?  Are you still confused on the benefits this loan may provide you?  Have a look at your options with the help of Mario Quintero of STC Loans. Mario has been in the reverse mortgage business since 2002. Mario’s experience is tested and true. Mario has helped thousands of clients secure and supplement their retirement through a reverse mortgage.

Mario Quintero, principal of Strock and Tanner Mortgage, gets your deal done. Let Mario be both your trusted Miami realtor and Miami mortgage broker.

Get in Touch with Mario

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami home consultant. Our office specializes in both residential and commercial real estate and financing programs. Let me help you secure a conventional, jumbo, FHA and foreign national mortgage loans. Furthermore, we can help your elderly parents secure a comfortable retirement with a reverse mortgage.

Call me today at 305-598-1600 or contact me here.

Low Down Payment Closings

Low Down Payment Closings

In the last two weeks, STC Loans together with C and C Title Agency have been able to help two new families become first time buyers with low down payment closings.  We couldn’t be more thrilled for them.  Using our 5 % down conventional lender paid PMI, first time buyers Richard, Mickey and Nicole are well underway in early home ownership.  We extend a very special thanks to Laura M. Menendez, our senior loan processor and Carolyn Martinez of C and C Title Agency.

In 2017 conventional mortgage lenders introduced the 5% down loan and the lender pays for the PMI (private mortgage insurance) up front.  What a great program, facilitating the purchase of homes to first-time homebuyers.  In exchange for a slightly higher interest rate, young buyers can begin to experience the privilege of home ownership.

The monthly PMI is approximately half of what FHA loan pays.  The PMI will be reevaluated when the loan reaches 80% loan to value in order to be eliminated.  As opposed to FHA where the PMI is for the life of the loan.  The conventional lender paid PMI loan is for borrowers that have a minimum 640 FICO. The higher the FICO into the 700’s, the better the interest rate becomes.

This product is being used by many first-time home buyers because of the monthly savings on the PMI.  The product can be used up to the new conventional lending loan limits which have recently increased to 455,000.

Why Work with Mario Quintero

Do you know any young people starting out who could benefit from this amazing program?  How many of us would not have liked this opportunity starting out?  Are you in the market looking to buy, sell, rent or lease a property? Mario Quintero has been in the mortgage business since 2002. Mario’s experience is tested and true. Mario has helped hundreds of families purchase their dream homes and secure competitive financing.

Mario Quintero, principal of Strock and Tanner Mortgage, gets your deal done. Let me be both your trusted Miami realtor and Miami mortgage broker.

Get in Touch with Mario

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami home consultant. Our office specializes in both residential and commercial real estate and financing programs. Let me help you secure a VA, conventional, jumbo, FHA and foreign national mortgage loans. Furthermore, we can help your elderly parents secure a comfortable retirement with a reverse mortgage.

Miami Real Estate

Miami Real Estate

courtesy of World Property Journal

Miami Real Estate Market is 4th Largest in the US

Miami ranks 4th in the nation in total home value. According to Zillow, the total value of all homes in the United States in early January 2018 is now $31.8 trillion after gaining $2 trillion in 2017.  The cumulative value of the U.S. housing market grew at its fastest annual pace – 6.5 percent – in four years. Moreover, the value of all U.S. homes rose 8 percent annually in the early stages of the housing recovery in 2013.

Fast FAQs:

  • Total U.S. housing market gained $2 trillion in value in 2017.
  • The value of all U.S. homes grew 6.5 percent in 2017, the fastest pace in four years.
  • Los Angeles, New York and San Francisco are the most valuable housing markets, each worth more than $1 trillion.

For many households, a home is the single largest source of wealth, but the collapse of the housing market and the ensuing Great Recession demonstrated the importance of housing to the U.S. economy as well. The housing market has gained $9 trillion since the lowest levels of the recession.

 

A Record Year

The value gained in 2017 alone is equivalent to more than the valuation of two companies the size of Apple. Over the past year, the U.S. housing market has gained $1.95 trillion, while Apple recently hit a market value of $900 billion, the first U.S. company to do so.

This was a record year for home values as the national housing stock reached record heights in 2017,” said Zillow® Senior Economist Aaron Terrazas. “Strong demand from buyers and the ongoing inventory shortage keep pushing values higher, especially in some of the nation’s booming coastal markets. Renters spent more than ever on rent this year, but the amount they spent grew at the slowest pace in recent years as more renters transitioned into homeownership and new rental supply slowed rent growth across the country. Despite recent changes to federal tax laws that have historically made homeownership financially attractive, the long-term dynamics pushing up home values and rents are unlikely to change significantly in 2018.”

Combined-Worth-of-All-U.S.-Homes.png

Why Work with Mario Quintero

Do you doubt what our good friends at CNBC are predicting?  Home prices are set to rise in Miami and across the entire USA.  Are you in the market looking to buy, sell, rent or lease a property? Mario Quintero has been in the mortgage business since 2002. Mario’s experience is tested and true. Mario has helped hundreds of families purchase their dream homes and secure competitive financing.

Mario Quintero, principal of Strock and Tanner Mortgage, gets your deal done. Let me be both your trusted Miami realtor and Miami mortgage broker.

Get in Touch with Mario

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami home consultant. Our office specializes in both residential and commercial real estate and financing programs. Let me help you secure a VA, conventional, jumbo, FHA and foreign national mortgage loans. Furthermore, we can help your elderly parents secure a comfortable retirement with a reverse mortgage.

Home Prices in Miami

Home Prices in Miami

Home Prices Are Set to Soar in 2018

courtesy of Diana Olick, CNBC

The temperature may be frigid across much of the nation, yet home prices are sizzling and sellers are in the hot seat.  Home prices in Miami will also continue to rise.  Will you be ready and buy prior to this increase or will you be left behind?

Sales prices jumped 7 percent annually in November, according to a new report from CoreLogic.

That is the third straight month at that pace, far higher than the price gains in the first half of 2017. Low supply and high demand are fueling the spurt and neither of those is expected to ease up anytime soon.

Supply is actually falling even more now, and a strengthening economy is pushing demand. This will have potential buyers out early this year, trying to get a jump on the spring market.

“Rising home prices are good news for home sellers, but add to the challenges that home buyers face,” said Frank Nothaft, chief economist at CoreLogic, in the report. Nothaft said the limited supply is the worst at the lower end, and will hit the growing number of first-time buyers hardest.

Without a significant jump in home construction, prices will remain high and likely move higher. Mortgage rates could also move slightly higher, and new tax policy limiting mortgage and property tax deductions, is hitting homeowners in some states hard.

Why Work with Mario Quintero

Do you doubt what our good friends at CNBC are predicting?  Home prices are set to rise in Miami and across the entire USA.  Are you in the market looking to buy, sell, rent or lease a property? Mario Quintero has been in the mortgage business since 2002. Mario’s experience is tested and true. Mario has helped hundreds of families purchase their dream homes and secure competitive financing.

Mario Quintero, principal of Strock and Tanner Mortgage, gets your deal done. Let me be both your trusted Miami realtor and Miami mortgage broker.

Get in Touch with Mario

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami home consultant. Our office specializes in both residential and commercial real estate and financing programs. Let me help you secure a VA, conventional, jumbo, FHA and foreign national mortgage loans. Furthermore, we can help your elderly parents secure a comfortable retirement with a reverse mortgage.