reverse mortgage

reverse mortgage

Who Qualifies for a Reverse Mortgage?

A  reverse mortgage is a unique financial instrument designed to benefit property owners age 62 and older. Though we help individuals with all types of loans, Miami-based Strock & Tanner Mortgage specializes in a reverse mortgages.  Clients for a reverse mortgage are seniors searching for a way to tap their home’s equity without having to repay the loan while they still live in their home.

How does a Reverse Mortgage work?

A reverse mortgage pays you by returning you the equity in your home. You do not have to repay the proceeds until death. So, you may live in the home comfortably without making mortgage payments. You are still responsible for insurance and taxes. Many Florida seniors are you using a Florida reverse mortgage today in order to offset their retirement. This tool allows for the optimum quantity of flexibility to resolve your specific financial requirements and needs.

Say, for instance, you need to pay healthcare expenses or any other regular payments to help subsidize your monthly income and earnings. Unlike standard and traditional home equity loans, you do not have to repay a reverse mortgage until you die.  You must continue living in this house, however.

Why Work with Mario Quintero

Is a reverse mortgage right for 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 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 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.

 

 

 

Reverse Mortgage for New Home Purchase

Reverse Mortgage for New Home Purchase

 

Reprinted from Reverse Mortgage Daily

Reverse Mortgage for New Home Purchase…

 

Reverse mortgages have many different uses which can accommodate a variety of your personal needs.  However, one particular usage is often overlooked.  This is for you to be able to use a reverse mortgage for a new home purchase.

At the most basic level, the major benefit of this tool is that it allows homeowners age 62 and older the ability to obtain a reverse mortgage.  And, then buy a new home all within a single transaction. But there are also other benefits to this unique product which may not seem so obvious.

“In terms of coordinating the use of debt for housing, the ability to not make a monthly mortgage payment reduces your fixed costs. It also provides you potential relief for the need to spend down investments,” according to the experts.

The HECM for Purchase could also allow you the opportunity to downsize, or even upsize, into a new home during retirement.

If you downsize, experts note this tool could also free up more assets from the sale of the previous home, which could then be invested for future use.

If you’re upsizing, and you have the financial resources to manage this, experts advise this could allow for a more expensive home.  This is key particularly when you consider the potential difficulty of obtaining a traditional mortgage after retirement.

 

Why Work with Mario Quintero

Is a reverse mortgage right for 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. His 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 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 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.

 

Reverse Mortgage Florida

Reverse Mortgage Florida

Reverse Mortgage Florida as a Retirement Tool

 

Will you have enough funds available when you retire?  Are you in your early 60’s and still carrying a mortgage on your home?  How will you meet your financial obligations when you earn less?  A reverse mortgage Florida may be your answer.

According to a recent study by Harvard, “One in five Americans will be older than age 65 within the next 20 years.” Wouldn’t you want to continue living in your home as long as possible?   Furthermore, “Homeowners comprise the majority of cost-burdened older households. The number of owners carrying mortgage debt into retirement has increased over the past 20 years.”

As a result,  “Since you own a home, your high housing costs might be met with prudent and early financial planning.”  This may include planning for a reverse mortgage Florida.

Get educated about your financial challenges. If you to choose to remain in your home, you must address your options.

 

Why Work with Mario Quintero

Would you like to take advantage of the many reverse mortgage loan benefits available? Do you think you qualify for a reverse mortgage? 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. His 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 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 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.

Miami job loss preparation

Miami job loss preparation

Miami Job Loss Preparation

 

Are you prepared?

While it’s the beginning of a new year and we’re full of much hope and optimism, any of us could lose our jobs at any time for different reasons.  Are you prepared?

Here are 3 advice tips from financial experts:

  1. Have at least six months’ worth of living expenses on hand.
  2. In addition to your emergency fund, you should also have on hand an emergency credit card with the largest credit limit for which you can qualify.  Apply for this card before an emergency hits, as credit cards companies are more likely to grant you approval while you have a steady income. Save this card for unusual expenses that go above and beyond your six months of padding.
  3. As soon as you emergency hits, stay level-headed about finances.  Cancel unnecessary services, such as cable TV.  Consider trading in the car with a high payment.  Shop for less expensive food and drink.  Just by watching what you spend, you can save several hundreds of dollars per month.

 

Why Work with Mario Quintero

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

Our valued customers, colleagues, and friends refer their family members, coworkers, neighbors and other people they know to us for advice on any aspect of  mortgage financing. It is our burning desire to build a business based on strong, lasting, lifelong relationships, one person at a time, through confidence and trust. I look forward to hearing from you and I can be contacted via email.

 

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.

Miami Reverse Mortgage

Miami Reverse Mortgage

 

Benefits of a Miami Reverse Mortgage

We closed our last reverse mortgage of the year last week, helping Marcelino and Josefina supplement their daily living.  This is one of the many benefits of a Miami reverse mortgage.  Whether it’s for yourself, your elderly parents or anyone else you know who’s retired, a Miami reverse mortgage is an excellent way to supplement life at retirement.

The above picture shows our closing celebration with Marcelino & Josefina.  We had just completed a reverse mortgage closing at their home with caretaker family members, Daisy & Maggie.

A Miami reverse mortgage is just one of the vehicles Mario Quintero and the team at STC Loans help you reach your goals and dreams.  Life is expensive at retirement.  Fortunately, the Miami reverse mortgage option is available to individuals who’ve worked hard their entire life.   Because they’ve paid off their homes, and reach retirement age, their investment can work for them.

Your home is your biggest investment.  Inasmuch, as you age, and you pay this off, it allows you to benefit when you retire.  Upon retirement, you may use all or a portion of the proceeds to subsidize life.   Moreover, you live debt-free, as you never have to make another mortgage payment again.  You are still responsible for taxes and insurance, however.  But, all the payments you’ve made prior to retirement now help you.

Why not take advantage of this?

 

Why Work with Mario Quintero

Would you like to take advantage of the many reverse mortgage loan benefits available? Think you qualify for a reverse mortgage? 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. Because of this, his 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 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 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.

Reverse Mortgage Loan Benefits


Reverse Mortgage Loan Benefits

 

Reverse Mortgage Loan Benefits

As a senior citizen, reverse mortgages provide you with a valuable tool.  This tool can be used as part of your overall strategy in financial planning for retirement. Reverse mortgage loan benefits are numerous. If you’re looking to supplement your retirement income, have a look at just three key benefits listed below:

#1 You remain the owner of your home.

A common misconception of reverse mortgages is that the lender takes ownership of your home. This is false. You continue to maintain ownership of your home, as long as you comply with the terms of the loan and pay your taxes and insurance.

#2 There are no monthly mortgage payments required from you.

One of the most attractive benefits of reverse mortgages is that payments are made TO you, as long as you live in your home. This is quite different from a traditional forward mortgage where you must pay funds in a monthly amount. With reverse mortgages, you receive funds. The loan is repaid when you sell your home, move to another primary residence, or when the last borrower leaves the home.

#3 Choose from different disbursement options.

Each individual senior has different needs. Thus, there are different disbursement options to cover different needs. This includes the choice to receive funds in a full or partial sum, a line of credit, monthly payments, or a combination of any of these.

These are only a few of the many reverse mortgage benefits. For a complete view of how a reverse mortgage can benefit you in your particular situation or to learn more about reverse mortgage pros and cons, call us at American Advisors Group. Your Reverse Mortgage Professional will sit down with you and go over a customized financial strategy in order to take full advantage of all the benefits a reverse mortgage has to offer you.

 

Why Work with Mario Quintero

Would you like to take advantage of the many reverse mortgage loan benefits available?  Think you qualify for a reverse mortgage?  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. Because of this,  his 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 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 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.

HELOC Loans

HELOC Loans

 

 

Reprinted from Reverse Mortgage Daily written by Jason Oliva

HELOC Loans

Do you have a HELOC loan on your property?  A large number of U.S. homeowners will be affected by a Home Equity Line of Credit (HELOC) reset over the next few years. Additionally,  many borrowers are either unprepared or unaware of the financial repercussions awaiting them, a recent study indicates.

Of more than 800 polled homeowners holding HELOCs, 43% will be affected by a reset in the coming years.  This information stems from the TD Bank HELOC Reset Measure released this week. And as HELOC borrowers reach their end of draw periods, 23% of survey respondents said they do not have financial plans in place to handle a reset.

 

DANGERS

Feeding into this unpreparedness were misconceptions borrowers hold regarding HELOC repayment. Only 19% of respondents to the TD Bank survey understand that a HELOC reset will increase their monthly payments.  Meanwhile, 34% said they believe their monthly payment will be reduced when their HELOC resets.

Additionally, TD Bank found that one third of borrowers who opened HELOCs prior to 2011 are unaware of their draw period expiration date described in the HELOC contract.  This number rises among Baby Boomers to 42%.

Meanwhile, 53% of respondents who opened HELOCs between 2005 and 2008 don’t know the impact the reset will have on their monthly payments.

HOW A HELOC WORKS

Many HELOC loans allow borrowers to draw for 10 years and make interest-only payments, said Mike Kinane, senior vice president in TD Bank’s Home Equity division.

“When this draw period ends, you are required to pay principal and interest.  This may possibly increase your monthly payments,” Kinane said. “It’s important you plan ahead and review your contract to determine the best course of action based on your current and future financial situations.”

However, the vast majority of respondents (60%) who do not have a plan for their HELOC resets indicated they will not seek guidance from their lenders.

WHAT TO DO

“If you do not have a financial plan for the end of your draw period you should contact your lender as early as possible,” Kinane said. “A responsive lender will offer multiple ways for you to pay down your line of credit.”

But for borrowers who are prepared to face HELOC resets, more than one-quarter of respondents said they plan to refinance their HELOC into another loan.  And almost 70% of those borrowers plan to approach their current lenders.

For those borrowers considering a refi, using a HELOC for emergency funds was most important to them (35%).  Home renovation followed (27%) and travel (26%).

With home values soaring during the housing boom, homeowners sought HELOCs as a means for tapping into their home equity.  Moreover, HELOC loan funds are typically  used to finance a variety of expenses.  Home renovations, medical bills, even help with debt consolidation are among the top uses.

In the TD Bank survey, the top three reasons homeowners opened a HELOC were to renovate a home (38%), consolidate debt (24%) and purchase a new vehicle (20%).

“HELOCs can be a smart and flexible way for you to tap money when needed.  Most uses are for home renovations, debt considation, education, or deal with unexpected expenses,” Kinane said. “It’s a wise idea to consult with your banker, and take advantage of the benefits that HELOCs can offer.”

If you are 62 and over, you may be able to remedy this situation with a reverse mortgage on your home.  Once you have this, the reverse mortgage will pay off your HELOC.

Get in Touch with Me

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.

A Reverse Mortgage Home Purchase

A Reverse Mortgage Home Purchase

 

What is a Reverse Mortgage Home Purchase

Many older homeowner’s have taken advantage of reverse mortgages as it has allowed them to refinance their existing mortgage or increase their cash flow and remain in their home, mortgage free.  Many retirees don’t realize, however,  they also have the opportunity to purchase a new home with the HECM reverse mortgage purchase program.  Often, people use this tool to buy a home they couldn’t otherwise afford while still eliminating mortgage payments. Utilizing this tool, you can realize the benefits of a reverse mortgage with no monthly mortgage payments.   And, you can move to a new home all in a single transaction.

Requirements

To qualify for a reverse mortgage home purchase, you must be at least 62 years old.  If you have a younger spouse, you can take advantage of the new non-borrowing spouse rules for the FHA Insured HECM Reverse Mortgage. The down payment is higher than traditional mortgages because you don’t have to make mortgage payments.  Because of this, the equity in your home is used to pay the loan back after you leave the home permanently.

Since you make no payments while you live in your home, you must have equity from the onset. The younger you are, the more money you need to contribute because of your longer life expectancy. The income qualification is lower than traditional mortgages because there are no mortgage payments added to your debt ratio. With new guidelines in place, you must show a good payment history for past housing and debt expenses.

Eligible Properties

Eligible properties are single family residences, new construction where certificate of occupancy has been issued, HUD approved condos and townhouses. Down payment sources include cash from savings and investments, gifts from family members or proceeds from the sale of an existing home or asset. Funds that are borrowed such as seller financing or credit cards are not allowed as a funding source, nor would a subordinate lien be allowed. Closing costs must be paid by the buyer.  Seller concessions are not allowed. Once appraised and inspected, if repairs are necessary,  the seller must complete these prior to closing.

Most people want to live in nicer homes, at any time of their lives.   Why not do so through this instrument allowing you that ability?

Get in Touch with Me

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.

 

The Condo Reverse Mortgage

The Condo Reverse Mortgage

The Condo Reverse Mortgage

Do you own a condo?  Are you over 62?  Soon, you may be able to qualify for a condo reverse mortgage, if the FHA proposed rules become enacted.

“In response to changing conditions in the condominium market, the Federal Housing Administration (FHA) today proposed new rules that would allow individual condo units to become eligible for FHA financing, including Home Equity Conversion Mortgages (HECMs), an agency spokesman confirmed to RMD,”  according to Reverse Mortgage Daily.

The agency further went on to state, “FHA’s intent is to modify its condominium rules to ensure financial soundness and project viability, but in a manner that is more flexible where possible and responsive to the market.”

Further excerpts from Reverse Mortgage Daily:

FHA currently requires that approved condos have a minimum of 50% of the units occupied by owners. Through this proposed rule, FHA is specifically inviting comments on this issue and is proposing to establish an allowable range between 25-75%.

“While having too few owner-occupants can detract from the viability of a project, requiring too many can harm its marketability,” FHA stated in the release. “The range allows FHA to choose a specific percentage that is responsive to future market changes.”

 

An individual unit may be eligible for single-unit approval if it meets a variety of criteria, including that the condo is not a manufactured home and is located within a project that has at least five dwelling units.

Projects approved under this rule are fully completed.

The proposal is the latest move by FHA regarding its condo financing policies.

 

Get in Touch with Me

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.

Miami Reverse Mortgage

Miami Reverse Mortgage

 

What is a Miami Reverse Mortgage?

Do you know how a Miami reverse mortgage works?.  You may or you may not.

Are you over 62 years old?  Interested in eliminating your monthly mortgage payments?  Looking for income for life?

A Miami reverse mortgage loan is available to seniors who are above 62 years old. One function of the Miami reverse mortgage is designed to help seniors eliminate their monthly mortgage (in the event they still have one).  There must be enough equity in the property to qualify. The Miami reverse mortgage allows seniors above 62 to transform a part of their home equity into immediate cash.  This eliminates the need to sell your home.  It also eliminates your need to refinance.

Moreover, a reverse mortgage loan allows you to access your accumulated home equity.  Through this financial instrument,  you don’t have to make payments on the reverse mortgage.  Because of this, payments are deferred until you pass away or you vacate your property.  This is an amazing opportunity for you, as a senior citizen. Why? Because you are not required to make a mortgage payment.  You don’t have to pay any interest.  Still, you must continue to have homeowner’s insurance. And, you must pay the yearly property taxes due on your home.

 

What Mario Quintero Can Do For You?

If you are still confused about what a Miami reverse mortgage loan is, contact me here.  Call me at 305-598-1600.   I’ve helped thousands, like you,  secure financing through mortgage loans since 2002.

 

Get in Touch with Me

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 loan.  Furthermore, I can help your senior parents secure a comfortable retirement through a reverse mortgage.