Various news outlets have reported on reverse mortgages and the series of program changes that have now made these loan products safer and more effective retirement planning tools. Perhaps none, however, have given reverse mortgages such an enormous viewership platform as a recent NBC Nightly News segment that aired this month.

More than half of people over age 55 have little or no retirement savings, said NBC Nightly News Anchor Lester Holt. But while reverse mortgages may have been controversial in the past, Holt notes consumer advocates now say these loans could be a “smart way to bring in more money.”

“Thanks to new government regulations, reverse mortgages are now actually harder to get, and with tougher lending standards in place, they’re actually becoming less controversial and more popular,” said NBC Business Correspondent Olivia Sterns. “Still, experts warn they are not for everybody.”

For the Rothschilds, a reverse mortgage was the solution to stay put, but after 30 years and four children later, the Cartersville, Ga. couple couldn’t afford to stay after the downturn hit. That is when they decided to get a reverse mortgage.

“It was scary. It was devastating,” Mr. Rothschild said during the segment.

When asked by Sterns if they were worried about the risks of getting a reverse mortgage, the Rothschilds admitted that sure, they were concerned, but that they also “did a lot of education.”

“I think reverse mortgages are going to be a lifeline for millions of retirees in the years to come simply because they are under-saved for retirement,” said Greg McBride, CFA, senior vice president and chief financial analyst at Bankrate.com.

The Rothschilds borrowed $250,000 in equity from their $440,000 home. If they sell or die, they only get what’s left of the equity, Sterns noted, which would be $190,000. The bonus of not having a mortgage payment, she said, translates into the Rothschilds now saving $2,500 each month.

“For the Rothschilds, it all added up to a little more breathing room as they retire,” Sterns concluded.

For reverse mortgages, appearing on primetime national news is huge exposure for the product, even if for only a two-minute segment.

NBC Nightly News dominated its competitors, both ABC and CBS, in the evening news ratings for the week of April 18, generating more than 8.1 million viewers, according to recent data from AdWeek.com.

The reverse mortgage segment aired at the end of that week on Friday, April 22.

View the NBC Nightly News segment.

The reports are starting to come in…seems like there’s talk about the Miami market softening. But we at Strock & Tanner say, where’s this softening?

While, sure, Miami experiences the same fluctuations in the winter as other major metropolitan areas, where listings decrease, the spring has one again picked up with the usual speed, interest, and enthusiasm from buyers as we have experienced in years past.

If priced correctly at listing, we are seeing multiple bids on properties. These follow with a very quick “pending” sale announcement on the listing.

The condo market also continues to be strong, with steady demand.

Interest rates continue to be at all-times, allowing for an environment which buyers want to take advantage of.

I’m Mario Quintero of Strock and Tanner Loans. If you are interested in buying, selling, refinancing or a reverse mortgage, please call me at 305-598-1600 and I will personally help you with whatever your real estate needs may be.

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With regards to selling, you (the seller), are in control of your home’s destiny. You have all the power to determine whether or not your house will sell quickly or if it will stay on the market for a longer period of time.  In addition to choosing the correct realtor to represent and market your property, the next most important decision you will make is whether or not to price your home properly (and in-line with the comparables) or list it too high, and have the property linger on the market for a longer time.

If you price your home properly, you will benefit from a quick sale and turn around.  If you choose to ask more than the current value vis a vis the market, your house will suffer from a “reputation.”  Why risk that?

My name is Mario Quintero, “Your Realtor for Life.”  With access to the most sophisticated programs, I’ve helped thousands of homeowners just like you properly price their properties for a quick sale, in line with the surrounding market, while maximizing the value of their property.

Don’t chance having your home sit on the market longer than necessary.  Call me today at 305-598-1600 for a proper assessment.

for sale

After 12 years as an active independent Realtor I have made the decision to join the Remax Advance Realty Team.
I have made this decision in order to improve the service levels that my clients have learned to enjoy over the years.
The Remax Brand will give me the opportunity to assist my clients throughout the state of Florida, throughout the United States
And many countries around the world. The Remax brand and support will also be an integral part in listing & selling Luxury Homes.

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If you or someone you know is looking for a great low down payment mortgage we now offer a low 3% down residential mortgage, without mortgage insurance, up to $417,000 but you need a minimum 680 credit score.
This is a great program for people getting back into the market or first time home buyers. This same program can be used for a rate & term refinance without cash out up to 95% without mortgage insurance. If you have any questions give me a call at 305-598-1600.

Retirees have the opportunity to use a reverse mortgage on their home for many financial challenges facing seniors today. Many well known sites such as Money Magazine, The Huffington Post, CNBC and CNN Financial news have all tooted the many benefits reverse mortgages afford to Seniors.

Let’s discuss a couple of the more prescient ones within the next few posts.

 

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Healthcare Expenses

Say for instance there is for a lump sum to pay in anticipated or unanticipated healthcare expenses. It is well known healthcare expenses pose a challenge for many Seniors.  As a Senior, you’ve hard your entire life. Upon retirement, though many of your expenses may lower, other expenses arise, such as health care costs. Why fret or worry? Safely tap the equity in your home, which you’ve worked hard to pay all your life, so that you may have that safety net to cushion you when unexpected costs arise.

You will not have to repay the monies taken for the reverse mortgage against your home until the time of your death. You will receive a lump sum payment from the reverse mortgage financing institution and neither you nor your heirs will be required to repay these monies until the time of your death.

Is this not something to allow you to breathe a sigh of relief?

Contact Mario Quintero of Strock and Tanner Loans, your Reverse Mortgage Specialist at 305-598-1600 for additional information along with a complementary consultation. He will explain all the benefits available to you with a reverse mortgage.

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Though we help individuals with all types of loans, Miami-based Strock & Tanner Mortgage specializes in reverse mortgages. A reverse mortgage is a unique financial instrument designed to benefit property owners age 62 and older. It pays YOU back. These senior citizens are those searching for a method to tap their home’s equity without being required to repay the loan while they still live and reside in their homes.

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With  STC Loans, you may easily obtain and borrow against the value of your house. The proceeds do not have to be repaid until death. So, the beneficiary lives in the home comfortably without making mortgage payments. Insurance and taxes must still be maintained. Know that many seniors are you using a reverse mortgage in Miami today in order to offset their retirement. This tool allows for the optimum quantity of flexibility to resolve your specific financial requirements and needs.

Call Mario Quintero at 305-598-1600 TODAY and learn your options for your Miami reverse mortgage.  Mario is licensed to help you with all your mortgage needs in the entire state of Florida, from Key West to the Panhandle. Let Mario Quintero be your Florida mortgage specialist.

In case you’re wondering, the current economic scenario does not bode well for an increase in interest rates.

Toward the end of 2015, Federal Reserve President Janet Yellen presided over the first rate increase since the Great Recession began.  Bank stocks, along with financials in general, rallied, in hopes interest rates would finally recover, leading to an environment where rates could be increased.

Since the new year, 2016, the exact opposite has instead taken place.  Financial stocks have plummeted, now that it’s clear rates cannot continue to rise due to a jittery economic outlook.

Stay tuned. Given it’s also an election year, rates are bound to stay right here where they are.  Of course, this helps housing.

I’m Mario Quintero, your Miami residential home mortgage specialist.  I deal in all types of mortgage loans, including reverse mortgages, jumbo, conventional, FHA and foreign national.

Call me today so I may help you secure the best interest for your new purchase or refinance.

A reverse mortgage utilizes actuarial tables similar as insurance coverage items and borrowers get more cash the older they are. Hence, the 62 year age requirement is met.

The senior experts and specialists at Strock and Tanner Mortgage Corporation Company are dedicated to assisting you with responding to all your concerns and if the reverse mortgage is right for you, we will assist you in the process easily and quickly. If it’s time for you to put your equity in reverse to keep your life progressing, then we are also here to assist you. Contact us now!U

STC Loans is a well known company based in Miami , Florida helping senior citizens secure a reverse mortgages.

What exactly is a Reverse Mortgage and why it is beneficial to seniors?

The reverse mortgage program is especially developed for home owners who are 62 years and older. This makes possible the process of converting a part of the equity of their owned homes into tax-free cash flow. This program was offered in order for them to have this opportunity without needing to sell their homes, give up the title and worst of all, face a brand-new month-to-month home mortgage payment.

To give you a scope of what this actually means; instead of making regular monthly payments to the loan provider where you availed the cash, just like a mortgage, the loan provider will pay you. You are still required to pay your house taxes, insurance coverage and other charges that are related to the upkeep and maintenance of your home.