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Reverse mortgages are used today as a financial vehicle for many seniors in retirement. In the past, this was frowned upon, as a reverse mortgages was considered an insecure, unstable financial instrument. Today, however, this instrument has become very popular to helping seniors be more comfortable financially in retirement.

Many options are available with reverse mortgages today. There is the traditional reverse mortgage, where seniors may use the equity built in their homes as a vehicle to finance their retirement. There’s the HECM Reverse Mortgage, which is a vehicle used where seniors are allowed to take the equity in their homes and purchase another property with the proceeds.   In other words, it’s a reverse mortgage for purchase. There’s a jumbo reverse mortgage where your property is above the $417,000 conventional level, classifying as a traditional jumbo property.

All above-mentioned vehicles, are strategic tools seniors may use in retirement in order to be able to finance their retirement. No risk is attached to a reverse mortgage. A retired individual, and their spouse, may live comfortably in their home while accessing the equity in their homes while in retirement.

Regardless of which type of reverse mortgage is chosen, certain conditions remain the same with which the retiree has to comply. Among these, of primary importance is that the retiree applicant be 62 years of age.

If you are interested in a reverse mortgage for yourself or your elderly parent, have a look at our online brochure here, where you can learn more about the facts surrounding reverse mortgages.

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami, Florida home consultant. Strock and Tanner Loans  specializes in both residential and commercial real estate and financing programs. We help you secure conventional, jumbo, FHA and foreign national mortgage loans. We can also help your elderly parents secure a comfortable retirement with a reverse mortgage. Call me today at 305-598-1600.

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Just this past week, Mario Quintero and STC Loans helped a Senior couple from the Carolinas use the equity in their home to purchase a second property in Miami via a Home Equity Converson Mortgage (HECM).

 A Home Equity Conversion Mortgage for purchase (HECM), allows seniors to buy a new primary residence and obtain a Reverse Mortgage in one transaction. All HECM borrowers must be placed on the sales contract and each of these persons must also be an eligible HECM borrower (age 62 or older).

It is important to note some of the guidelines that may affect the process of acquiring a Reverse Mortgage HECM for purchase. Reverse Mortgage HECM purchase transactions are not accepted for 2-4 unit properties and a HECM purchase transaction may not occur within 12 months of a short sale or Deed in Lieu of Foreclosure. In a HECM for purchase transaction, the seller is responsible for all repair costs (property condition must meet the FHA’s minimum health and safety requirements). In order to close the HECM for purchase, the borrower must provide proof of funds required for the transaction to occur. A list of the documentation required to obtain this proof may be provided upon request. The buyer, or borrower, is expected to move into the property with 60 days of closing. The buyer is also expected, according to FHA guidelines, to retain the property (not resell) for at least 90 days.

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami, Florida home consultant. Our office specializes in both residential and commercial real estate and financing programs. We help you secure conventional, jumbo, FHA and foreign national mortgage loans. We can also help your elderly parents secure a comfortable retirement with a reverse mortgage. Call me today at 305-598-1600.

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It’s been a month since the Brexit vote and, as we reported initially, Miami home loan interest rates have continued to decline.

Just this week we reported how we now have a new conventional home loan interest product with 1% down payment, up to $417,000 loan as long as your total debt service ratio is no more than 46% and your FICO credit score is over 700.

These numbers are unheard of post the Great Financial Recession of 2009. If you have not yet acted, NOW is the time to purchase or refinance your home in order to lock-in these low rates before they increase.

As you very well, the Fed’s actions are unpredictable from meeting to meeting, so home interest rates could very well rise at any time without prior notice.

The Miami housing market continues to sizzle despite other major metropolitan home areas nationwide showing signs of slowing. We are not only fueled by locals interested in buying, selling and refinancing, but we have a large tourist population making Miami a second home. Our international foreign buyer base is also strong seeking a secure harbor to park their capital given uncertainty in other global markets.

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami, Florida home consultant. Our office specializes in both residential and commercial real estate and financing programs. We help you secure conventional, jumbo, FHA and foreign national mortgage loans. We can also help your elderly parents secure a comfortable retirement with a reverse mortgage.  Call me today at 305-598-1600.

 

 

 

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We now have a new conventional loan program up to $417,000 featuring a 1 % down payment! To qualify you need a 700+ FICO credit score, Maximum debt to income ratio of 43%.
Great low rates, and is available with no monthly Mortgage Insurance. Call me for details.

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami, Florida home consultant. Our office specializes in both residential and commercial real estate and financing programs. We help you secure conventional, jumbo, FHA and foreign national mortgage loans. We can also help your elderly parents secure a comfortable retirement with a reverse mortgage. Call me today at 305-598-1600.

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Foreign Buyers Continue to Flock to South Florida…

According to a recent article by Diana Olick of CNBC news, “As for U.S. destinations, five states accounted for half of foreign buyer purchases: Florida, (22 percent), California (15 percent), Texas (10 percent), Arizona and New York (each at 4 percent).”

Though real estate seems to have slowed in some markets, Florida continues to be a very popular market for both domestic and foreign buyers willing to park their money in “safer” investments. The fact remains, Florida is a “paradise” of sorts. Thousands flock here from throughout the world due to our warmer climates, proximity to amazing world-class beaches, a no-tax state, along with Miami being the long-time gateway to Latin America, soon becoming the same for Western Europe.

Florida is the place to be.

Are you a foreign buyer thinking of purchasing real estate in Florida?

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami, Florida home consultant. Our office specializes in both residential and commercial real estate and financing programs. We help you secure conventional, jumbo, FHA and foreign national mortgage loans. We can also help your elderly parents secure a comfortable retirement with a reverse mortgage. Call me today at 305-598-1600.

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Interest rates reach all-time lows…

As we learned with the Brexit vote of a week ago, global events have a huge impact on domestic events here at home, including interest rates. In this case, the Brexit vote for the United Kingdom to leave the European Union has caused US interest rates to reach an all-time low.

Not only did the Dow Jones Industrial Average and other indices drop dramatically for several days in a row, all the financial commotion overseas really has created the perfect opportunity to take advantage of not only lower stock prices, but to purchase or refinance your home.

Opportunities like this do not come by often. Time after time again, after financial turmoil over the decades, the best opportunities arise in moments of fear. Why not let someone else’s fear become your financial opportunity? Those who have taken advantage of such opportunities in the past, have benefitted from great growth and rewards going forward in to the future.

Want to take advantage of a real estate opportunity here in South Florida?

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami, Florida home consultant. Our office specializes in both residential and commercial real estate and financing programs. We help you secure conventional, jumbo, FHA and foreign national mortgage loans. We can also help your elderly parents secure a comfortable retirement with a reverse mortgage. Call me today at 305-598-1600.

The Fed decided to keep interest rates low this week. While the economy has improved, the two most recent job reports indicate somewhat of a stagnation in growth. So, rather than “rocking the boat”, so to speak, Fed Chief Janet Yellen, along with the other Fed governors voted to maintain rates as is.

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Clearly, this is a great move for the real estate market nationwide, but even more so here in South Florida, where “Paradise”, as many like to refer to Miami and its surrounding communities, continue to welcome tourists, visitors, businesses and new residents almost daily.

Already the hub for business activity to Latin America, Miami is poised to become the same for the European Community. Many continue to seek the strength and safety of the USA. Miami is a natural fit for so many reasons.

How about you? Are you considering making Miami your home for a new location? Are you looking for a Miami realtor who can also help you obtain financing for your home or commercial space?

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami, Florida home consultant. Our office specializes in both residential and commercial real estate and financing programs. We help you secure conventional, jumbo, FHA and foreign national mortgage loans. We can also help your elderly parents secure a comfortable retirement with a reverse mortgage.  Call me today at 305-598-1600.

One of the key elements of my listing marketing plan is to have a full appraisal done on the property. This process gives my clients more confidence in the pricing of their home.

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In addition when we go into contract and the buyers schedule there appraisal for the loan they are securing I attend the actual appraisal that is being done. At the time of appraisal realtors are permitted
to hand the appraiser comps they feel that should be considered in the process. At this time I hand the appraiser the original appraisal that was conducted which contain the actual comps for the area. I find this practice to be very effective and the appraiser is actually getting a second professional opinion in completing the final report.

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami, Florida home consultant. Our office specializes in both residential and commercial real estate and financing programs. We help you secure conventional, jumbo, FHA and foreign national mortgage loans. We can also help your elderly parents secure a comfortable retirement with a reverse mortgage. Call me today at 305-598-1600.

If you’re anything like most Americans, your house is your greatest asset. So, whether you are buying or selling, you’re going to want to make sure you have all your I’s dotted and your t’s crossed with regards to selecting the right realtor for your sale or purchase.

The South Florida market is one of the most active markets in the country today. Since the decline of the market in late 2008, hitting lows later in 2009 and early 2010, the market has soared back to reach even higher highs?

Did you take advantage of this price appreciation?

Though we’re into the middle of 2016 already (where has the year gone), the South Florida market continues strong. There is talk of prices easing, but we’ve not seen such price declines, yet.

Are you looking to buy or sell?

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami, Florida home consultant. Our office specializes in both residential and commercial real estate and financing programs. We help you secure conventional, jumbo, FHA and foreign national mortgage loans. We can also help your elderly parents secure a comfortable retirement with a reverse mortgage. Call me today at 305-598-1600.

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Screen Shot 2016-05-19 at 3.36.21 PMWhile markets fluctuate regularly, are you going to let a potential market fluctuation keep you from buying your dream home or other investment property?

Or are you going to let a potential market fluctuation lead you to sell your family’s home in order to benefit before a possible downturn?

Of course not.

Markets go up; markets come down. We’ve seen plenty of cycles time and time again and we’ll see many more as time progresses.

Consider these opportunities to grow both your investment portfolio and other assets. In market downturns, the best thing to do is to wait and observe. A great buying opportunity is just around the corner.

Take a look at the South Florida real estate market, for example. The market begin to change later in 2007, prior to the stock market crash of late 2008/early 2009. What ensued was one of the best buying opportunities ever to be capitalized upon later in 2010 and 2011. Properties were purchased at nearly half of what these are today available for on the market.

Tap into a home equity line of credit to purchase that investment property you’ve been eyeing.

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

Want to learn more? Call me today at 305-598-1600.