Phil Stevenson's Blog

History of the REVERSE MORTGAGE The Reverse Mortgage (RM) first started in Great Britain. 1961: The first reverse mortgage in the U.S. was done by Nelson Haynes of Deering Savings and Loan for Nellie Young of Portland, Maine because she wanted to stay in her home despite the loss of her husband's...

Planning for Retirement the Smart Way...With a Reverse Mortgage The recent announcement of the financial assessment, which is to be implemented on March 2015, has sprung a slew of news stories describing the potential benefits and risks of the reverse mortgage.  Despite the fact that positive pre...

Nothing Should Ever Replace a Firm Handshake and a Smile As cheesy as it sounds, this is the first we do whenever we meet someone know. We extend our hand and smile, saying "nice to meet you." Regardless of what can (or may) happen in the future, at the moment, you are meeting someone new and the...

Reverse Mortgage Financial Assessment to Be Implemented on March 2015 The Department of Housing and Urban Development has finally announced that the financial assessment will come into effect on MARCH 2015, as reported by Reverse Mortgage Daily. While the financial assessment was previously annou...

Deciding Whether or Not to Get a Reverse Mortgage: Educate Yourself on the Program Before Making a Decision An article recently published by Buffalo News, titled "Avoid Reverse Mortgage Regrets," begins detailing the regrets past and present borrower have felt because they did not fully understan...

Generation Mortgage to Exit Reverse Mortgage Business Generation Mortgage, according to an article published on Reverse Mortgage Daily, will cease reverse mortgage originations in both its wholesale and retail departments effective October 9. The company's decision to cease operations has been at...

Reverse Mortgages Can Help Seniors Retire Comfortably The most difficult part of educating seniors and their caregivers about the reverse mortgage is the fact that they have heard and/or read so many negative news that they cannot fathom any positive news about the reverse mortgage. In a sense, i...

Retirement Spending is Just as Important as Retirement Saving Long-term retirement planning continues to be a crucial topic for many seniors who are entering retirement presently or in the near future, especially because how we deal with the outstanding problems of retirement planning right now w...

Buying Your In-Laws' Home? Consider the Pitfalls Before You Do. In an age when retirement planning continues to not be enough (because there are more factors to consider than ever before), many cash strapped retirees are looking for options to continue to supplement their long-term retirement. In...

Age is an Increasingly Important Factor in Retirement Planning More than ever, age is quickly becoming an important factor in long term retirement planning. Baby boomers are living longer currently than any other generation that came before (and that's without getting into generations that plan t...