Listen to Expert Panelist Phil Stevenson during Reverse Mortgage Education Week

2017—PS Financial Services, a leading Miami-based

Company specialized in Reverse Mortgages Loans, recently had Owner and Principal,

Phil Stevenson, a Certified Reverse Mortgage Professional (CRMP), participate as a

guest panelist at a webinar held as part of the National Reverse Mortgage Lenders

Association’s Reverse Mortgage Education Week. The webinar was also created in

partnership with Next Avenue, a PBS news service that covers baby-boomer issues. .

The goal of the panel was to inform how these types of loans work and to try to

eradicate common misconceptions related to the industry. Stevenson and his fellow

industry professional panelists answered a variety of questions collected by Next

Avenue, disclosing the challenges that specialists face when attempting to pitch the

products to consumers.

“Whenever a borrower or a client asks me if they can outlive a reverse mortgage

and be forced to move, I tell them, ‘yes… when you turn 150 years old,’” Stevenson

said, humorously, before adding, “reverse mortgage does have a date on the legal

document and you need a date when this mortgage will end, and it’s the youngest

borrowers 150 th birthday. We know no one is going to reach 150, at least not at this

point in history, maybe in the future. So, you can live there for the rest of your life as

long as you comply with the rules.”

During his portion of the panel discussion, Stevenson focused on explaining why

it’s important to comply with Home Equity Conversion Mortgages (HECM) rules and

provided specific examples of cases managed by PS Financial Services and how they

have counseled several couples with their reverse mortgage. He also explained that,

after August 2014, some rules changed for the non-borrowing spouse, ultimately

providing them more protection.

Stevenson is one of only approximately 150 CRMPs nationwide and currently sits

on the Ethics Committee of the NRMLA. He was also on the expert panel in 2016

assigned to rewrite the National Mortgage Licensing Test, which every person in the

United States who wants to become a Licensed Mortgage Loan Originator must pass.