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.