Bob Magnuson

With a reverse mortgage, you can use the equity in your home without making any monthly repayments and you dont have to repay it until you no longer live in your home, states Bob Magnuson, Executive Vice President of Residential Lending.

Bob Magnuson, TIB Bank's executive vice president for residential lending, echoed Ferrao's analysis of the speculator market.

Magnuson said there's a slowdown in residential buying, but not nearly as much as one hears about in the media.

"We feel a big portion of what is taking place is the absence of the speculator," Magnuson said.

TIB tends to steer clear of real estate speculators anyhow, Magnuson said.

"We try to stay away from those borrowers.We're here to give loans that are going to be on the books for a while," he said.

Banks lose money on loans to those who flip properties, he said.

While there was a slight decline in residential lending for the first quarter of 2006 compared with the same period in 2005, he said TIB has seen that market pick up in the past 45 to 60 days.

Bob Magnuson, TIB Bank of the Keys Executive Vice President and Residential Officer, stated "Marilyn understands the TIB passion for providing quality customer service.