Michael Pinter's Reverse Mortgage Blog

Reverse Mortgages for Purchase have been available for years, but only as a "Jumbo" propietary loan. Last year, the govenment finally started allowing it for Home Equity Conversion Mortgages (HECM's) which was good timing, considering that most of the Jumbo products were discontinued late last ye...

I hear all the time from elder law attorneys and financial planners who don't understand how Reverse Mortgages work, that "the client should just sell the property." What they fail to comprehend is that over 89% of seniors want to stay in their home (according to AARP) and many have told me that ...

I know I've posted about this before, but it has now been almost eight months! since the government announced that the Federally Insured Reverse Mortgage, the Home Equity Conversion Mortgage (HECM) would be allowed for Co-ops and we still have no idea when thsi will actually be put into effect. T...

Atare Agbamu is a Reverse Mortgage veteran who has recently discovered that there is a problem in a recent mortgagee letter that limits the non-recourse aspect of a Reverse Mortgages to sales only. What this means is that HUD and everyone in the Reverse Mortgage business have been saying that Rev...

I was going to put some links up for the recent articles and Television pieces on Reverse Mortgages, but there were too many! Most of them were pretty good, but there are still so many uneducated people out there that still call Reverse Mortgages "loans of last resort" and who think that anyone t...

Nick Timiraos who wrote a very good piece in the WSJ last week was interviewed along with a CNBC Real Estate Consultant about Reverse Mortgages. Although his article was very good, he comes off as not so happy about the product. It's a pretty short clip. I think if they gave him more time, he wou...

I am trying to determine when one of the Jumbo products that I mentioned last week (Bank of America's Platinum and First Reverse's Jumbo) make sense. It looks like the proprty value has to be close to or over two million dollars to see any real benefit over the ususal FHA insured Home Equity Conv...

Just to reiterate, there are some Jumbo Reverse Mortgage products available. The products don't make sense unless the property is HUD inelligible or if it is worth close to Two Million dollars or more. Bank of America offers the product in AZ, CA, DC, DE, FL, GA, NC, SC, TX & VA. First Reverse of...

After John Dugan's speech about the dangers of propietary (Non-FHA) Reverse Mortgages, I decided to look deeper in to what Proprietary (also knows as Jumbo) Reverse Mortgages are available out there. I thought they were gone, but new products are sprouting ("Green Shoots.") Before I say what's ou...