Michael Pinter's Reverse Mortgage Blog

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Mortgage and Lending - First Meridian Mortgage
Everything you ever wanted to know about Reverse Mortgages.

ARCHIVED BLOG POSTS

2009 

I get so many e-mails about the new Home Equity Conversion Mortgage (HECM) for purchase that I forget that many of my blog readers may not know anything about it. Here's how it works: Borrowers (62 or older) qualify for a certain percentage of the price of the home they are buying or $417,000 whi...
01/30/2009
I'm going to use today's post as some self-therapy and write about the biggest problems I face in my Reverse Mortgage business. 1) Convicing Referral partners that A - They do not really understand Reverse Mortgages and B -Reverse Mortgages can really help their clients and themselves 2) Convinci...
01/28/2009
I had a comment yesterday (and I have posted) about eligibility. In a nutshell the issue is that all lenders have pulled back their eligibility and according to some people, 50% of the eligible borrowers from three years ago cannot qualify for a loan today. Just taking out all of the 80/20 and 10...
01/27/2009
After the horrible dissapointment from last year's miniscule raise in the Reverse Mortgage limits from $369,000 to $417,000. I am tryng not to get excited about a provision in the current economic stimulus package that would raise the limits in 2009 to $625,000. I personally think this is a great...
01/26/2009
There's been a lot of talk about "fixing" the economy. You hear it from the press, form Congress and of course from our new President. Here's the problem: You can't fix the economy. It has to fix itself. Our economy (and every other capitalist democracy) is cyclical by nature. It has its ups and ...
01/25/2009
Here is an article from the WSJ last Thursday: http://online.wsj.com/article/SB123264214889606533.html It starts off okay, saying that demand for Reverse Mortgages is up. However, it takes a nasty turn for the worse when Bronwyn Belling, a "reverse mortgage specialist for the AARP" "warns that th...
01/25/2009
Two new things surfaced yesterday in the Reverse Mortgage World.  The first is that Financial Freedom is starting a "Consumer Safeguard" program where someone from FF will call borrowers to verify that they know about the loan and make sure they understand what is going on. Unfortunately, some of...
01/14/2009
 I've been ranting for many months  about how teh housing market needas  alot more time than most "experts" are giving it. Watch this clip and you'll see that I'm not the only one that thinks that housing can't start its comeback until 2010 or 2011.  http://www.youtube.com/watch?v=U0Rb51xxV_M  
01/12/2009
I guess I shouldn't be suprised that Reuters UK came out with a slanted piece about Reverse Mortgages, but here is great example of the press that RM's have been getting for years. http://uk.reuters.com/article/bankingfinancial-SP/idUKN0854107720090108 It starts off okay, but then the tone change...
01/09/2009
Here is the link: http://www.pbs.org/nbr/info/local-player.html?s=nbre07s1bb7q4c4 It's a 26 minute clip, but the Reverse Mortgage part is only three minutes long and starts at 18:45 and ends at 21:45. After it loads and buffers you can just drag the line to start it at 18:45. This is the kind of ...
01/08/2009
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Everything you ever wanted to know about Reverse Mortgages.