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.
RECENT BLOG POSTS
Yahoo Finance posted a very positive Reverse Mortgage piece that was originally in Kiplingers. There are a few issues, like where it says that Reverse Mortgages are only if you paid off your loan or have a small balance (I just paid off a $400,000 loan with a Reverse) but overall it is a positive...
08/12/2009
Today's Wall Street Journal has an editorial today that warns that the Federal Housing Authority (FHA) and the agency that buys their loans, Ginnie Mae (almost all Reverse Mortgages are FHA insured) is getting too risky and could eventually need taxpayer bailout like Fannie Mae and Freddie Mac. H...
08/11/2009
Here's a link to an AP story that ran over the weekend: http://m.apnews.com/ap/db_8559/contentdetail.htm?contentguid=FDzGH9Rw In it, a bunch of people from the government say that we are on "the verge" of coming out of the recession. I can't belive the absurdity of these statements. The fact that...
08/03/2009
A little background is needed to explain what happened. About a month ago, HUD asked Congress for about $800 million dollars extra to fund possible future shortfalls in the FHA Home Equity Conversion Mortgage (HECM) program. This is the FHA Reverse Mortgage program and the request was based compl...
07/29/2009
First Reverse, the Reverse Mortgage company that was acquired by Wilmington Savings Fund Society (WSFS) a Delaware Bank in 2008 is being "wound down" because they were still losing money (although much less than last year) and the bank had a bad quarter. This stinks because (as I had posted earli...
07/28/2009
Congress is discussing extending the $625,500 limit out at least another year (Thank God) but in the same breath lowering how much borrowers can get. This is coming primarily because HUD recently asked Congress for an additional $800 Million because of possible future losses from possible increas...
07/24/2009
I know I've posted a lot about how great Reverse Mortgages are, but the truth is that every situation is different. I have a Reverse Mortgage ready to close and the borrower now wants to explore taking a regular "forward" mortgage. My first instinct was to convince them that a Reverse was better,...
07/22/2009
My last post was about people in forclosure who are being helped with a Reverse Mortgage. I received a few comments about why the people were in foreclosure if they had equity - Why didn't they just sell the property? The reality is that for elderly people, selling is not what they want to do. Ev...
07/17/2009
I'm helping out someone who is in foreclosure and getting a Reverse Mortgage to pay off his loan and stay in his home. He paid some place $3,000 to get him a modification and in the process, the loan got sold to another investor that does not do modifications whatsoever. The bozos from the modifi...
07/13/2009
11 Comments
I am working on A Reverse Mortgage for a client that has a second lien with Indymac. The first lien holder agreed to a short payoff in JANUARY! and I have been "working:" with Indymac to get a short payoff from them since then. After getting jerked around for five months, they asked for a $300 fe...
07/10/2009
Rainer
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MichaelPinter

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Everything you ever wanted to know about Reverse Mortgages.