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
Yesterday's post  was about using a Reverse Mortgage for foreclosure rescue and I received a few questions about how that works if the borrower has little or no equity in the property. The answer is that many lenders will take a short payoff now. Some still won't, and I posted yesterday about how...
07/08/2009
I have seen a huge spike in requests for Reverse Mortgages for borrowers who are in foreclosure. In my opinion, the Reverse Mortgage is the absolute best outcome to the already bad situation because the borrower gets to stay in their home, they have no more issues with making payments and the len...
07/07/2009
Okay, many, many people have asked me how a Reverse Mortgage for purchase works. Here it goes: The borrowers are buying a home and they are 62 or older. The amount that the borrower will get is based on their age, the older they are, the more they get. Here is an example of a loan that I just clo...
07/01/2009
06/29/2009
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...
06/29/2009
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 ...
06/26/2009
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...
06/25/2009
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...
06/24/2009
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...
06/22/2009
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...
06/15/2009
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Everything you ever wanted to know about Reverse Mortgages.