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
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...
06/15/2009
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...
06/12/2009
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...
06/12/2009
John Dugan gave a speech two days ago and said that there were soem inherent risks in "propietary" Reverse Mortgages. Some large newpapers picked up on some of his comments. I think everyone would agree that there are soem inherent risks in propietary Reverse Mortgages. However, they represent le...
06/11/2009
The Wall Street Journal published a great article about Reverse Mortgages today entitled: "Seniors Drawn to Mortgages That Give Back." In it, Nick Tirimaos writes that many people are taking Reverses and how they have helped so many. He also writes that the potential for government losses from lo...
06/10/2009
Most people do not understand that Reverse Mortgages are Non-Recourse loans. That means that if the loan grows larger than the value of the home when the loan terminates (because of sale or death) the lender has to eat the difference. If the opposite occurs and the loan balance is less than the v...
06/09/2009
Now that we've established that Reverse Mortgages can help many people in foreclosure and that for many of them, a Reverse Mortgage may be their only option to save their homes, the big issue is how to deal with the shortfall between what they qualify for and what they owe. Right now, I am active...
06/04/2009
Continuing the theme of using a Reverse Mortgage to save a home from foreclosure - the first issue is really the fact that for many people in foreclosure who should be helped (you can read my earlier posts to see why I believe over 80% of the current foreclosures should not,) a Reverse Mortgage i...
06/02/2009
I've been helping many people in foreclosure by getting them a Reverse Mortgage to pay off their loan. There are a lot of difficulties with this process, most of them pertaining to the existing lender (that is getting paid off) For the next few posts, I'm going to focus on this amazing use of a R...
05/28/2009
I had a comment today from a reader who asked me why he would choose a Reverse Mortgage over a Home Equity Line of Credit (HELOC) I answered the question briefly but I wanted to elaborate on it here. A HELOC is loan that requires 1) The borrower to qualify. If your credit is poor, if you don't ha...
05/22/2009
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Everything you ever wanted to know about Reverse Mortgages.