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

2008 

Add "Gold Reverse" to the list of many other lenders that stopped offering their Jumbo Reverse Mortgage product. There are only three left and hopefully at least two of them will stick around. Thenew housing law (whenever we figure out exactly what it means) will eliminate much of the demand for ...
08/29/2008
Most people don't know that Reverse Mortgages have been around since 1989 (Ronald Reagan signed them into law.) Nothing much happened until around  the year 2000. and volume didn't start to pick up until 2003. Now, they are growing at over 30% a year (over 70% the last few years) and over 400,000...
08/27/2008
The S & P/Case Shiller index got walloped again today, showing an over 15% decline from last quarter in 20 major U.S. cities. The few imbeciles who are looking to spin some poistive news report that new home sales increased 2.4%, but the reality is that existing home prices continue to decline an...
08/26/2008
Emily Brandon wrote a piece on Reverse Mortgages in the online US. News & World report on August 18th. As media pieces go it is pretty good. No errors or specifically negative remarks about the product.  However, the article is generally negatively slanted towards Reverse Mortgages and under the ...
08/25/2008
All surveys of Reverse Mortgage borrowers show an above 90% satisfaction rate. The most recent survey conducted by AARP had the number at 93% Most financial products and institutions such as banks, investment banks and even forward mortgage lenders have pretty low satisfaction ratings. Banks are ...
08/21/2008
All surveys of Reverse Mortgage borrowers show an above 90% satisfaction rate. The most recent survey conducted by AARP had the number at 93% Most financial products and institutions such as banks, investment banks and even forward mortgage lenders have pretty low satisfaction ratings. Banks are ...
08/21/2008
I have dealt with several scenarios where a reverse Mortgage was the ideal solution for someone, but their children objected to it. Some of those borrowers were able to overcome their children's objections and some others weren't. In my opinion, preventing your parent form accessing the equity in...
08/20/2008
I just had a few  Home Equity Conversion Mortgage (HECM) loans cleared to close (including one this morning) and teh lenders are giving me only a day or two to close them, because they are at the 150 (1.5%) margin. Lenders want these loans out of their pipelines ASAP. 175 (1.75%) is going to be t...
08/19/2008
Amy Crews Cutts is the deputy chief economist of Freddie Mac. I have posted many times that housing organizations like Feddie, Fannie, Toll Brothers or the Mortgage Bankers Association of America, don't need economists and that almsot all of them are so biased towards their own industries that wh...
08/18/2008
I just came back from a financial freedom "Road Show" in Long island, New York. They discussed why margins are going up. They said that they sell all oftheir HECM's to Fannie Mae and Fannie just informed them that instead of paying them something for the HECM 150 (1.5% margin) they would now be p...
08/15/2008
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Michael Pinter

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Everything you ever wanted to know about Reverse Mortgages.