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 

The twelfth Reverse mortagge benefit is probably the most important. It is the peace of mind that only a Reverse Mortgage can bring. A Reverse Mortgage is the only loan that guarantees that you can stay in your home for as long as you want to. There is just nothing else that can do this. I have s...
12/30/2008
WOW! This is primarily a Reverse Mortgage Blog, but I received so many comments about this topic that I felt I had to post about it again. First, Thank you to teh many, many peopel who commented about this topic in agreement. It seems thata vast majority of teh readers agree with me that People's...
12/28/2008
I have posted about this issue before and I have gotten many comments telling me I'm crazy. I've been in the mortgage business for over twelve years and I can honestly say that rates have had a very small impact on people's decision of whether or not they should buy a home. The biggest factors I ...
12/26/2008
16 Comments
I've written a lot about how I can't believe how the same imbeciles who said that everything was great in 2006 AND who said that the housing slump would only last until the third quarter of 2008, are now saying that the ecomnomy will pick up in the second half of next year. It is amazing how no o...
12/24/2008
The eleventh Reverse Mortgage benefit on my list is - Foreclosure Rescue. This has come up a lot more lately. I am currently working on sevreal cases where the Reverse Mortgage will save their home and in all of the cases the existing lender is accepting a short-pay off with the Reverse  Mortgage...
12/24/2008
The tenth benefit of a Reverse Mortgage is that (most) Social Security and Medicare are unaffected. I get asked a lot about this as well as how Reverse Mortgage proceedsd can affect Medicaid.  The Proceeds from a Revese Mortgage are tax-free and are considered a loan. They should not affect Medic...
12/22/2008
I posted before about how well Peter Schiff predicted the whole mess that we are in. Someone sent me a compilation of some of his appearances in CNBC where he got absolutely blasted by all of the morons who thought this could never happen. It's ten minites long, but well worth the time.  http://w...
12/22/2008
The ninth benefit of Reverse ortgages (from my list) is that all closing costs are financed. There are no out of pocket expenses. This is a pretty simple one, but the question comes up all of the time: "I heard there are a lot of closing costs, I don't have any money!" The closing costs fopr Rerv...
12/21/2008
The eighth benefit on my list is - Non Recourse - this eans that you can never owe more than the value of the home. This is a fantastic benefeit that many people are not aware of. What this means is that if the borrowers live in the home for much longer than expected OR if the value of the proper...
12/19/2008
I am not too fond of Mary Schapiro as she exhibited almost no understanding of how Reverse Mortgages work when she wrote a horrible piece in the Wall Street Journal a few months ago. See my posts about it her: http://activerain.com/blogsview/581465/Another-misleading-article-in-the-Wall-Street-Jo...
12/19/2008
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Michael Pinter

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Everything you ever wanted to know about Reverse Mortgages.