Michael Pinter's Reverse Mortgage Blog

The Seventh benefit of Reverse Mortgages is - No Pre-Payment Penalties.  I get asked very often if payments can be made on a Reverse Mortgage (Even though they are not required.) The answer is absolutely. Not only is there no Pre-payment penalty, but in most cases, making payments will increase t...

I'll get to the Seventh benefit of Reverse Mortagges later today, but I wa  given a great article by an Elder Law Attorney yesterday and I wanted to share it with you. Check it out: http://www.nj.com/business/ledger/index.ssf?/base/business-11/122923300189300.xml&coll=1  

The sixth benefit of a Reverse Mortgage is that the proceeds can be used for anything.  The question comes up a lot: "What am I allowed to do with the money I get?" The answer is anything that you want to. I have seen grandparents dreams come true because they were able to take all of their grand...

The fifth Reverse Mortgage benefit is a growing line of credit. Just to reiterate: There are three options on how you take the Reverse Mortgage proceeds:1) a lump sum 2) a monthly check 3) a line of credit   A vast majority of Reverse Mortgages are taken with a line of credit. Some loans are take...

The fourth benefit of a Reverse Mortgage is: Tax-free Monthly Cash Flow. I discussed this a little a few days ago, but there is a lot more to write about. I get asked  lot about the tax consequences of a Reverse Mortgage. the simple answer is that the proceeds are considered a debt and not income...

The third benefit on my list is "Pay off your existing mortgage with the proceeds." Many people are still under the false impression that you can only take a Reverse Mortgage if you don't owe anything on your home. In fact, more than 70 percent of all Reverse Mortgage loans pay off an existing li...

The second benefit that I mentioned last Thursday is: No Income, Asset, Credit or Medical requirements. What this means is that if you own your home and are 62 or over, you AUTOMATICALLY QUALIFY. I don't want to get into the fact that this benefit has rescued many from foreclosure, because I list...

I listed twelve benefits of Reverse Mortgages yesterday. I will now go through each one in more detail. Reverse Mortgages have no payments due on them until the last borrower no longer lives in the house. This means that as long as the borrowers live in the home for any period of time every twelv...

I'll summarize them today and go into more depth about each one of them in the coming days. I'll start with the obvious ones first and move through to some that many people don't realize. 1) No payments for as long as the borrowers live in the home 2) No Income, credit, asset or medical requireme...

I get some flack about the fact that I only extoll the virtues of Reverse Mortgages and not their negative points. Let me reiterate: Reverse Mortgages are not for everyone. Specifically they are only for people who plan to remain in their hiomes and have a current financial need. The reasons for ...