Michael Pinter's Reverse Mortgage Blog

Mortgage and Lending - First Meridian Mortgage
Everything you ever wanted to know about Reverse Mortgages.



There are three basic payment options for a Reverse Mortgage. Remember that when I say payment, I mean payment TO the borrower and not from them. Reverse Mortgages have no paymnets from the borrower. The first option is a lump sum. This means basically that you take all of the available funds at ...
One of the most common questions at the start of the Reverse Mortgage Process is: How much can I get? The answer always depends on three factors: 1) The age of all borrowers 2) The value of the property and 3) Current interest rates. There are two types of Reverse Mortgage products (see earlier p...
I get asked by many prospective clients how the whole process works and how long it takes. Here are the answers: The proces starts when the client decides to move forward and the application package is generated after a five minute conversation to gather some basic information. The application pa...
On Friday, I told you about the two negative aspects of Reverse Mortgages. Just to recap, they are: The seemingly high closing costs and the compounding negative ammortization. Today I want to give you some of the positive aspects of Reverse Mortgages. 1) Peace of Mind - The biggest benefit of a ...
I know that today was the day to describe all of the benfits of a Reverse Mortgage, but I am pushing that until tommorow. I am pushing it because I read the results of a Harvard University study today that said that the housing crisis was going to take  a little longer than most economists had pr...
There are two negative aspects of a of Reverse Mortgages: 1) the closing costs 2) The compounding negative ammortization Closing Costs - Obviously this is a big issue. Costs for a Reverse Mortgage can be high when you compare them to a regular "forward" loan.  Costs for the most popular Reverse M...
Okay, who should take a Reverse Mortgage and who shouldn't? A Reverse Mortgage is for people 62 or over who have significant equity in their home and have any financial need. Financial need does not only mean that they can't pay their bills, it can also mean that they just need some extra cash to...
I have been getting a lot of questions about the basics of Reverse Mortgages, so I decided that I will start from scratch for the people who don't want to scroll all the way down looking for old posts. First- The two types of Reverse Mortgages The most common Reverse Mortgage is a Home Equity Con...
I received a few comments telling me that I was crazy to suggest that people should use Reverse Mortgage proceeds to invest in the stock market. This is not what I said. What I said was that if you are living off of a retirement portfolio and it gets slammed, you have a problem. if you had access...
Most Reverse Mortgage borrowers take one because they need the money. However, a growing number of Reverse Mortgage Borrowers don't need the money yet, but are afraid that they might need it soon. We can all agree that the costs of living are increasing, not just for gas and food, but for many ot...

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