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

2009 

A little background is needed to explain what happened. About a month ago, HUD asked Congress for about $800 million dollars extra to fund possible future shortfalls in the FHA Home Equity Conversion Mortgage (HECM) program. This is the FHA Reverse Mortgage program and the request was based compl...
07/29/2009
First Reverse, the Reverse Mortgage company that was acquired by Wilmington Savings Fund Society (WSFS) a Delaware Bank in 2008 is being "wound down" because they were still losing money (although much less than last year) and the bank had a bad quarter. This stinks because (as I had posted earli...
07/28/2009
Congress is discussing extending the $625,500 limit out at least another year (Thank God) but in the same breath lowering how much borrowers can get. This is coming primarily because HUD recently asked Congress for an additional $800 Million because of possible future losses from possible increas...
07/24/2009
I know I've posted a lot about how great Reverse Mortgages are, but the truth is that every situation is different. I have a Reverse Mortgage ready to close and the borrower now wants to explore taking a regular "forward" mortgage. My first instinct was to convince them that a Reverse was better,...
07/22/2009
My last post was about people in forclosure who are being helped with a Reverse Mortgage. I received a few comments about why the people were in foreclosure if they had equity - Why didn't they just sell the property? The reality is that for elderly people, selling is not what they want to do. Ev...
07/17/2009
I'm helping out someone who is in foreclosure and getting a Reverse Mortgage to pay off his loan and stay in his home. He paid some place $3,000 to get him a modification and in the process, the loan got sold to another investor that does not do modifications whatsoever. The bozos from the modifi...
07/13/2009
11 Comments
I am working on A Reverse Mortgage for a client that has a second lien with Indymac. The first lien holder agreed to a short payoff in JANUARY! and I have been "working:" with Indymac to get a short payoff from them since then. After getting jerked around for five months, they asked for a $300 fe...
07/10/2009
Yesterday's post  was about using a Reverse Mortgage for foreclosure rescue and I received a few questions about how that works if the borrower has little or no equity in the property. The answer is that many lenders will take a short payoff now. Some still won't, and I posted yesterday about how...
07/08/2009
I have seen a huge spike in requests for Reverse Mortgages for borrowers who are in foreclosure. In my opinion, the Reverse Mortgage is the absolute best outcome to the already bad situation because the borrower gets to stay in their home, they have no more issues with making payments and the len...
07/07/2009
Okay, many, many people have asked me how a Reverse Mortgage for purchase works. Here it goes: The borrowers are buying a home and they are 62 or older. The amount that the borrower will get is based on their age, the older they are, the more they get. Here is an example of a loan that I just clo...
07/01/2009
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Michael Pinter

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Everything you ever wanted to know about Reverse Mortgages.