Reverse Mortgage Volume in January was down - big time - 02/25/10 08:02 AM
The latest data shows that Reverse Mortgage Application volume in January  was down about 50% from last year. Unfortunately this is no suprise. in my opinion; here's why:
1) The ridiculous 10% limit cut last year has made it impossible for thousands (millions?) of people to get a Reverse Mortgage because they now don't qualify for enough to pay off their existing loan.
2) The continued slide in home values is having the same effect.
3) The absurd new rules about ordering appraisals don't help anyone either. HUD has now required all appraisals to be ordered from Appraisal Management Companies (AMC's) … (0 comments)

The number of people aged 55-64 who are unemployed has tripled - Some of them might need a Reverse Mortgage? - 02/24/10 02:15 PM
A very interesting article from a few weeks ago in the Tampa Bay paper writes about the over 55 demographic as part of the national employment picture. All of its statistics come from the Bureau of Labor Statistics.
First, the number of unemployed people aged 55 to 64 has tripled to 1.6 million since the recession started.
Second the number of people over age 55 who are in the active workforce should grow by 43 percent by 2018. I'm not sure what their estimates are for national employment in eight years.
What's important to see is that the baby boomer, active … (1 comments)

The demographic trends concerning Reverse Mortgages are unbeliveable - 02/09/10 11:35 AM
Here's a few nuggets about the Reverse Mortgage market and it's unbelievable potential:
As per the U.S. Census Bureau, in 2004, over 27 million Households have at least one resident over 62 years old.
21 million (78%) Senior Households own their own home
73 percent of them own them outright with no current loan
By 2020, the U.S. population over aged 65 will be over 55 million. 
As per a McKinsey & Co./ Boston College study in 2008; 40% of Seniors are forced out of work earlier than they expected.
Most undersetimate their expenses during Retirement.
95% DON'T MOVE (every study of … (1 comments)

A fantastic article about Reverse Mortgages in the Washington post - 02/08/10 02:46 PM
Jack Guttentag, "The Mortgage Professor" wrote a great piece about Reverse Mortgages in the Washington Post on January 23rd. Kudos to Reverse Mortgage Daily which pointed the piece out a few days ago.
The article is called "Reverse mortgages are not the next subprime" which refers to the horrendous statement made by John Dugan from the Office of the Comptroller of Currency(OCC) last year as well as the ridiculous, subjective and ignorant articles in Consumer Reports and by the National Consumer Law center (NCLC, whoever they are) that were just shameful.
Mr. Guttentag is one of the few people in the media … (2 comments)

I love Joe Murin! Read his exceptional piece on Reverse Mortgages - 02/04/10 08:56 AM
Joe Murin was the head of Ginne Mae, the government agency that now securitizes most Reverse Mortgages and the only one of the three major Government Sponsored Entities (GSE's) that is not in trouble (Fannie Mae and Freddie Mac are the other two)
He wrote a great piece in mortagge new daily about how he is sick of all the negative press about Reverse Mortgages. Here it is in its entirety:
Reverse Mortgages: Friend or Foe? Definitely Friend
by Joe Murin Posted
I have had about all I can stand with the negative press related to Reverse Lending. The fact … (0 comments)

 
Pinter

Michael Pinter

Brooklyn, NY

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First Meridian Mortgage

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