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I can't believe that so few people have even a basic understanding of Reverse Mortgages!

By Michael Pinter

Mortgage and Lending with First Meridian Mortgage

July 11, 2008 02:36 AM

From the many comments I get, it is clear to me that most of the people who casually read this blog have very little understanding about how Reverse Mortgages work, the benefits they provide and why there is nothing like them.

I beg of you to read the series of "Reverse Mortgae Basics' that I posted over the past few weeks.

Just to recap: Reverse Mortgages are not an investment vehicle, the bank does not "get" the house, they are not right for everyone and they are the only loan product in the world that can insure that someone can stay in their home for as long they want to.

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Brian Schulman

Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA

Lancaster County PA RealEstate Expert 717-951-5552

Michael, it would be useful if you were to include links to your previous blogs on the topic.

Jul 11, 2008 02:41 AM

Michael Pinter

First Meridian Mortgage - Brooklyn, NY

Brian,

You are correct, I will try to post again later with links, thanks for the tip.

Jul 11, 2008 02:44 AM

Myrl Jeffcoat

Sacramento, CA

Greater Sacramento Realtor - Retired

Michael - I have become a firm believer of Reverse Mortgages for a certain segment of home owners. I have seen them make a difference in whether someone lives hand to mouth in retirement, or is able to enjoy a more comfortable existence.

I can understand folks having some difficulty understanding them however. There are a lot of moving parts to Reverse Mortgages - information that needs to be understood - loads to consider.

However, there is really good information available about them on the AARP website:

http://www.aarp.org

Myrl Jeffcoat
http://www.myrljeffcoat.com

Jul 11, 2008 03:51 AM

Myrl,

Thanks for your comment. I think the information at AARP is a little confusing. I prefer Fannie Mae's booklet. Here is the link:

www.fanniemae.com/global/pdf/homebuyers/moneyfromhome.pdf

Jul 11, 2008 04:22 AM

I can't believe that so few people have even a basic understanding of Reverse Mortgages!

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