Michael Pinter's Reverse Mortgage Blog

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

ARCHIVED BLOG POSTS

2008 

I just closed my second loan with the new limits this morning. My clients were thrilled that they got more than they thought they would. I still can't belive the fact lenders are allowing it before the official mortgagee letter is realeased from HUD. Hopefully, we'll get it soon as well a...
10/31/2008
HUD released a mortgagee letter explaining how their Home Equity Conversion Mortgage (HECM) will work for purchases. They will start insuring them after January 1st.  We are still waiting for the letter about the new limits (which are unfortuately only going up to $417,000) and about Co-ops. I am...
10/30/2008
We all feared this day, but the last lender (Senior Lending) that offered a "Jumbo" or non-FHA Reverse Mortgage has stopped the product. They are saying that it is a temporary (60 day) suspension, but I am guessing that it will never start up again.  I certainly hope that some formation...
10/29/2008
I spoke to two very intelligent people today who both thought that the Revese Mortgager lender "gets" the house after the borrower passes away. A Reverse Mortgage is like any other mortgage. The owner retains ownership. the lender puts a lien on the property. When the loan is due (after...
10/28/2008
The Times wrote a short, but suprisingly positive piece about Reverse Mortgages and the changes that the new law will making. Here is the link: http://www.nytimes.com/2008/10/26/realestate/26mort.html?_r=2&oref=slogin&oref=slogin Also, I was quoted in the last issue of "Reverse Mortg...
10/27/2008
I get asked a lot how Reverse Mortgages have been effected or been a contributor to the current credit and housing problems. While Reverse Mortgages have been effected somewhat, with almost all of the non-FHA (HUD insured)products being discontinued, Reverse Mortgages have not contributed to the ...
10/24/2008
I have a bunch of borrowers waiting for co-op loans. I have a few purchases that also want to get going. HUD is really making us wait. it is now almost three months since the legisaltion passed (that raised Reverse Mortgage limits and allowed them for co-ops and purchases), and we still don't...
10/23/2008
Despite the fact that many older Americans' homes are worth less now than they were two years ago, many of them have a severe need to access their equity and cannot do it any other way. Most of these people are on fixed incomes and there are very few no income programs. even if tehy could qua...
10/20/2008
Although I am still terribly dissapointed with the new limit only going to $417,000 nationally, the good news is that most lenders are already allowing applications for Reverse Mortgages with the new limit, as long as the loans close after the mortgagee letter comes out and allows for it. Hopeful...
10/17/2008
Wow! that sounds great. That's the biggest increase in over 25 years! The problem is that 5.8% translates to an average of $63 a month. That won't cut t for most peopel whose gas, food and heating bills have gone up by much more than that. Reverse Mortgages are going to be needed by many,...
10/16/2008
Rainer
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Michael Pinter

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