1 Peter 1:3-5

³ Blessed be the God and Father of our Lord Jesus Christ, who according to His abundant mercy has begotten us again to a living hope through the resurrection of Jesus Christ from the dead,

⁴ to an inheritance incorruptible and undefiled and that does not fade away, reserved in heaven for you,

⁵ who are kept by the power of God through faith for salvation ready to be revealed in the last time.

Salvation is past (begotten us again), present (kept by the power of God), and future (revealed in the last time).

Blessed (v.3) = to praise, to celebrate with praises, “To bless someone in the sense of speaking well of him.”

Peter, a Jew with an Old Testament Jewish background, writing to … Jews of the same background, speaks of the God of Israel as the “God and Father of our Lord Jesus Christ,” thus recognizing the latter in His human relationship to God the Father, for our Lord in His incarnate humanity worshiped God and recognized Him as His Father. Yet he also takes into account His deity in the name “Jesus” which means “Jehovah-Savior,” and also in the name “Christ” which means “the Anointed One.” — Wuest, pages 20.

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“According to” (v.3) is from kata whose root meaning is “down.” From this we get the idea of domination, thus not “According to the measure of His abundant mercy,” but “impelled by His abundant mercy.” — Wuest, page 20.

begotten us again (v.3) — regeneration, a new life

This lively hope is made possible by the resurrection of the Lord Jesus in that it is through the believer’s identification with Him in the resurrection that he is given a new life in regeneration, and thus will also be able to enjoy the heavenly inheritance into which he has been born. — Wuest, page 21

from (v.3) — lit. “out from within,”as Jesus was raised out from among the dead in Hades.

The inheritance (v.4) is reserved in heaven but it is to be brought down from thence, and manifested and established upon earth. It has been promised to Israel. They are guarded for it (v.5) as surely as it is reserved for them. This is true of believers in general. — Williams, page 998.

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Peter emphasized again and again the importance of continuance. They were to have hope to the end, thus making their calling sure. Continuance in hope and obedience would guarantee their deliverance at the Lord’s return (1 Peter 1:5, 7, 9, 13-14; 2 Peter 1:10-11; 3:14). — Sadler, page 43.

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While the promise of the kingdom was paramount in the mind of most Jews, Peter seems to lay special emphasis on the great promises of the resurrection and eternal life, all of which were being reserved for them in heaven.

This is in keeping with a promise our Lord made to the twelve. As He prepared to return to heaven He said, “And if I go and prepare a place for you, I will come again, and receive you unto myself; that where I am, there you may be also” (John 14:3). … This was in fulfillment of the parable of the nobleman who went into a far country (heaven) to receive a kingdom for himself (Christ), and then return (the Second Coming). In His absence they were to occupy [themselves] until His appearing, laying up their treasures in heaven, where neither moth nor rust could destroy them (Luke 19:12-13 cf. Matthew 6:20-21).

However, when God interrupted the Prophetic Program with the Mystery, their inheritance and the promises associated with it were reserved in heaven until Christ returns in glory at the close of the Great Tribulation. — Sadler, pages 43-44.

reserved (v.4) = to watch, to observe, to guard, protect, to reserve, set aside. The tense indicates a past completed action having present results.

kept (v.5) = to guard or protect. Tense indicates an action constantly going on.

salvation (v.5) — (here) glorification

The salvation of Israel is two-dimensional. The physical side of her deliverance always held a special place in the hearts of most Jews, especially those of the dispersion. … Peter was charged with the spiritual side of things, calling upon his hearers shortly after Pentecost to “repent ye therefore, and be converted, that your sins may be blotted out, when the times of refreshing shall come from the presence of the Lord” (Acts 3:19).

Both of these elements of Israel’s salvation are future, which helps to explain the “time phrases” in Peter’s epistles, such as, “ready to be revealed in the last times,” “receiving the end of your faith, hope to the end,” etc. (1 Peter 1:6, 9, 13). The “last time” and “the end” Peter speaks of here are the last days of prophecy that have been temporarily interrupted by the present age of grace. Consequently, the Hebrew race, including every detail of their redemption, is being preserved by the power of God until Christ returns in glory to establish His millennial kingdom. — Sadler, pages 45-46.