I recently read a book where the author gives financial advice regarding housing for seniors. These options included: -Downsizing -Cohabiting -Selling the Home and Renting For some people I agree that downsizing may make sense where they can buy a home that better suits them in the stage of life they are in [...]

Having been in the mortgage business since 2004, I can say with certainty there are no perfect people and therefore no perfect borrowers. Even though we are bombarded with what we should do, save 10-15% of our gross income, pay everyone on time, don’t get over extended, etc. Life happens.  For [...]

Reverse Mortgage Counseling One of the safeguards a reverse mortgage has is required face to face or phone counseling with an independent 3rd party. The cost is minimal, and is paid before any paperwork is signed. Counseling usually happens after meeting with a Reverse Mortgage Specialist. The counselor is looking to [...]

One of the most misunderstood mortgage programs is a Reverse Mortgage. To be fair, early on there were some abuses, which in large part have been remedied. Today, a Reverse Mortgage is the choice for many senior homeowners approaching or in retirement. Here is a list of reasons why. No mandatory, [...]

We rack up our pennies to save for retirement most of our adulthood. However, come retirement, most of us have less than 100,000$ saved up. With debts constantly increasing and income staggering, many citizens are unprepared for retirement. Thankfully, for homeowners who are at least 62 years old, a reverse mortgage [...]

Reverse mortgages are credit advances that allow the elderly to borrow against their home equity during their retirement years. Unlike traditional mortgages, borrowers don’t have to make a monthly payment on their reverse mortgage.  The Kevin A. Guttman team of mortgage professional are here to help you every step of the way. In [...]

How a Reverse Mortgage Calculator works A senior homeowner's biggest question is how much money can they get with a reverse mortgage? First, let’s talk about how this amount is determined. For most reverse mortgages, they are regulated by the Federal Housing Administration (FHA). The formula comprises of: the age of the youngest borrower, [...]