The $1.5M Mistake a Senior Homeowner Can Make
I recently read a book where the author gives financial advice regarding housing for seniors. These options included: -Downsizing -Cohabiting -Selling the Home and Renting For some people I agree that downsizing may make sense where they can buy a home that better suits them in the stage of life they are in [...]
What is a Retirement Mortgage?
Having been in the mortgage business since 2004, I can say with certainty there are no perfect people and therefore no perfect borrowers. Even though we are bombarded with what we should do, save 10-15% of our gross income, pay everyone on time, don’t get over extended, etc. Life happens. For [...]
Reverse Mortgage Counseling
Reverse Mortgage Counseling One of the safeguards a reverse mortgage has is required face to face or phone counseling with an independent 3rd party. The cost is minimal, and is paid before any paperwork is signed. Counseling usually happens after meeting with a Reverse Mortgage Specialist. The counselor is looking to [...]
If Everything You Thought About Reverse Mortgages Was Wrong, How Soon Would You Want To Know
One of the most misunderstood mortgage programs is a Reverse Mortgage. To be fair, early on there were some abuses, which in large part have been remedied. Today, a Reverse Mortgage is the choice for many senior homeowners approaching or in retirement. Here is a list of reasons why. No mandatory, [...]
How much money do you get from a reverse mortgage?
We rack up our pennies to save for retirement most of our adulthood. However, come retirement, most of us have less than 100,000$ 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 [...]
How does a reverse mortgage work When You Die?
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 [...]
Reverse mortgage calculator
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, [...]
Heloc vs Reverse Mortgage
Home Equity Line of Credit vs Reverse Mortgage Line of Credit What are the differences and similarities between a reverse mortgage line of credit and a home equity line of credit? HELOC RMLOC Requirements for income and creditworthiness. No requirements for income and credit score. Homeowners must still make [...]
The 4 Biggest Risks for Senior Homeowners
As senior homeowners approach retirement, there are 4 big risks they face, which are: Healthcare costs Inflation Longevity, and Taxes Risk 1 - Healthcare It seems as if each week or month the rising cost of healthcare is in the news. Politicians can’t seem to figure out what to do about this and [...]
Mistakes to avoid when getting a Reverse mortgage
Like every other type of loan, taking a reverse mortgage in Colorado can be a financial disaster or a smart move depending on your financial situation and circumstances. It is a disaster for some people because they make certain mistakes that could have been avoided. Thus, if you’re planning to take a reverse [...]
Benefits Of Obtaining A Reverse Mortgage
Are you about to retire from work, and you’re putting things in place to have a lovely retirement? Then, going for a reverse mortgage in colorado is an option you might want to opt for. You’re qualified to get a reverse mortgage if you are over 62 years, and you own a home [...]
Who is a Good Candidate for A Reverse Mortgage?
The son of a senior homeowner asked me recently if his parents were good candidates for a reverse mortgage? These are the questions I asked him. How long do your parents plan to live in their home? If at least 18-24 months or more, then it may make sense as it may take that long [...]
The Mortgage That Sounds Too Good To Be True
There is a mortgage available to senior homeowners that qualify that truly sounds too good to be true! What does this mortgage look like? no mandatory monthly mortgage payment required decrease monthly expenses and increase cash flow access and unlock equity, when equity is accessed it is not taxed earn compound interest on equity, guaranteed [...]
What’s the Best Mortgage in Retirement?
Life Stages Different mortgages fit different stages of life. For example, a first-time homebuyer benefits from an FHA mortgage as it has a low down payment threshold and easier underwriting criteria. A move-up buyer may use a Conventional or Conforming loan, that offers higher loan limits. Someone living outside the city benefits from [...]
Rethinking What Seniors Leave to Their Kids
Pressurized Environment for Seniors Senior homeowners are facing pressure as they live on a fixed income in retirement. They fear running out of money as they survey the economic landscape of rising health care costs, inflation, pending tax increases. Then there is the wildcard of longevity risk. As baby boomers are healthy and [...]
What Are End of Life Concerns?
The Wall Street Journal on October 6, 2020 had an article about last instructions should you become incapacitated or die. Here are the top five concerns people have: Not being a burden to my loved ones Having some control over medical interventions Being the one to decide what happens to my belongings Being sure that [...]
Everything You Need to Know About Reverse Mortgage
A lot of homeowners have probably heard of a reverse mortgage but there it is still not clear of what it means exactly. A reverse mortgage provides the opportunity to borrow based on your age and the amount of equity that has been built over the years on your primary residence. When searching for a [...]
You May Be Doing Fine Today, Position Yourself For Better As You Age
When senior homeowners hear about a reverse mortgage, many are resistant as they are believing myths, rumors, and horror stories of how the program USED to be. Many of the issues that gave reverse mortgages a bad rap have been corrected in recent years. As I talk with senior homeowners about reverse mortgages, their default [...]
Maximize Home Equity & Reduce Risks
Americans like to earn interest on their money with the least amount of risk. Yet, every day we put our money in stocks, bonds, mutual funds through our 401k, IRA’s and retirement plans. That money is at risk. We hope and pray it goes up, and historically, it usually does. For most people, their equity [...]
How You Can Preserve Retirement Assets & Increase Your Liquidity
Because seniors feel like they have less time to recover if they make a financial mistake, there is more pressure to make the right choice, especially about assets. Fortunately, there are ways to preserve retirement assets while increasing liquidity. Here's how. Let's talk about assets and liquidity in retirement. American homeowners have 3 sources of [...]
