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Reverse Mortgage Articles By Kevin A. Guttman

 

Kevin Guttman – Reverse Mortgage Specialist Colorado

HELOC vs RMLOC

September 11th, 2020|0 Comments

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? HELOCRMLOCRequirements for income and creditworthiness.No requirements for income and credit score.Homeowners must still make monthly payments to repay the loans.No required monthly payments from the homeowner: Homeowner can receive proceeds from equity*.The homeowner is still responsible for real estate taxes, insurance, [...]

Reverse Mortgage Pros & Cons

September 11th, 2020|0 Comments

Reverse Mortgage Pros & Cons Like every form of home financing, there are pros and cons to each. For many, a reverse mortgage is a huge lifeline and well suited to their particular situation. For those homeowners, the pros of a reverse mortgage outweigh the cons. Here are some reverse mortgage pros for your consideration. the proceeds are not taxable remain in your home as long as you meet the loan terms* retain ownership and on the [...]

How To Get the Best Interest Rate on a Reverse Mortgage

August 19th, 2020|Comments Off on How To Get the Best Interest Rate on a Reverse Mortgage

When a senior homeowner takes out a reverse mortgage, it may be the last mortgage they need. And, getting a great interest rate is important as the borrower may have this loan for several years. One of the unique features with a reverse mortgage is the borrower gets a better rate whether at application or right before closing. So, the senior is protected if the rate goes up, and they get the benefit of a lower rate [...]

Everything You Need to Know About Reverse Mortgage

August 6th, 2020|Comments Off on 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 reverse mortgage in Colorado Springs, it is important that you’re first having an understanding of what it entails so that you know [...]

Reverse Mortgage Calculation

July 17th, 2020|Comments Off on Reverse Mortgage Calculation

An example of a reverse mortgage calculation. 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, the value of the home less what is owed, and the interest rate. Here are a few examples. Eliminate Mandatory Mortgage Payment [...]

You May Be Doing Fine Today, Position Yourself For Better As You Age

July 3rd, 2020|Comments Off on 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 response is “I’m doing fine” and “I don’t need a reverse mortgage.” My response is usually "that’s great for today but what [...]