Reverse Mortgage Articles By Kevin A. Guttman

Kevin Guttman – Reverse Mortgage Specialist Colorado

How does a reverse mortgage work When You Die?

March 10th, 2021|Comments Off on 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 fact, a reverse mortgage is a particular type of loan that converts some of your home equity into cash. This loan allows [...]

Reverse mortgage calculator

February 2nd, 2021|Comments Off on 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, the value of the home less what is owed, and the interest rate. Here are a few examples. Eliminate Mandatory Mortgage Payment [...]

Heloc vs Reverse Mortgage

January 11th, 2021|Comments Off on 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 monthly payments to repay the loans. No required monthly payments from the homeowner: Homeowner can receive proceeds from equity*. The homeowner is [...]

The 4 Biggest Risks for Senior Homeowners

December 4th, 2020|Comments Off on 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 as the baby boomers enter retirement, the cost of healthcare will increase as it is a supply and demand issue. That is, [...]

Mistakes to avoid when getting a Reverse mortgage

November 24th, 2020|Comments Off on 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 mortgage, the following are mistakes you should avoid: Choosing An Amateur Reverse Mortgage Loan Officer Working with an inexperienced loan officer can [...]

Benefits Of Obtaining A Reverse Mortgage

November 24th, 2020|Comments Off on 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 with adequate equity. As a homeowner, a reverse mortgage allows you to borrow equity. Rather than paying the lender, the lender makes [...]