Kevin A. Guttman, CRMP

Kevin Guttman

REVERSE MORTGAGE SPECIALIST AND MORTGAGE BROKER

More than 95% of reverse mortgages are Home Equity Conversion Mortgage (HECM) loans which are insured by the FHA.

This special financing for senior homeowners allows you to convert a portion of the equity in your home into tax-free funds, giving you greater financial flexibility and security for the future.


BENEFITS

  • No mandatory monthly mortgage payments
  • Borrower retains full ownership of their home
  • The loan is repaid when the borrower ceases to occupy the home (sells home or passes away)

REQUIREMENTS

  • Must be 62 years of age
  • Live in home as their primary residence
  • Have sufficient equity in the home
  • Complete HUD-approved counseling and pass a financial assessment

LOAN PROCEEDS CAN BE PAID IN SEVERAL WAYS:

  • Single lump-sum disbursement
  • Fixed monthly installments
  • A line of credit that earns interest
  • A combination of all of the above options

HOW MUCH WILL YOU QUALIFY FOR DEPENDS ON:

  • Age of the youngest borrower
  • Appraised value of the home
  • Current interest rates

BORROWER RESPONSIBILITIES

  • Keep real estate taxes current
  • Maintain homeowner’s insurance
  • Maintain home in good condition .

A reverse mortgage can be used to supplement retirement income, make home repairs or modifications, pay for medical or long-term costs, establish a line of credit for future use, and even purchase a new home.


You can reach me at: (877) 251-9709 or (719) 302-5820 or go to the Contact page and submit a request.


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