Enjoy retirement without a house payment!

Q: What do most Americans cite as their #1 fear during retirement?
A: Running out of money.

If you are living in a primary residence, plan to stay a minimum of 18 months and have paid your mortgage and creditors on time for the last two years, you might want to consider a Reverse Mortgage.

• More than 1.2 million senior households have utilized an FHA-insured reverse mortgage
• Older adults often focus on a debt-free retirement, overlooking a valuable financial resource: their home. Collectively, homeowners 62+ years have a record $6.5 trillion of “tappable” equity
• A reverse mortgage is a “non-recourse” loan. Borrowers are not responsible for repaying the loan.
  
  Source: Black Knight, Nov. 2, 2020

A reverse mortgage can help homeowners at least 62 years old age-in-place, maintain independence, retain home title ownership, gain access to home equity that earns compound interest tax-free (and is non-taxable when drawn on) or double their purchasing power to get a newer home.

They enable older Americans to borrow against the equity in their homes to help fund retirement needs without having to make PI monthly payments as required with traditional "forward" mortgage or home equity loans. Funds are advanced to the borrower and interest accrues, but the outstanding balance is not due until the last borrower leaves the home, sells, refinances or passes away.

A reverse mortgage was a "win" for many local Coloradan clients of Kevin Guttman's, including:

• Carol, an 84-year-old woman on a tight budget, was using credit cards to buy groceries. A reverse mortgage freed up more than $1,000 each month, eliminating her monthly PI mortgage payment and enabling her to pay off debt and retain title to her home.  
• Ruth, a 75-year-old woman, dreamed of buying a sprinter van to travel to national parks. She turned her dream into a reality with a reverse mortgage, using equity from her home tax free.
• Sharon and Bill, a couple in their 60s, used a reverse mortgage to double their purchasing power for a newer, updated home with no monthly PI mortgage payment. When Bill passed away, not having a mortgage payment allowed Sharon to stay in their home.
• Jim was concerned that his senior parents might outlive their money. A reverse mortgage’s elimination of monthly PI payments gave the couple more disposable income to pay medical and rising cost of living expenses.

• Is a reverse mortgage right for you?
  A Certified Reverse Mortgage Professional can educate you about your specific numbers and what you might quality for, as well as provide an analysis of your situation, so you can make an educated decision. All reverse mortgage borrowers are required to get counseling from an independent, third-party, HUD-approved counseling agency.

• A reverse mortgage does not have to be complicated when you have a professional’s help!
• Kevin Guttman can help guide you through the Reverse Mortgage application and arrange for an appraisal of your property after receipt of your HUD counseling certificate. He can process the necessary paperwork, including a title report and the checking of balances of liens/mortgages to be paid off. Once completed, the documents will go to a loan underwriter for final approval. You will work with your reverse mortgage specialist to satisfy any conditions or requirements needed to close the loan.  Learn more at ReverseMortgageRevolution.com.
• Certified Reverse Mortgage Professional (CRMP) -- An elite designation