Unlock Financial Freedom With Kevin A. Guttman, a Certified Reverse Mortgage Broker
United States - September 29, 2023 / Kevin A. Guttman - Certified Reverse Mortgage Professional & Sr Mortgage Broker /
Are retirement worries holding you back from enjoying life to the fullest? You're not alone! If you're considering getting a reverse mortgage in Florida and want reliable guidance, contact certified reverse mortgage broker Kevin A. Guttman. He provides honest advice and top-notch care to help you secure the income you need for a worry-free retirement.
A Comprehensive Guide to Reversing Your Mortgage
Brokers may occasionally make reverse mortgages appear complex. Kevin A. Guttman simplifies the process by breaking it down into bite-sized pieces of information you can understand as you proceed.
Defining the HECM Loan
If you're 62 or older, you can potentially receive a Home Equity Conversion Mortgage (HECM) loan. The HECM loan changes your home's value into income and doesn't require to be paid back until you sell your home. It's government-regulated and aims to improve the finances of older individuals.
Various housing types qualify for a reverse mortgage, including single-family homes, townhouses, and multi-family residences. Eligibility typically requires homeowners to own the property outright or have substantial equity. Before obtaining a reverse mortgage, borrowers must attend a counseling session with a HUD-certified counselor to understand the loan's terms and implications completely.
There are five options for receiving your reverse mortgage payment: tenure, term, line of credit, modified tenure, and a modified term.
Tenure payments are a series of equal payments made throughout the rest of the borrower's occupancy in their home. With this option, you will receive reverse mortgage payments as long as you continue to occupy and maintain your home.
Term payments are like tenure payments because they involve equal payments. However, they differ because term payments are set for a fixed time only when the borrower leaves the home. The borrower chooses how many months or years they want payments, and at the end, they need to repay the remaining amount.
Line of Credit
Line of credit payments are a highly flexible way to receive reverse mortgage funds. Instead of regular monthly payments, borrowers are given a line of credit they can use when necessary. Interest is only charged on the borrowed amount from the line of credit. The loan is due when the borrower no longer resides in the home, sells it, or passes away.
If a borrower can't decide whether they'd like monthly payments or to take out a line of credit, modified tenure payments are an excellent in-between option! It ensures that the borrower receives monthly payments, adding a line of credit that can be drawn from as needed.
Modified term payments strike a balance between term payments and line of credit options. They enable borrowers to choose a specific period for regular monthly payments while maintaining access to a flexible line of credit for discretionary use.
Enhance Finances With Reverse Mortgage
Choosing a HECM reverse mortgage loan in Florida is a significant decision. If you believe it's the right choice, contact experienced mortgage expert Kevin A. Guttman. With over 20 years of experience, Kevin is dedicated to improving the financial situations of senior homeowners. Reach out via phone or visit his website to get started today!
Kevin A. Guttman - Certified Reverse Mortgage Professional & Sr Mortgage Broker
Contact Kevin A. Guttman - Certified Reverse Mortgage Professional & Sr Mortgage Broker