• Kevin A. Guttman

How to Switch Your Mandatory Mortgage Payment to an Optional Payment

Many senior homeowners still have a mandatory mortgage payment as they approach or are in their retirement years. For several decades they have made their mortgage payments on time, while working, raising their family and putting their children through college. As seniors living on a fixed income, their largest expense is their monthly mortgage payment.

Each month they struggle to pay their bills and maintain their lifestyle. What senior homeowners don't realize is that they may be living in the solution, their home! If a senior homeowner has at least 60% equity, they can legally eliminate or make optional their monthly mortgage payments.

Over the years, I have sat with many seniors at the closing table. They all sing the same tune when closing on a reverse mortgage, which is this: "Now I can sleep at night and don't have to worry about money."

For those senior homeowners who are fortunate enough to have more than 60% equity, their home can start paying them in a lump sum installment, monthly payments or a line of credit, all tax free. More on that in my next blog!

If you want to learn how a reverse mortgage can help you, let's chat by phone or in person.


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DISCLAIMER: The information contained on this website are the views of Kevin A. Guttman, and do not necessarily reflect the views of Evergreen National Bank. The information contained in this website is for general information purposes only. It is believed to be reliable, but Evergreen National Bank does not warrant its completeness, timeliness or accuracy. The information on this website is not intended as an offer or solicitation for any mortgage product or any financial instrument. The information and materials contained in this website - and the terms and conditions of the access to and use of such information and materials - are subject to change without notice. Products and services described, as well as, associated fees, charges and interest rates may differ among geographic locations, offices and as a result of individual conditions. Not all products and services are offered at all locations. In no event will Evergreen National Bank be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever.

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