With 17 years of real estate experience, Colorado Springs Mortgage Specialist Kevin Guttman is committed to serving the needs of the senior community.
He does this by being the only certified reverse mortgage professional in southern Colorado. As a reverse mortgage specialist, Guttman said he helps seniors tap into their home equity so they have the cash flow they need to live comfortably and peacefully through retirement.
âIt’s another way to help a senior achieve the retirement they’ve worked and dreamed of,â he said.
Guttman grew up in Southern California, where his father was a real estate agent and real estate investor. When Guttman started his own career, he first worked for a non-profit organization he traveled to and met with donors to raise funds to help developing countries with needs such as water. drinking facilities, medical clinics and schools.
âIt was really great and I loved it, but I have five kids and I wasn’t home enough. So I got out of there at the end of 2002, âhe explained.
His wife also has a background in real estate and the two have started exchanging homes together. From there, Guttman entered the mortgage business in 2004. He has been offering reverse mortgages for several years because he believes they can provide seniors with the opportunity to have the cash they need. and that they want throughout retirement.
A reverse mortgage is a mortgage that allows the borrower to access the equity in their property, but the loan is granted without the requirement of a monthly mortgage payment of principal and interest.
Guttman said reverse mortgages are ideal for people 62 or older who want to stay in their home for the long term (over 18 months). These people retain ownership of the title, have access to their equity tax-free and do not have to make a mortgage payment, he noted.
âThe baby boomers are the first generation to fund their own retirement and they underfunded it and they know they underfund it,â Guttman said. âTheir # 1 fear is outliving their money. â¦ We all have three compartments from which we draw: our salaries, our assets or investments and our equity. When people dip into their equity, it allows the other two to last longer. “
Reverse mortgages have no impact on most government benefits, such as Social Security, Medicare or Disability benefits, Guttman explained. With a reverse mortgage, a person can receive a lump sum, monthly payments, a line of credit, or a combination of these options.
While the reverse mortgage program is ideal for most seniors, it’s not for everyone, Guttman noted. This includes people who plan to stay in their homes for 18 months or less and those who fear leaving their children less equity.
Guttman said he doesn’t hesitate to let someone know if the reverse mortgage program isn’t for him because he treats others the way he would like to be treated – with honesty.
âIt’s an important decision for them. They can’t afford to be wrong, so I like to sit down and talk to them and answer their questions, âhe said. “I try to be a resource who is willing to explain it and not put pressure on them and help them understand their options.”
Guttman’s Certified Reverse Mortgage Professional designation required passing a rigorous test, background check, and other criteria to ensure it can meet clients’ needs. Of the 500,000 people in the country who provide mortgages, Guttman said 1% offer reverse mortgages. Of those 5,000 people, 176 have the Certified Reverse Mortgage Professional. Of these, there are four in Colorado and it is the only one in southern Colorado.
Guttman said he’s ready to meet people however they see fit, whether in person, over the phone, or through Zoom. The first appointment is free of charge or obligation as he seeks to provide information over the phone and then sets an appointment in person.
At the first in-person meeting, Guttman said he preferred to visit the person’s home because people are often more comfortable there.
âWe sit down and chat and answer questions and make sure it meets their needs,â he said. “Then I give them the steps to move forward if they want to.”
To learn more about Guttman and the Reverse Mortgage Program, call (719) 302-5820 or visit their website at