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Mike Bowers

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A LifeStyle Home Loan could change your life.

Turn your home equity into retirement cash-flow and live in the home you love the rest of your life.

 

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Mike Bowers

LifeStyle Home Loan Specialist | NMLS #61535 | 800-589-8430

How do LifeStyle Home Loan's work?

It is an age based (actuarial driven) mortgage - calculated using the current market value of the home and the age of the youngest borrower - designed to match the normal life expectancy of the borrowers.

What specifically is a LifeStyle Home Loan?

I prefer to call it: The Flexible Retirement Mortgage. The HECM mortgage gives every borrower Options and Choices. The HECM mortgage "monetizes the locked-up equity in home- into liquid spendable cash. It can be taken in a lump sum, a payment each month, or allowed to stay in guaranteed, non cancelable line of credit. 

Should the urgent need arise, how would someone get out of a LifeStyle Home Loan?

Just like any other mortgage they simply pay of the mortgage owed to the Bank. There are no prepayment penalties. Any remaining equity belongs to the borrowers or to their estate. 

On average, how much money does someone get from a LifeStyle Home Loan?

Based upon the age of the youngest borrower approximately 50%.  Older borrowers may expect more and younger borrowers will qualify for less.

Who can qualify for a LifeStyle Home Loan?

Age 62 and up. No Federal - State or local tax or property liens. Borrowers must have sufficient monthly retirement cash flow to meet minimum income and expense underwriting requirements.

How much equity do I need to get a LifeStyle Home Loan?

Normally at least 50%

Can I pay off my LifeStyle Home Loan early? If so, how do I do that?

Just like any other mortgage you simply pay of the mortgage owed to the Bank. There are no prepayment penalties. Any remaining equity belongs to the borrowers or to their estate. 

What happens to my LifeStyle Home Loan when I die?

When the last borrower dies or permanently vacates the home, the mortgage balance becomes due. 

 

*Borrower must occupy home as primary residence and remain current on property taxes, homeowner's insurance, the costs of home maintenance, and any HOA fees.

 

 


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Mike Bowers serves the area of Cinncinatti, Ohio.

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