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Mike Bowers

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Buy your next home without any monthly mortgage payments and without paying all cash.

Find out how to leverage your home equity for a better retirement.

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Reverse Mortgage Lender

Mike Bowers

HECM Loan Specialist | NMLS #61535 | 800-589-8430 *********

Mike Bowers is a 5-star reverse mortgage professional. Click here to read his reviews.

How do Lifestyle Home Loans 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 mortgage loan?

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

Who can qualify for a Lifestyle Home Loan mortgage?

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. 

 

*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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