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Mike Bowers

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Reverse Mortgage Lender

Mike Bowers

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

How do reverse mortgages 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 reverse mortgage 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 reverse mortgage?

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 reverse mortgage?

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 reverse 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 reverse mortgage?

Normally at least 50%

Can I pay off my reverse mortgage 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 reverse mortgage 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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