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Michael Bowers
HECM Specialist | NMLS #61535
Cincinnati, Ohio | Mortgage
5.00 -
1 Review(s)
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Synergy One Lending Inc. d/b/a Retirement Funding Solutions, NMLS 1025894. 3131 Camino Del Rio N 190, San Diego, CA 92108. Alabama Consumer Credit License #22123; Arizona Mortgage Banker License 0926603; Arkansas Combination Mortgage Banker/Broker/Servicer License 109250; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act – California License 4131356; California Lenders Law License #60DBO93110. District of Columbia Mortgage Dual Authority License MLB1025894; Hawaii Mortgage Loan Originator Company License #HI-1025894; Illinois Residential Mortgage Licensee #MB.6761115; Maine Supervised Lender License 1025894; Maryland Commissioner of Financial Regulation - Mortgage Lender License 21678; Minnesota Residential Mortgage Originator Exemption #MN-OX-1025894; Nevada Exempt Company Registration 4830. Licensed by the New Hampshire Banking Department 19926-MB; Licensed by the New Jersey Banking and Insurance Department – New Jersey Residential Mortgage Lender License 1025894; New Mexico Mortgage Loan Company License 1025894; North Dakota Money Broker License MB103387; Oregon Mortgage Lending License ML- 5208; Rhode Island Lender License #20163229LL. Rhode Island Loan Broker License #20163230LB; Vermont Lender License 6891. Washington Consumer Loan Company License CL-1025894. (866) 200-3210. Subject to Credit Approval. Charges such as an origination fee, mortgage insurance premiums, closing costs and/or servicing fees may be assessed and will be added to the loan balance. As long as you comply with the terms of the loan, you retain title until you sell or transfer the property, and, therefore, you are responsible for paying property taxes, insurance and maintenance. Failing to pay these amounts may cause the loan to become immediately due and/or subject the property to a tax lien, other encumbrance or foreclosure. The loan balance grows over time, and interest is added to that balance. Interest on a reverse mortgage is not deductible from your income tax until you repay all or part of the interest on the loan. Although the loan is non-recourse, at the maturity of the loan, the lender will have a claim against your property and you or your heirs may need to sell the property in order to repay the loan, or use other assets to repay the loan in order to retain the property.
About Michael Bowers
“I exclusively educate, teach, and originate the FHA HECM (H4P) for Purchase loan program to the benefit of Boomers,” says Mike Bowers of MUTUAL OF OMAHA MORTGAGE and Retirement Funding Solutions. He serves seniors who were born from 1946 – 1964 and offers them financing options and choices with the FHA HECM for Purchase (H4P) mortgage. Mike also educates attorneys, builders, CFPs, and real estate agents about the FHA HECM Programs. “Boomers have a housing need and not a housing want,” explains Mike. “Boomers are sitting on 8 trillion dollars of locked-up equity. The monthly expense of owning a home takes 1/3 of retirement income.” The H4P is a special home purchasing mortgage; it is a financing tool for the affluent middle class. Mike explains, “We do not use the three-digit credit scores or their debt to income ratios. We use the age of the youngest borrower and the value of the home. We have jumbo loan limits of up to $4,000,000 for the State of Ohio.” Mike, a fellow Boomer himself, adds, “We all seek a place to grow old with the respect and dignity that all retirees expect and hoped for one day!” He helps seniors do just that with the HECM (H4P) purchase mortgage.