Home Improvement and Maintenance: Ask a Grapevine Loan Officer

David Leslie, a Grapevine-based loan officer with Mutual of Omaha, talks about a variation of a reverse mortgage being offered.

Talk about how the Lifestyle Home Loan Program works.

Mutual of Omaha launched its Lifestyle Home Loan program this year for people interested in purchasing a retirement home. A companion program called Lifestyle Home Loan Refinance allows homeowners to refinance their home. This loan program is provided by the Federal Housing Administration. It allows buyers to get a home for around 55% to 60% out of pocket and has no monthly mortgage payments or compound interest. “The benefit for this person is that by the time they retire, not having a mortgage payment helps them reduce the cash flow that comes out each month,” Leslie said.

What are the requirements?

The owner must be at least 62 years old or be married to someone who is at least 62 years old. The house price limit is $970,800. The loan must be used on a principal residence. The money used when closing the house must come from asset accounts or a donation. The money needed cannot be acquired through debt.

What are the responsibilities of owners?

Homeowners must still pay all property taxes and home insurance. They must also maintain the house and cover dues for any homeowners association.

When is the Lifestyle home loan paid off?

This loan is repaid when the home is resold, whether following a move or death. The borrowers retain the capital remaining after the sale.

David Leslie, Home Equity Specialist, Mutual of Omaha, 3340 Wilshire Ave., Grapevine. 817-597-0253. https://mutualreverse.com/david-leslie

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