A reverse mortgage is a safe and effective financial product for those 62 years of age and older. A reverse mortgage allows you to convert the equity in your home into tax free cash without making any monthly mortgage payments. In fact, instead of making monthly payments to the lender, the lender pays you a lump sum, monthly payments, or a combination—whichever you prefer. There are no credit score or income requirements to qualify and you retain complete ownership of your home. All you have to do is maintain your property tax and insurance payments! So why not find out more?
To qualify for a reverse mortgage, there are these simple requirements:
- Someone on the property title must be 62 years or older.
- Must live in and own your home. (Existing mortgage is fine)
There are 3 different types of reverse mortgages. They are all insured by the FHA, a branch of HUD (The U.S. Department of Urban Housing and Development) and offer a different route to financial independence. Government insurance guarantees that neither you nor your heirs will ever owe more on the loan than the value of your home.
The HECM (Home Equity Conversion Mortgage) Standard is the most commonly used reverse mortgage. The HECM for Purchase enables you to purchase a new property (as your primary residence) using the proceeds from a reverse mortgage. The third option is the HECM Saver, which allows you to save on fees in exchange for borrowing less money (between 10 and 18 percent less).
American Advisors Group is a leader in the reverse mortgage industry. Its primary mission is to attain the highest level of customer satisfaction and to help seniors improve their lives. The drive for innovation and excellence, as well as the commitment to quality customer service, has led AAG to be among the top reverse mortgage originators in the country. AAG is A+ rated by the Better Business Bureau, is a U.S. Department of Housing and Urban Development Approved Lender, and a member of the National Reverse Mortgage Lenders Association.
At American Advisors Group we know what your home means to you and your family and we understand the importance of protecting everything it represents. That's why we take great pride in ensuring every customer's situation is treated with absolute respect and dignity. There are some circumstances where we would like to forward the information you give us to an approved FHA reverse mortgage lender. All our approved affiliates take great pride in providing the best information on the benefits of a reverse mortgage.