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Reverse Mortgage FAQ

Taking a step forward with your Reverse Mortgage is a big decision. If you are new to Reverse Mortgages, also known as Home Equity Conversion Mortgage (HECM) loans, you may find yourself a little confused. But don’t worry! Here at American Advisors Group, we want you to move forward armed with knowledge and confidence. So, with a little help from AAG.com’s Reverse Mortgage FAQ and some guidance from your American Advisors Group Reverse Mortgage Professional, you’ll be well-versed with Reverse Mortgages in no time at all.

What is a reverse mortgage?

An FHA reverse mortgage, in its simplest definition, is a government-insured loan.  In a more descriptive definition, it is a financial tool that allows you to access the equity in your home and convert it into tax-free cash. Discover more about what is a reverse mortgage.

Will I still own my home with a reverse mortgage?

Yes.  With reverse mortgages, as long as you pay your taxes and insurance and otherwise comply with the loan terms, you will retain ownership of your home.  The bank only takes title of your home if you do not meet these obligations.  One of the most common misconceptions about Reverse Mortgages is this little piece of information.  The truth is, as long as you pay your taxes and insurance and otherwise comply with the loan terms, you remain the owner of the home and may live there for as long as you wish.

How are my fees and interest rates calculated?

Fees and interest calculations are tied to fixed or variable rates, as well as a margin, and an index.  Your Reverse Mortgage Professional can provide your exact fees and interest rates according to what it would be for your particular situation. Please give us a call today for an individualized consultation based on your particular situation.

How does a reverse mortgage work?

With a Reverse Mortgage, there are no monthly payments from you.  As one of your most important assets, your home usually holds a certain amount of equity.  Because of this equity, when the time comes someday for the loan to be repaid, the value of the home when sold is able to re-pay the loan.  Meanwhile, you are able to live in the home for as long as you like without making payments. Here are additional details on how a reverse mortgage works.

How much money do I qualify for?

How much money you qualify for will be dependent upon these factors:
  • Your age  (you must be 62 or older)
  • Your home’s appraised value  (an independent appraiser will visit your home and determine what the current value is)
  • The current reverse mortgage interest rates
  • Mortgage Balance

What are the reverse mortgage qualifications?

To qualify for a reverse mortgage, you must be 62 years and older, own your home, and occupy it as your primary residence.

About American Advisors Group

American Advisors Group is Honored to be the No. 1 Reverse Mortgage Lender in the Nation

Rated A+ by the Better Business Bureau

97% Customer satisfaction rating from AAG customer surveys

A winner for the 2013 Orange County Top Workplaces Award in the Large Company category by the Orange County Register

About American Advisors Group Image

The No. 1 Reverse Mortgage lender in the nation, closing more Reverse Mortgage loans than any other lender

Members of the National Reserve Mortgage Lenders Association (NRMLA)

Approved Lender of the U.S. Department of Housing and Urban Development

Reverse Mortgage Reviews

At American Advisors Group, our clients’ satisfaction is our greatest reward. Read on to see what satisfied clients are saying about reverse mortgages and about American Advisors Group, and find out why it makes us so happy every day to be helping seniors and their families take a step forward toward a better life.

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American Advisors Group Gregg L., OR

“To AAG,

I would like to thank your company for all the help you’ve provided regarding my Reverse Mortgage. Six months ago, I didn’t know what to do. I had a truck and trailer that had 2,000,000 miles that would cost $50,000 to fix. I needed to be able to drive four more years to pay off my mortgage. With a Reverse Mortgage, I was able to pay off the house and will be donating my truck and trailer to Goodwill. Today I am retired and live a very stable and happy life. Thank you.”

American Advisors Group Danny W., WA

“Dear AAG,

Getting a Reverse Mortgage was definitely one of the best decisions I have ever made. The peace of mind and flexibility the Reverse Mortgage offered me is immeasurable. The professionalism and friendly manner of your specialist was outstanding. He made me feel like I was your sole customer. I am now debt free and a proud owner of a new car. Thanks to my Reverse Mortgage, I was able to travel to Europe and visit my family. Thank you for the great experience.”

American Advisors Group Maurine L., OR

“Dear AAG,

After the stock market crashed, my husband and I were contemplating how to deal with our financial situation. The next day I called AAG to find out about the Reverse Mortgage program. The specialist at AAG was very professional and handled all my phone calls and answered all my questions. My skepticism disappeared and we decided a Reverse Mortgage was the right solution. Today, my husband and I are retired and enjoying life after many years of hard work. Thank you AAG for providing us with a more comfortable retirement.”

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The Latest News & Updates

American Advisors Group wants you to make educated decisions based on solid information and knowledge. That’s why we strive to keep you posted on the latest news and updates on reverse mortgages, our industry, our company, all things retirement, and of course, senior life in general. Check out the latest articles about all of these topics, plus everything in between!

  • July 8, 2014

    The History of the Reverse Mortgage

    The reverse mortgage is one of the most well-developed loan products in the mortgage industry. From its birth in 1961, the reverse mortgage has been through many developmental milestones to make it the safe financial tool it is today. According to The Reverse Review, the product has seen rapid growth, expansion of additional innovative loan...

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  • July 8, 2014

    Duane and Ruth Riley

    If anyone has a reason to be sentimental about their home, it’s 76-year-old Duane and 74-year-old Ruth Riley.  Sitting on the banks of a beautiful and serene pond in Amery Wisconsin, their home was built completely from scratch for them by their carpenter son.  From the baseboards to the rooftop, their home is the epitome...

    Read More
  • July 8, 2014

    The Kwagala Project

    In 2011, American Advisors Group became inspired by an organization in Uganda dedicated to rescuing, restoring, and empowering women who have been victimized by trafficking, violence, and poverty.    This organization is called the Kwagala Project.  Since then, AAG has made the Kwagala Project the anchor program for our AAGives Back campaign.  Every month, AAG...

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  • July 8, 2014

    Spider Solitaire

    Have fun with AAG’s Game this month: Spider Solitaire! It’s timed, so complete it as fast as you can, then challenge your friends to beat your time!

    Read More
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