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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’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

About American Advisors Group Image

Rated A+ by the Better Business Bureau

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

97% Customer satisfaction rating from client surveys

Members of the National Reverse Mortgage Lenders Association (NRMLA)

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

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

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.

American Advisors Group Margaret T., NC

“I am disabled and on a fixed income. To be able to live month to month, I had to use my credit cards. My house was paid for but I still did not have extra money for "fun things". I found myself considering drinking water instead of tea or coffee just to save money.  And desserts were completely out of the question when dining out.I now have paid off my credit cards and have money in the bank and still have my home. This has been the best financial decision I have ever made and I am so pleased I chose AAG.”

American Advisors Group Ralph G., GA

“I was retired and had lost my soul mate wife of 47 years & 8 months. My nice home was paid for and I had no monthly mortgage payment, but I was having a very hard time keeping up with my bills. My last resort was to just sell and find another place to live.  I kept seeing the ads on TV and decided to give AAG a call. It turned out to be one of the best decisions in my life. Thanks to AAG for the great courteous, understanding and professional help in providing me a new life and better future.”

American Advisors Group Kevin N., TN

“"Your customer service is outstanding. You take the time to see to our needs, and your professionalism has been a great experience. At the time we needed the help AAG was there. The stress of knowing I would be 83 years old before I paid off my mortgage truly gave me nightmares. Thank you, AAG, for the help we needed."”


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 21, 2014

    Reverse Mortgage Qualifications

    Reverse mortgages are a great tool to help you utilize the equity from your home and convert it into cash. However, there are a few qualifications to be met in order to take advantage of this loan. Below are some qualifications needed to be eligible for a reverse mortgage, as well as other obligations. General...

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  • July 16, 2014

    3 Reasons to Choose AAG as your Reverse Mortgage Lender

    For some people, the important decision of whether or not to get a reverse mortgage is rivaled only by the decision of which lender to get a reverse mortgage with.  There are many lenders in the reverse mortgage industry, so who do you trust with such an important decision in your life?  We at American...

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  • 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...

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