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Reverse Mortgage Information

reverse mortgage education

As a reverse mortgage HUD approved lender, American Advisors Group wants you to make educated decisions based on solid information and knowledge. That’s why we strive to keep you up to date with the best reverse mortgage information possible. Here you’ll get tips and advice, the latest news, industry updates, retirement tips, and reverse mortgage loan help.

With American Advisors Group resources you will learn a few things: information about the reverse mortgage payoff, how loan disbursement works, what makes American Advisors Group one of the best reverse mortgage companies in the industry, and more about the reverse mortgage government insurance. You will also learn the different names associated with this loan, including HECM, reverse home mortgage, and jumbo reverse mortgage. In addition, you will get to know how the National Reverse Mortgage Lenders Association, NRMLA, advocates a code of ethics and professional responsibility amongst all reverse mortgage lenders in our industry.

Reverse Mortgage FAQ

Taking a step forward with a reverse mortgage loan is a big decision. If you are new to reverse mortgages, which includes the government-insured 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 HECM professional, you’ll be well-versed with HECM loans 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 cash. Discover more about what is a reverse mortgage.

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 is a jumbo reverse mortgage loan?

FHA-insured Home Equity Conversion Mortgages (HECM) have a loan limit of $625,500, regardless of the borrower’s home value. Jumbo reverse mortgages are loans that allow qualified borrowers to obtain a reverse mortgage on properties valued at up to $6 million. In 2015, AAG began offering jumbo reverse mortgage loans, also called the AAG Advantage, in a growing number of states.

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.

Is there any risk of losing my home?

If you fulfill all your obligations, then no. The obligations for a reverse mortgage are that you continue to pay your property taxes, insurance, and keep basic maintenance and repairs. If you do not uphold these responsibilities, the loan becomes due, which may mean the selling of the home to pay the loan. If you uphold these responsibilities and obligations as agreed, you will not lose your home.

About American Advisors Group

American Advisors Group is honored to be the No. 1 HECM lender in the nation, and one of only a few lenders to offer a jumbo reverse mortgage option. We are proud to excel where other reverse mortgage providers may fall behind.

We've Helped 1,000s of Seniors Just Like You!

Rated A+ by the Better Business Bureau.

The No. 1 HECM lender in the nation, closing more loans than any other lender in our industry.

96% 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 this popular loan product 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.

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 HECM loans, 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!

  • May 25, 2016

    AAG Extends Jumbo Reverse Mortgage Loan to Wholesale Channel

    AAG Advantage Helps Expand Potential Market for California Wholesale Lenders Orange, Calif. (May 25, 2016) – American Advisors Group (AAG), the leading reverse mortgage lender in the nation, has released its jumbo reverse mortgage loan, called the AAG Advantage, to its wholesale partner network in California. With AAG Advantage, California brokers and loan officers may...

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  • February 2, 2016

    Traditional Mortgages vs. Reverse Mortgages: Are They Really That Different?

    Every year, millions of people across the nation turn to traditional mortgage loans in order to finance their home purchases.  The typical requirements of these mortgage loans are well known, and many have become comfortable fulfilling them. Reverse mortgage loans, on the other hand, are far less common. Since their specialized features are not yet...

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  • January 7, 2016

    Can You Sell a Home with a Reverse Mortgage?

    In the early 1960’s a new type of mortgage loan was designed specifically for senior homeowners who wished to access the equity in their home while aging in place.  This new loan became popular because it fulfilled a need that many borrowers had.  Senior homeowners wanted to stay living in their homes for the rest...

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  • December 28, 2015

    Genworth Study Reveals the Impacts of Long-term Care

    Long-term care can have a huge impact affecting the finances, career, lifestyle, health, relationships and state of mind for thousands of caregivers across the United States, according to a recent study by Genworth Financial.  These impacts can occur both over a short and longer period of time, with more than 43 percent of caregivers reporting...

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