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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 posted with the best reverse mortgage information possible. Here you’ll get tips and advice, the latest news, industry updates, retirement tips, reverse mortgage help, and of course, articles on senior life in general.

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 reverse equity mortgage, and you will get to know how the National Reverse Mortgage 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.

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.

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 HECM lender in the nation. 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.

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 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.

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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 American Advisors Group.”

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 American Advisors Group a call. It turned out to be one of the best decisions in my life. Thanks to American Advisors Group 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 American Advisors Group was there. The stress of knowing I would be 83 years old before I paid off my mortgage truly gave me nightmares. Thank you, American Advisors Group, for the help we needed.”

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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 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!

  • July 30, 2015

    A Retirement Dream Come True: The Hollimon’s Story

    For the last six years, Andy and Beatrice Hollimon vacationed in the south of Florida.  Over time, they fell in love with the area.  The warm sun and the cool breezes of the region were a stark difference from the chilly winters of their St. Louis hometown.  But, firmly-rooted in the three-bedroom house they owned...

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  • July 27, 2015

    Reversing a Reverse Mortgage: Can I Exit the Loan?

    For many senior homeowners interested in accessing their home equity, the reverse mortgage loan is a choice that is often made with confidence.  After all, this financial product gives them the chance to convert a portion of their home equity into cash without having to move out or pay a monthly mortgage payment.  In addition,...

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  • July 23, 2015

    How a Reverse Mortgage Can Help You Buy a New Home

    When you were younger, your home was the perfect place.  Your spacious backyard, shaded by trees, provided the place for your children to run, laugh, and play.  Your kitchen, along with your fully stocked fridge, continuously provided plentiful meals to feed your growing family.  Your living room and den, outfitted with the television of the...

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  • July 21, 2015

    Key Factors That Determine Your Reverse Mortgage Payout

    When the idea of the reverse mortgage loan was first conceived in the early 1960’s, people quickly began to recognize that the concept was a brilliant answer to a common challenge.  Many senior homeowners wanted access to their home equity to help fund retirement while remaining in their home—and a reverse mortgage loan could help...

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