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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.

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 Reverse Mortgage Lender in the Nation

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

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.

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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 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!

  • March 18, 2015

    American Advisors Group Announces Partnership with Visiting Angels

    AAG Named Preferred Reverse Mortgage Lender for Leading Elder Care Franchisor Orange, Calif. (March 18, 2015) – American Advisors Group (AAG), the nation’s leader in reverse mortgage lending, today announced its partnership with Visiting Angels, the top franchisor of in-home assisted living services for seniors in the United States. AAG is the only preferred reverse mortgage...

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  • February 18, 2015

    What is Equity?

    In the world of finance, one cannot miss a particularly important word that is used quite often. This word is equity. There are many different definitions of the word equity, and the particular definition will depend very much on context. Generally speaking, equity is the value in an asset after the value of any debts...

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  • February 17, 2015

    Patsy Harper Supplements Her Income With a Reverse Mortgage

    It has been almost a year since 67- year old Patsy Harper made the call that would help her keep her single-story Tennessee home nestled in a woodsy area of Ashland City.  It was a call that would prove to be a big step to helping her financially.  For the longest time, she had seen...

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  • February 10, 2015

    Kwagala This Month: February 2015

    This month, American Advisors Group is happy to hear that the girls of the Kwagala Project in the African country of Uganda are settling nicely into their new home in Bwaise on the northwest side of Kampala. The big move has been almost a whole year in the making, and the girls were filled with both...

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