Retirement Solutions Leader Adds Exclusive Option for Older Veterans
ORANGE, Calif. (Nov. 14, 2018) –. In a continuing effort to support veterans of the United States military, American Advisors Group (AAG), a leading provider of home equity solutions for retirement, announced today that it is adding government backed Veterans Affairs (VA) loans to its product suite, making AAG the only financial services company with a VA loan focused exclusively on older veterans. AAG interacts with tens of thousands of seniors every month, many of them veterans of the Vietnam War, Korean War or World War II. With the addition of the VA loan, AAG now offers older veterans a full range of options for accessing their home equity, including government insured Home Equity Conversion Mortgages, proprietary jumbo reverse mortgage loans, traditional mortgage loans, as well as real estate services for buying or selling a home.
“The men and women who served our country deserve to retire with dignity and respect,” said Tom Selleck, AAG spokesperson. “As a veteran of the US Army National Guard, I’m proud to represent a company like AAG that’s committed to improving the quality of life of older veterans.”
Through the U.S. Department of Veterans Affairs, most members of the active military, reservists and veterans are eligible for a home ownership loan with no down payment and no mortgage insurance requirements. The loan benefit is also available to surviving spouses of military members who lost their lives while on active duty or as a result of a service connected disability. A recent report by the National Association of REALTORS® found that older veterans are far more likely to use a VA-backed loan than their younger counterparts.
“Adding the VA loan was a natural expansion for AAG. There are millions of older veterans in this country who represent a significantly underserved demographic,” said AAG Chief Executive Officer Reza Jahangiri. “By offering veterans more ways to extract their home equity, we are empowering them to chart their own course in retirement, whether that means moving to a more senior-friendly home, getting in-home care, or simply maintaining their independence and quality of life in retirement.”
According to a report by the Housing Assistance Council, more than half of older veterans own their home without a mortgage. The VA loan – whether for a home purchase or a cash-out refinance – gives older veterans a low-cost option to access their equity for home modifications or to help supplement their retirement income. VA loans today are also much easier and faster to process, due to technology, than they were 20 years ago.
AAG’s support for veterans spans across all aspects of the business. Not only are a significant number of AAG’s customers veterans, the company actively recruits veterans through its partnership with Hire Our Heroes. The company’s spokesperson, Tom Selleck, is also a veteran, having served as a sergeant in the U.S. Army infantry, National Guard, from 1967-1973. Selleck has continued his involvement by acting as spokesperson for the Vietnam Veterans Memorial Fund. Furthermore, during the month of November, AAG dedicates time to give thanks to its military veteran employees by holding an annual luncheon, personally hosted by Jahangiri.
- According the Housing Assistance Council:
- Veterans make up 9 percent of the total U.S. population.
- 13 million veterans are age 55 or older.
- The percentage of veterans age 85+ is projected to nearly double between now and 2030.
- More than 30 percent of veterans age 65 and older are disabled.
- VA mortgage activity has increased significantly, representing just 2 percent of all home purchase loans in 2005 and rising to 9 percent in 2014.
- According to the National Association of REALTORS, 19 percent of active home buyers are either active duty military or veterans.
- According to the National Association of REALTORS, 76 percent of veterans owned a home as of 2014.
AAG is dedicated to helping older Americans find new ways to fund a better retirement through the responsible use of home equity. As the nation’s leader in reverse mortgage lending, AAG offers a suite of home equity solutions — including federally-insured Home Equity Conversion Mortgages, traditional and proprietary mortgages, and real estate services — that are designed to give seniors a better financial outcome in retirement. AAG is a proud member of the National Reverse Mortgage Lenders Association (NRMLA). To learn more about AAG and reverse mortgage loans, please visit the company’s website at www.aag.com.
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