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What is a reverse mortgage?

An FHA reverse mortgage (HECM loan), in its simplest definition, is a government-insured loan. 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.

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What is an advantage reverse mortgage loan?

FHA-insured Home Equity Conversion Mortgages (HECM) have a loan limit of $679,650 (updated January 1, 2018), regardless of the borrower’s home value. Advantage reverse mortgages are loans that allow qualified borrowers to obtain a reverse mortgage on qualifying properties. In 2015, AAG began offering these reverse mortgage loans, in a growing number of states.

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How does a reverse mortgage work?

With a reverse mortgage, there are no monthly mortgage 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 […]

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Will I still own my home with a reverse mortgage?

Yes.  With all HECM loans, 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 […]

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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 Your Current mortgage balance

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Is there any risk of losing my home?

If you fulfill all your obligations, then no. The obligations for a HECM loan 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 […]

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What are the qualifications for a reverse mortgage?

To qualify for a reverse mortgage, you must be 62 years and older, own your home, and occupy it as your primary residence.

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How are my reverse mortgage fees and interest rates calculated?

Fees and reverse mortgage interest rate 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 […]

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How would I receive my funds, and how is the loan length determined?

The length of the loan is determined upon what disbursement option you choose.  Your Reverse Mortgage funds can be disbursed to you in a few ways.  You may receive: Full or partial lump sum Line of credit Monthly Payments (tenure or modified tenure plan) Combination of any of these. The choice is ultimately yours, but […]

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What are my obligations as a borrower?

During your loan period, your obligations are to continue to pay for: Your homeowners insurance Your property taxes Your basic home maintenance

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These materials are not from HUD or FHA and were not approved by HUD or a government agency.

©2023 American Advisors Group/AAG are divisions of Finance of America Reverse LLC which is licensed nationwide* | Equal Housing Opportunity | NMLS ID # 2285 (www.nmlsconsumeraccess.org) | 8023 East 63rd Place, Suite 700 | Tulsa, OK 74133 | AZ Mortgage Banker License #0921300 | Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act | Georgia Residential Mortgage Licensee #23647 | Kansas Licensed Mortgage Company | Massachusetts Lender/Broker License MC2285: Finance of America Reverse LLC | Licensed by the N.J. Department of Banking and Insurance | Licensed Mortgage Banker — NYS Banking Department where Finance of America Reverse is known as FAReverse LLC in lieu of true name Finance of America Reverse LLC | Rhode Island Licensed Lender | Not all products and options are available in all states | Terms subject to change without notice | For licensing information go to: www.nmlsconsumeraccess.org

*Finance of America Reverse LLC does not do business as American Advisors Group/AAG in Nevada and New York.

FAReverse LLC i/l/t/n Finance of America Reverse LLC is Licensed Mortgage Banker in the State of New York, but this site is not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site.

For Reverse Loans: When the loan is due and payable, some or all of the equity in the property that is the subject of the reverse mortgage no longer belongs to borrowers, who may need to sell the home or otherwise repay the loan with interest from other proceeds. The lender may charge an origination fee, mortgage insurance premium, closing costs and servicing fees (added to the balance of the loan). The balance of the loan grows over time and the lender charges interest on the balance. Borrowers are responsible for paying property taxes, homeowner’s insurance, maintenance, and related taxes (which may be substantial). We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. Borrowers must occupy home as their primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan also becomes due and payable (and the property may be subject to a tax lien, other encumbrance, or foreclosure) when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, defaults on taxes, insurance payments, or maintenance, or does not otherwise comply with the loan terms. Interest is not tax-deductible until the loan is partially or fully repaid.

STATE OF ILLINOIS COMMUNITY REINVESTMENT NOTICE The Department of Financial and Professional Regulation (Department) evaluates our performance in meeting the financial services needs of this community, including the needs of low-income to moderate-income households. The Department takes this evaluation into account when deciding on certain applications submitted by us for approval by the Department. Your involvement is encouraged. You may obtain a copy of our evaluation. You may also submit signed, written comments about our performance in meeting community financial services needs to the Department. V2023.06.28

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