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What makes American Advisors Group the best out of all the top reverse mortgage lenders?
We at American Advisors Group pride ourselves on our thoroughness. We sit down with you and guide you through each phase in the process, explaining every step of the way. It is a very personal process, as we get to know you and make it a priority to fully understand your situation and needs. We […]
Read MoreWhat if the loan amount ends up exceeding the value of my home?
Reverse mortgages are non-recourse loans. What this means for your heirs is that after the last borrower leaves the home, the proceeds from the sale of the home are the only asset that can be taken to pay the loan’s balance. If somehow the loan’s balance ends up surpassing the value of the home, the […]
Read MoreWhy should I call American Advisors Group and talk with a Reverse Mortgage Professional?
At American Advisors Group, our Reverse Mortgage Professionals go through a comprehensive training program and licensing process. They must pass federal and state tests in order to get their Loan Officer License through the National Mortgage Licensing System. Our professionals are also trained in customer service, and how to connect with people. Because of this, […]
Read MoreWhat if the loan amount ends up exceeding the value of my home? Will my heirs be responsible for my debt?
Reverse mortgages are non-recourse loans. What this means for your heirs is that after the last borrower leaves the home, the proceeds from the sale of the home are the only asset that can be taken to pay the loan’s balance. If somehow the loan’s balance ends up surpassing the value of the home, the […]
Read MoreWill a reverse mortgage affect my Social Security, Medicare, or pension benefits?
No, these benefits will not be impacted, as a Reverse Mortgage is considered loan proceeds and not income. However, Medicaid and SSI may possibly be affected.
Read MoreWhere can I find more resources for this information?
American Advisors Group provides a number of resources for seniors as well as a number of third party resources. Access additional senior resources here.
Read MoreWhat happens if my home gains value?
If your home gains value, then your equity increases. If your home is sold and the reverse mortgage is paid back, there could be more funds left over that would go to you or your heirs. You also have the option to refinance to pull out the additional gained equity in your home.
Read MoreCan I have a reverse mortgage on a mobile home?
In general, your home must be a single family home, or a multi-family home where you reside in one unit. Mobile homes are generally not eligible, however, some HUD-approved manufactured homes that meet FHA requirements are eligible. Here are HUD’s criteria for eligible manufactured homes: Your home must have a HUD seal affixed on the […]
Read MoreCan I change my mind after I close on the loan?
If you change your mind, you CAN cancel your reverse mortgage. You have what is called a “rescission period”, which means you have 3 days after closing on the loan to cancel if you choose, without paying interest. If you want to end the reverse mortgage after that, you may pay back the loan amount […]
Read MoreWhat can’t I use the money for? Are there any limitations for my funds?
There are no limitations; you can use your funds for anything you choose.
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