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What happens to the loan if a lender goes out of business?
If the lender goes out of business, your loan terms will not change. HECM reverse mortgage loans are covered by the government insurance. You will still receive your agreed-upon disbursements.
Read MoreWhat are the rules and regulations for reverse mortgages?
Industry rules and regulations include the obligations of the borrower as well as government requirements. The borrower must continue to pay property taxes and home insurance, keep up basic home maintenance, and complete a mandatory counseling session with an FHA-approved counselor. Visit our Reverse Mortgage Rules page for more details.
Read MoreWhat states does American Advisors Group do business in?
American Advisors Group currently provides reverse mortgages to almost all states. See where AAG provides reverse mortgage services.
Read MoreWhat can I use my reverse mortgage funds for?
Your funds can be used for just about anything. Most common uses include: Paying off existing mortgages (required) Paying for medical bills Paying other debts, credit cards, and bills Home repair and improvement expenses Paying property taxes and home insurance Increasing monthly cash flow Supplementing your retirement portfolio Deferring accessing Social Security to qualify for […]
Read MoreWhat if I outlive the loan?
The loan is not due unless you default on paying any of your obligations such as taxes, insurance, and basic maintenance. But if you fulfill these obligations, you may continue living in the home for as long as you wish without making payments towards the loan.
Read MoreWhat if I outlive the loan? Will my loan become due?
The loan is not due unless you default on paying any of your obligations such as taxes, insurance, and basic maintenance. But if you fulfill these obligations, you may continue living in the home for as long as you wish without making payments towards the loan.
Read MoreWhere can I receive reverse mortgage counseling?
To obtain a reverse mortgage, you must complete reverse mortgage counseling from a counseling agency that has been approved by the U.S. Department of Housing and Urban Development (HUD). Click here to find a HUD-approved counseling agency near you.
Read MoreWhat is an FHA Reverse Mortgage?
An FHA reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM), is a loan insured by the United States Federal Government’s Federal Housing Administration. For more details, visit our FHA information page.
Read MoreWhat happens if I pass away during my loan before I receive the full amount of my loan?
If you pass away during your loan, any part of your loan that hasn’t yet been sent to you remains as equity in the home that becomes part of your estate. What immediately happens to a reverse mortgage after death is that it becomes due, and then the heirs are given at least 6 months to sell the home. […]
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