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What is a reverse mortgage?
An FHA reverse mortgage is a government-insured loan for senior borrowers age 62 and older. This financial tool allows the borrower to access a portion of home equity and convert it into cash to utilize proceeds for however he/she sees fit. Common uses include paying for medical bills or other debt, home repair and improvements, […]
Read MoreWhat are my client’s payment options with a reverse mortgage?
The length of the reverse mortgage loan is partly determined by the disbursement option chosen, and funds can be disbursed in a number of ways. Proceeds may be provided through: A full or partial lump sum A growing line of credit Monthly payments (tenure or modified tenure plans available) Combination of any of these. The […]
Read MoreHow much money can my client get with a reverse mortgage loan?
Borrower’s age (must be 62 years or older) Appraised value of home Current reverse mortgage interest rates Mortgage balance
Read MoreWhat are the benefits of a reverse mortgage loan?
Borrowers won’t owe more than the value of their homes. As long as the borrower complies with the loan terms, he/she doesn’t have to make payments on the loan. With a reverse mortgage loan, the borrower will not lose Social Security or Medicare benefits. Reverse mortgages afford borrowers greater financial freedom and control, providing them […]
Read MoreHow does my client qualify for a reverse mortgage loan?
To qualify for a reverse mortgage, borrowers must be at least 62 years of age, own their home and occupy it as their primary residence (among other requirements). If they have equity in their homes and are looking for additional income, a reverse mortgage can provide the funding needed to allow them to stay in […]
Read MoreIsn’t a reverse mortgage a loan of last resort?
This is a popular misconception. When used wisely, a reverse mortgage can be a very powerful, viable and strategic financial tool. There is no better product more readily available to the senior population in terms of supplementing retirement, balancing a portfolio and managing retirement risks. However, the reverse mortgage should be evaluated based on the […]
Read MoreWhy should I partner with AAG?
We at American Advisors Group pride ourselves on our thoroughness and the personal relationships we build with our partners and borrowers. As the established leader in the industry, our proven and unique sales and marketing processes and comprehensive training program position us, and our partners, for sustained growth and success. The foundation of who we […]
Read MoreHow does a reverse mortgage work?
With a reverse mortgage, there are no monthly mortgage payments as long as property taxes, insurance and maintenance are continued to be paid. Many seniors are resistant to the idea of selling the home they’ve lived in for years. That’s why a reverse mortgage is a convenient solution. Your client can stay in his or […]
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