Ways to
Access Reverse Mortgage
Funds
Monthly Payout*
Receive monthly payouts for a fixed or life term
Lump
Sum
Get a single lump-sum cash payment
Growing Line
of Credit
Use your line of credit as needed
Modified Plan
Combine plans
for greater control
With nearly half of senior-headed households (55+) facing retirement-saving headwinds, a reverse mortgage could help bridge this savings gap.
Meeting the Challenge
(https://www.aarp.org/retirement/retirement-savings/info-2019/no-retirement-money-saved.html)
Turn Your Home Equity Into Tax-Free Cash for Your Retirement
Pay off your mortgage, big expenses, medical bills, and the cost of home improvements all with a reverse mortgage loan from AAG. Also use it to increase your monthly cash flow, protect investments, cover long-term care needs, and build a stronger emergency fund for greater retirement security.
Home equity levels for homeowners aged 62 and older grew to $8.05 trillion in the fourth quarter of 2020.
Eliminate your monthly mortgage payments*
Eliminate your existing mortgage*
Update the home, make it more comfortable
Pay off high-interest credit cards
Create a financial safety net
Improve your monthly cashflow
Update the home, make it more comfortable
Pay off high-interest credit cards
Create a financial safety net
Improve your monthly cashflow
Many seniors use their reverse mortgage loan to eliminate their existing mortgage*, freeing up funds and income for a better retirement.
The right home improvements can also help maintain or even increase the safety and value of your home.
Using a reverse mortgage to pay off credit cards or other high-interest debt may prove a sound financial strategy.
The best defense against unexpected expenses and other life events is to ensure you have financial
resources available.
A reverse mortgage gives you multiple payment options, including monthly disbursements or a lump sum payment.
How do you qualify?
Does your property qualify?
See what customers are saying about their reverse mortgage experience with AAG.
98
%
CUSTOMER SATISFACTION
A Better Retirement
Possibilities
What to Know
$8
Trillion
A Short History
1961-Present
You may be new to reverse mortgages, but reverse mortgages are as old as crew cuts and the first human in space. The first was made in 1961 to help a widow remain in the home she loved. In 1988, President Reagan signed legislation to expand access to government-insured reverse mortgages. Today more than 1 million older Americans have used a reverse mortgage to retire better.
A MESSAGE FROM
TOM SELLECK
“AAG is solely dedicated to helping older Americans use their home equity for a better retirement. I know they care and want to help. I trust them and I think you can, too.”
Watch Tom’s Message
What is a reverse mortgage loan?
Designed for those 62 or older, a reverse mortgage helps you convert a portion of your home equity into tax-free cash for virtually any use. The loan is unique because of how you pay it back. Pay it off as you go, like a traditional mortgage, or repay it when you leave your home.
Hover to Discover
Bottom Line:
Reverse mortgages were specifically designed to help those 62 and older supplement their retirement using the built-up equity in their home.
Ways to Put a Reverse Mortgage to Work for You
The ways people are responsibly using their reverse mortgages for a better retirement are virtually unlimited.
*You must continue to maintain your property, pay property taxes and homeowners insurance, and otherwise comply with all loan terms.
What the heck is a HECM?
The most widely available reverse mortgage is also known as a Home Equity Conversion Mortgage (HECM), which is insured by the Federal Housing Administration (FHA). For higher-value homes that exceed the limit set by the FHA, $822,375, borrowers may be better suited with a non-HECM loan, also known as a jumbo or proprietary reverse mortgage.
How do you qualify?
Does your property qualify?
Borrowers Love Working with AAG
98% of American Advisors Group customers are pleased with our service.*
*Based on AAG-funded customer surveys as of
September 30, 2020.
A high-five for AAG! AAG went above and beyond to help us wade through each and every step of the reverse mortgage process. When our first representative failed to meet our expectations, a second representative intervened and without Aileen's help, we never would have closed the loan by a pending escrow deadline for a vacation cabin.
– The Hiatts
The Reverse Mortgage Process
Like a traditional mortgage, your reverse mortgage will go through processing and underwriting, but it also adds two other safeguards: a financial assessment and reverse mortgage counseling. These important steps help determine your ability to maintain the loan and ensure that you fully understand what a reverse mortgage is and what it can do for you.
A licensed AAG professional will work with you to determine if a reverse mortgage is a good fit for your situation. Together, you’ll receive a free, no-obligation financial assessment.
1. Call AAG
A HUD-certified-and-approved counselor will help you
understand how a reverse mortgage works and evaluate
whether the loan is a good fit for your situation.
2. Counseling and Application
After your home appraisal has been completed, it will be attached as part of your loan application and submitted for underwriting review through AAG’s powerful proprietary system, LendForce™.
3. Processing and Approval
After all underwriting conditions have been met, a closing agent will contact you to sign the final documents and discuss any funding questions you might have.
4. Closing
The Truth About Reverse Mortgage Myths
Myths and misinformation have sprung up around reverse mortgage loans. Here we address a handful of these common mistruths:
The bank owns my home.
No. You own the home and maintain title to the property, just as you do with a traditional mortgage.
I cannot get a reverse mortgage loan if I have an existing mortgage.
No. You just need sufficient home equity for the loan to make sense.
I won’t qualify because I don’t have enough income.
No. You don’t have to earn a certain amount of money. Rather, you need to show you have the financial ability to pay your ongoing property taxes, homeowners insurance, and other property-related expenses.
The lender receives whatever money remains after the home is sold to pay off the reverse mortgage.
No. Any leftover funds go to the heirs or the estate.
I will lose my house if I exhaust my loan funds.
No. You cannot lose your home as long as you continue to comply with your loan terms, such as maintaining your home and paying your property taxes and homeowners insurance.
I will be restricted on how I can use my reverse mortgage proceeds.
No. You can use the proceeds for almost any purpose.
I will be taxed on my loan amount.
No. Because a reverse mortgage is a loan, your proceeds are not taxed.
Getting our loan with AAG was a good experience. The loan officer was very knowledgeable. He helped us to understand how the loan worked, was able to answer all our questions, kept us informed through the process. It did take a little longer than we expected.
- Linda
I am so very happy with the service I received from your amazing agent Robert Stamm. He was very thorough with explaining the reverse mortgage program and went above and beyond to answer my questions. Bob kept me updated throughout the whole process, and I will definitely recommend AAG and Bob Stamm to all my friends and family. Thank you so much.
– Karen
I am very happy with my experience with AAG.
Their representatives were very supportive, businesslike, and friendly. They made me feel comfortable with the process. They were very knowledgeable and informative. The time that it took to complete the process was very fast. I would recommend AAG.
– Joan B.
Update the home, make it more comfortable
Create a financial safety net
Improve your monthly cashflow
Pay off large credit card and medical bills
Eliminate your existing mortgage*
Create a financial safety net
Improve your monthly cashflow
Pay off high-interest credit cards
Eliminate your monthly mortgage payments*
Update the home, make it more comfortable
Create a financial safety net
Improve your monthly cashflow
Eliminate your existing mortgage*
Update the home, make it more comfortable
Improve your monthly cashflow
Pay off large credit card and medical bills
Eliminate your existing mortgage*
Update the home, make it more comfortable
Create a financial safety net
Pay off large credit card and medical bills
Ready to get started?
Chat with an AAG professional today.
(866) 567-9777
When we started AAG, we saw home equity as the missing financial piece for the millions of Americans who wanted to retire better. From that early inspiration, AAG has become one of the nation’s leading home equity solutions providers and the No. 1 reverse mortgage lender in the nation. Over that time, we have helped thousands of people gain the financial freedom to live retirement on their terms. For some, that has meant achieving the peace of mind that comes with paying off a large bill, making a long-overdue home repair, or building a bigger rainy-day fund, and for others, that has simply meant getting out more, visiting friends and family, traveling, dining, taking longer, unhurried walks, and pursuing the many joys that a good retirement can afford.
Why AAG
We Are
The Importance of the Financial Assessment
The financial assessment process is conducive to making the Home Equity Conversion Mortgage (HECM) an even safer loan product and will further protect senior Americans who are interested in reverse mortgages.
©2023 AAG/American Advisors Group 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 | Privacy
We are here to answer your questions.
(866) 567-9777
A licensed AAG professional will work with you to determine if a reverse mortgage is a good fit for your situation. Together, you’ll receive a free, no-obligation financial assessment.
1. Call AAG
Myth:
Truth:
Myth:
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Truth:
of seniors plan to remain in their home for life
55%
of seniors own their homes outright with no mortgage
47%
plan to work part-time during their senior years
46%
of seniors feel 2020 had a negative impact on their retirement
30%
Click to discover
How do you qualify?
How do you qualify?
Does your property qualify?
How do you qualify?
SEE What's Next
Understanding the Reverse Mortgage Process
Play Video
28% of seniors feel safer at home than years prior
28%
Eliminate your existing mortgage*
Eliminate your existing mortgage*
Create a financial safety net
Update the home, make it more comfortable
Pay off large credit card and medical bills
Improve your monthly cashflow
Create a financial safety net
Eliminate your existing mortgage*
Pay off large credit card and medical bills
Improve your monthly cashflow
Create a financial safety net
Update the home, make it more comfortable
Eliminate your existing mortgage*
Improve your monthly cashflow
Create a financial safety net
Create a financial safety net
Update the home, make it more comfortable
Eliminate your existing mortgage*
Pay off large credit card and medical bills
Improve your monthly cashflow
Improve your monthly cashflow
Create a financial safety net
Update the home, make it more comfortable
Eliminate your existing mortgage*
Pay off large credit card and medical bills
Create a financial safety net
Eliminate your existing mortgage*
Pay off large credit card and medical bills
Improve your monthly cashflow
Update the home, make it more comfortable
** Available with Tenure-Based or Modified Tenure plans, so long as Borrower does not default on the loan. Borrower must maintain home as principal residence, pay all taxes, insurance, maintain the home, and comply with all other loan terms. With Modified Tenure plans, lender will set aside a specific amount of money for a line of credit.
(NRMLA/RiskSpan Reverse Mortgage Market Index (RMMI) Q1 2000 - Q1 2021)
Click on our survey or any of the images below to find your path to a better retirement with the help of a reverse mortgage.
See the
Full Survey
The borrower could be subject to foreclosure for reasons including failure to maintain the property, and to pay taxes and insurance.
