Search results
AAG offers reverse mortgages that let you tap into your home equity and turn it into cash without monthly mortgage payments. Learn about the types, benefits, eligibility, and features of this loan for seniors 62 years and up.
- Borrower Login
Check the status of your AAG Reverse Mortgage loan...
- Info Kit
Interested in a reverse mortgage? Get a free information kit...
- Reverse Mortgage Calculator
Our reverse mortgage loan calculator works by determining...
- Contact Us
AAG Retail Branch – Mesa, AZ. 625 West Southern Avenue,...
- AAG Executive Team
Learn how an AAG reverse mortgage —or other home equity...
- About AAG
AAG offers different home equity solutions — Home Equity...
- Borrower Login
Learn about reverse mortgages, a government-insured loan for senior borrowers age 62 and older. Find out how to qualify, how to use the funds, and how to partner with AAG for this financial planning tool.
- Fha-Insured Reverse Mortgage Eligibility
- Borrower Obligations
- Beneficial Reverse Mortgage Loan Rules
- HECM Government Regulations
- Evolving Reverse Mortgage Rules and Regulations
The reverse mortgage loan began as a way to help seniors use their equity to age in their home. Therefore, the four most important borrower rules for reverse mortgages are as follows: 1. You must be 62 years of age or older. 2. You must own your home. 3. You must own your home outright, or have a substantial amount of equity. 4. You must live in th...
Once you satisfy these eligibility requirements and after you obtain a reverse mortgage, you still have obligations to uphold. In order to enjoy all the features of a reverse mortgage loan, and ensure that you do not default on the loan, you are responsible for: 1. Immediately using reverse mortgage loan funds to pay off any other mortgage you may ...
The regulations about loan payback are quite important as well. Luckily, the popular government-insured reverse mortgage loan, also called a Home Equity Conversion Mortgage (HECM), is non-recourse. This means that: 1. If the loan is not repaid after maturity, no assets other than the home can be taken to pay off the reverse mortgage loan. 2. If the...
In addition, the FHA has set some additional safeguards to protect borrowers and encourage responsible reverse mortgage loan use. 1. Before loan approval, part of the process is to complete a counseling session with an FHA-approved counselor. This counselor will make sure you know all your options and have all the reverse mortgage information you n...
Two new rules were implemented in 2014 and 2015 for the reverse mortgage loan program. Still in effect, these rules regarding non-borrowing spouses and the borrower’s financial assessment add new layers of protection for all borrowers. 1. Reverse Mortgage Rules for A Non-Borrowing Spouse This rule makes it easier for the non-borrowing spouse to con...
People also ask
How old do you have to be to get a reverse mortgage?
What is a reverse mortgage?
Can a 62 year old get a reverse mortgage?
What are the different types of reverse mortgages?
A reverse mortgage is a government-insured loan that allows seniors to access the equity in their homes and receive it as cash. Learn how to apply, get counseling, and find out if this financial tool can benefit you.
Sep 14, 2023 · AAG is a reverse mortgage lender that offers personalized solutions for older adults who want to use their home equity to prepare for retirement. It has high customer ratings, competitive rates and customized loan types, but also some drawbacks such as tax liability, foreclosure risk and availability.