Details for AAG Reverse Mortage / Mediaspace - Ad from 2020-10-15
PAID ADVERTISEMENT PAID ADVERTISEMENT NEW TIMES REQUIRE NEW THINKING Better read this if you are 62 or older and still making mortgage payments. It’s a well-known fact that for many older Americans, the home is their single biggest asset, often accounting for more than 45% of their total net worth. And with interest rates near all-time lows while home values are still high, this combination creates the perfect dynamic for getting the most out of your built-up equity. But, many aren’t taking advantage of this unprecedented mistakenly believe the home must be paid off in full in order to qualify for a HECM loan, which is not the case. In fact, one key advantage of a HECM is that the proceeds will first be used to pay off any existing liens on the property, which frees up cash flow, a huge blessing for seniors living on a fixed income. Unfortunately, many senior homeowners who might be better off with a HECM loan don’t even Request a FREE Info Kit & DVD Today! Call 800-840-8039 now. period. According to new statistics bother to get more information from the mortgage industry, senior because of rumors they’ve heard. homeowners in the U.S. are now In fact, a recent survey by sitting on more than 7.19 trillion American Advisors Group (AAG), the nation’s number one HECM dollars* of unused home equity. Not only are people living longer lender, found that over 98% of than ever before, but there is also their clients are satisfied with their greater uncertainty in the ecomony. loans. While these special loans are With home prices back up again, not for everyone, they can be a real ignoring this “hidden wealth” may lifesaver for senior homeowners prove to be short sighted when especially in times like these. looking for the best long-term The cash from a HECM loan can be used for almost any purpose. Other outcome. All things considered, it’s not common uses include making surprising that more than a million home improvements, paying off homeowners have already used a medical bills or helping other government-insured Home Equity family members. Some people Conversion Mortgage (HECM) loan simply need the extra cash for to turn their home equity into extra everyday expenses while others are now using it as a safety net for cash for retirement. It’s a fact: no monthly mortgage financial emergencies. payments are required with a If you’re a homeowner age 62 or government-insured HECM loan; older, you owe it to yourself to learn however the borrowers are still more so that you can make the best responsible for paying for the decision - for your financial future. maintenanceoftheirhome,property taxes, homeowner’s insurance and, We’re here and ready if required, their HOA fees. to help. Homeowners Today, HECM loans are simply an who are interested effective way for homeowners 62 in learning more can and older to get the extra cash they request a FREE Reverse need to enjoy retirement. Mortgage Information Although today’s HECM loans Kit and DVD by calling have been improved to provide toll-free at even greater financial protection for 800-840-8039 homeowners, there are still many misconceptions. For example, a lot of people de r Gui You etter to a B ent m e r Reti e vers ing Re rstand Unde ans o L e ag Mortg FREE A Guide for Children and Caregivers Learn how home equity can helpl oved ones in retirement. Your Guide to a Better Retirement Understanding Reverse Mortgage Loans Our new Reverse Mortgage information guides & DVD are now available featuring award-winning actor and paid AAG spokesman, Tom Selleck. U.S.A.’s #1 Reverse Mortgage Company As Featured on: ABC, CBS, CNN & Fox News *Source: https://reversemortgagedaily.com/2019/12/17/senior-housing-wealth-reaches-record-high-of-7-19-trillion Reverse mortgage loan terms include occupying the home as your primary residence, maintaining the home, paying property taxes and homeowners insurance. Although these costs may be substantial, AAG does not establish an escrow account for these payments. However, a set-aside account can be set up for taxes and insurance, and in some cases may be required. Not all interest on a reverse mortgage is taxdeductible and to the extent that it is, such deduction is not available until the loan is partially or fully repaid. AAG charges an origination fee, mortgage insurance premium (where required by HUD), closing costs and servicing fees, rolled into the balance of the loan. AAG charges interest on the balance, which grows over time. When the last borrower or eligible non-borrowing spouse dies, sells the home, permanently moves out, or fails to comply with the loan terms, the loan becomes due and payable (and the property may become subject to foreclosure). When this happens, some or all of the equity in the property no longer belongs to the borrowers, who may need to sell the home or otherwise repay the loan balance. V2020.06.30 NMLS# 9392 (www.nmlsconsumeraccess.org). American Advisors Group (AAG) is headquartered at 3800 W. Chapman Ave., 3rd & 7th Floors, Orange CA, 92868. Licensed in 49 states. Please go to www.aag.com/legal-information for full state license information. These materials are not from HUD or FHA and were not approved by HUD or a government agency.