Details for BACKSPACE - Ad from 2020-05-22
- EDUCATIONAL ADVERTISEMENT - ECONOMY GOT YOU WORRIED? It’s times like these that your largest asset can be a life saver. Right now, your home equity could promote the financial stability you want in retirement. Here at AAG, we want you to know we are ready to help. THIS MAY BE THE BEST TIME TO ACT 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 period. According to new statistics from the mortgage industry, senior homeowners in the U.S. are now sitting on more than 7.19 trillion dollars* of unused home equity. Not only are people living longer than ever before, but there many misconceptions. For example, a lot of people 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,whichfreesupcashflow, 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 bother to get more information because of rumors they’ve heard. In fact, a recent survey by American Advisors Group (AAG), the nation’s number one HECM Request a FREE Info Kit & DVD Today! Call 800-791-1764 now. is also greater uncertainty in the ecomony. With home prices back up again, ignoring this “hidden wealth” may prove to be short sighted when looking for the best long-term outcome. All things considered, it’s not surprising that more than a million homeowners have already used a governmentinsured Home Equity Conversion Mortgage (HECM) loan to turn their home equity into extra cash for retirement. It’s a fact: no monthly mortgage payments are required with a government-insured HECM loan; however the borrowers are still responsible for paying for the maintenance of their home, property taxes, homeowner’s insurance and, if required, their HOA fees. Today, HECM loans are simply an effective way for homeowners 62 and older to get the extra cash they need to enjoy retirement. Although today’s HECM loans have been improved to provide even greater financial protection for homeowners, there are still FREE lender, found that over 98% of their clients are satisfied with their loans. While these special loans are not for everyone, they can be a real lifesaver for senior homeowners - especially in times like these. The cash from a HECM loan can be used for almost any purpose. Other common uses include making home improvements, paying off medical bills or helping other family members. Some people simply need the extra cash for everyday expenses while others are now using it as a safety net for financial emergencies. If you’re a homeowner age 62 or older, you owe it to yourself to learn more so that you can make the best decision - for your financial future. Your Guide to a Better Retirement We’re here and ready to help. Homeowners who are interested in learning more can request a FREE Reverse Mortgage Information Kit and DVD by calling toll-free at 800-791-1764 Our new Reverse Mortgage infomation guides & DVD ar now available featuring award-winnng VD are ac and paid AAG spokesman, Tom Selleck actor Understanding Reverse erse Mortgage Loans A Guide for Children and Caregivers Learn how home equity can help loved ones in retirement. Your Guide to a Better Retirement Understanding Reverse Mortgage Loans U.S.A.’s No.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 tax-deductible 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), closingcosts 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, o r fails t o comply with t he l oan t erms, t he l oan becomes due and p ayable (and t he p roperty 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. V2020.03.16 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.