Details for AdRevenews/Gatehouse Media - Ad from 2020-02-13
Advertisement Better read this if you are 62 or older and still making mortgage payments. It’s time to reverse your thinking. More than 1 million seniors have taken advantage of this“retirement secret.” It’s a well-known fact that have been improved to provide for many senior citizens in the evengreaterfinancialprotection U.S. their home is their single for homeowners, there are still biggest asset, often accounting many misconceptions. for more than 50% of their total For example, a lot of people net worth. mistakenly believe the home Yet, according to new statistics must be paid off in full in order from the mortgage industry, to qualify for a HECM loan, senior homeowners in the U.S. which is not the case. In fact, are now sitting on more than one key advantage of a HECM 7.19 trillion dollars* of unused is that the proceeds will first be home equity. With people now living longer used to pay off any existing liens than ever before and home on the property, which frees up prices back up again, ignoring cash flow, a huge blessing for seniors living on this “hidden Request a FREE Info Kit a fixed income. wealth” may & DVD Today! Unfortunately, prove to be Call 1-800-792-0028 now. many senior short sighted. All things homeowners who might be considered, it’s not surprising better off with a HECM loan that more than a million don’t even bother to get more homeowners have already used information because of rumors a government-insured Home they’ve heard. Equity Conversion Mortgage In fact, a recent survey by or “HECM” loan to turn their American Advisors Group (AAG), home equity into extra cash for the nation’s number one HECM retirement. lender, found that over 98% of It’s a fact: no monthly their clients are satisfied with mortgage payments are required with a government- their loans. While these special insured HECM loan; however loans are not for everyone, they the homeowners are still can be a real lifesaver for senior responsible for paying for the homeowners. maintenance of their home, The cash from a HECM loan can property taxes, homeowner’s be used for any purpose. Other insurance and, if required, their common uses include making home improvements, paying off HOA fees. Another fact many are not medical bills or helping other aware of is that HECM reverse family members. Some people mortgages first took hold when simply need the extra cash for President Reagan signed the everyday expenses while others FHA Reverse Mortgage Bill into are now using it as a “safety law 32 years ago in order to help net”for financial emergencies. senior citizens remain in their If you’re a homeowner age 62 homes. or older, you owe it to yourself Today, HECM loans are to learn more so that you can simply an effective way for make an informed decision. homeowners 62 and older to get the extra cash they need to Homeowners who are enjoy retirement. Although today’s HECM loans interested in learning more can request a FREE 2020 Reverse Mortgage Information Kit and DVD by calling toll-free at FREE 1-800-792-0028 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 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), 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 nonborrowing 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. V2019.08.30 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.