Products Offered By Aag
The AAG Advantage Jumbo Reverse Mortgage
The AAG Advantage Jumbo Reverse Mortgage is AAGs privately offered reverse mortgage intended exclusively for owners of high-value homes. If you have built up a lot of equity in your primary residence, maximizing your retirement portfolio may be difficult with the payout limits of government-insured reverse mortgages, which only allow borrowers to access up to $726,525 of their homes equity. The AAG Advantage Loan can be of exceptional benefit to people who purchased their home when prices were low, or whose home value has risen over years of ownership.
The HELO private reverse mortgage offers:
- Up to a $4M payout
- Elimination of mortgage payments
- Fixed interest rates at signing
- No mortgage insurance premiums required
Requirements to Qualify:
- Must be 62 years of age or older
- Must have all or most of your mortgage paid down
- Property must be high value
- Must meet with an AAG counselor to apply
- Must undergo a financial and credit score assessment
- Property must be your primary residence
- Applicants must be able to pay their housing expenses
FHA-Insured Reverse Mortgages from American Advisors Group
AAGs FHA-insured reverse mortgage loans include:
- Adjustable Rate HECMs
- Fixed Rate HECMs
- HECMs for Purchase
To learn more about the interest rates, fees, structures and benefits of FHA-secured reverse mortgages, scroll down to view our resource guide.
Talk About Reverse Mortgage Scams
Though traditional HECM reverse mortgages are heavily regulated by the FHA, there are still plenty of enterprising individuals who find ways to take advantage of, or outright rob the elderly using false promises regarding products like reverse mortgages. Discussing what to look out for can protect your loved one from this kind of exploitation.
The FBI states that victim seniors are offered free homes, investment opportunities, and foreclosure or refinance assistance, and that they are also targeted by schemes involving straw real estate buyers. If you or your loved one are offered or asked to procure a reverse mortgage as an opportunity to delay Social Security payments, buy a low-cost property for no money down or fund home repairs, or if youre offered free income with no risk by procuring a reverse, this should put you on your guard.
The following are tactics that can help you protect yourself and your loved ones from reverse mortgage scams.
- Seek out your own HUD approved reverse mortgage counselor
- Do not respond to unsolicited ads or offers
- Be suspicious of anyone who downplays the risks and obligations of a reverse
- Do not sign anything that you dont fully understand
- Do not accept payments or a title for a home you did not purchase
- Make sure that you and your loved one attend the loan closing
- Make sure that your loved one receives payments personally
- Find background info on lenders using the Better Business Bureau and the NMLS
Make Sure You Know About All The Costs
A reverse mortgage is similar to a standard home loan in some ways both have closing costs. Make sure to account for all costs like origination fees and mortgage insurance premiums. Because youre not required to make payments on a reverse mortgage, the principal balance wont go down during the course of the loan. However, interest will get tacked on to the outstanding balance every month, so as time goes on that balance will get higher, according to the Federal Trade Commission.
Lesson
Its also important to note that many reverse mortgage interest rates are variable and could change over time depending on the market. To receive a fixed interest rate, you will have to take your loan as a lump sum. These fixed interest reverse mortgages are referred to as closed-end loans, because you receive funds at once, and no other draws are permitted. For this reason, the vast majority of all HECMs are now variable rate loans. This allows the borrower to only draw what is needed and leave the remaining available funds in a growing line-of-credit for future financial needs.
Another one of the requirements of the loan is the homeowner must be willing and able to pay their own property taxes and insurance. If you are not interested in making these payments, the lender may set-aside funds upfront to pay these charges on the borrowers behalf through their expected lifetime.
Whoever you choose as your lender, discuss these costs with them so you arent surprised when the bill comes.
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Products Offered By Quontic Bank
FHA-Insured Reverse Mortgages from Quontic Bank
Quontic is a traditional bank, so it is equipped to counsel reverse mortgage shoppers in person at one of its many branch locations, as well as over the phone and online. Its HECM offerings are FHA-approved, which means they are heavily regulated to be a low-cost option for seniors. While you may find slightly different interest rates and fees from other lenders, possibly the most important thing to shop for in your search for your best HECM option is comprehensive customer service, and with its history as one of the healthiest banks in the country, Quontic has that in spades.
To talk about your options with a licensed specialist at Quontic Bank, call 908-6600, or contact them online at QuonticBank.com.
Quontics HECM options include:
- Adjustable Rate HECMs
- Fixed Rate HECMs
- HECMs for Purchase
To learn more about the interest rates, fees, structures and benefits of FHA-secured HECM reverse mortgages, scroll down to view our resource guide.
Nj Home At Auction Despite Familys Wishes
When Grace Bonnicelli thinks of reverse mortgages, she remembers a particularly troubling knock on her mother’s door in 2018. A man asked her sister, Is this house for sale?
She quickly told him no, and he apologized but mentioned that he had seen the posting in the newspaper, Bonnicelli recalled.
The reality was even worse: Not only was the home listed for sale, it had been sold back to the bank at a sheriffs sale the previous day.
Help us report this story
We want to hear about your experience with reverse mortgages, especially ones that ended in foreclosure or eviction.
Bonnicelli of New Jersey said her mother had a series of mini-strokes, which impaired her memory. She missed tax and insurance payments on the family home, on which she had taken out a reverse mortgage in 2009.
Those missed payments pushed the loan into default and led the servicer to demand the full $200,000 owed.
The knock at the door was the first Bonnicelli knew of the problem and she, along with her family, sought to fix it. Then came the eviction notice.
There was no negotiation they were soulless, heartless.
There was no negotiation they were soulless, heartless, Bonnicelli said of the loans servicer, which was Champion Mortgage.
Champion did not respond to requests for comment from USA TODAY.
A Champion attorney argued against the delay, saying taxes were late dating back to 2012, which could have triggered a foreclosure years earlier.
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Loandepot Vs Bank Of America Mortgage
LoanDepot is a cross between an online lender and an in-person lender. Most of the lending process is completed online, but you can visit one of their 200 branches throughout the country if you want in-person support.
LoanDepot offers a package deal to save you money. If you use a real estate agent, they matched you with and use all LoanDepot services, including homeowners insurance and title services, youll save up to $6,000 on your loan.
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Products Offered By Fairway Independent Mortgage
FHA-Insured Reverse Mortgages from Fairway Independent Mortgage Corporation
Fairway Independent is licensed by the federal government to originate and service traditional HECMs , which are heavily regulated and FHA-insured to keep rates and costs as low as possible. This regulatory environment renders HECMs from all lenders nearly the same, as rate and fee caps leave little room for variation. However, shoppers of HECMs should still apply with multiple lenders like Fairway to find their best interest rate and to take the opportunity to find out what each lender has to offer in terms of customer service and resources.
Fairway Independent Mortgage Corporations HECM options include:
- Adjustable Rate HECMs
- Fixed Rate HECMs
- HECMs for Purchase
To talk about a reverse mortgage with a licensed specialist Fairway Independent Mortgage, call 912-4800 or contact them online at FairwayIndependentMC.com.
To learn more about the interest rates, fees, structures and benefits of FHA-secured HECM reverse mortgages, scroll down to view our resource guide.
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Products Offered By Liberty Home Equity Solutions
FHA-Insured Reverse Mortgages from Liberty Home Equity Solutions
Liberty Home Equity is exclusively a lender of traditional HECM reverse mortgages, including HECMs for new home purchases as well as fixed and adjustable rate HECMs. Unlike most lenders mentioned here, Liberty Home Equity Solutions does not currently offer a private, or jumbo reverse mortgage option and is only a lender of FHA-insured HECM products, which they are licensed by the federal government to both originate and service throughout the life of a loan.
Liberty Home Equity Solutions reverse mortgage options include:
- Adjustable Rate HECMs
- Fixed Rate HECMs
- HECMs for Purchase
Traditional HECMs are heavily regulated by the federal government, so their costs and terms are standardized among all lenders to keep them safe and affordable for seniors. As costs and fees vary little and are relatively quite low, the differences between lenders of HECMs are primarily in their customer service infrastructures, their special offers, and their guarantees. However, note that you may also see some small variance between the interest rates you are offered as you comparison shop for a traditional reverse mortgage.
To find out more about Liberty Home Equity Solutions customer service and guarantees, contact them at 751-2606, or visit LibertyReverseMortgage.com and use the calculator tool to estimate your eligibility.
Who Is The Lender For Countrywide Home Loans
Any mortgage or Deed of Trust issued by Countrywide Home Loans that names Americas Wholesale Lender as the Lender, is usually followed by Lender is a Corporation organized and existing under the laws of New York It usually looks like this: However, Americas Wholesale Lender is and was never a New York corporation.
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Tips For Caregivers Considering A Reverse Mortgage For Seniors
For caregivers with any degree of control or input where their loved ones finances are concerned, supporting someone in their decision to consider a reverse mortgage presents a specific set of challenges. The following points demonstrate what caregivers can expect from this process and offer some direction on how to prepare for and navigate the reverse mortgage shopping experience from a support position.
Pros And Cons Of American Advisors Group
Pros
- Top HECM lender in the nation, closing more loans than any other lender in the industry.
- Provides a jumbo reverse mortgage option
- Excellent ratings and reviews on trusted websites like Better Business Bureau and TrustPilot
- Offers robust online resource bank with retirement tips, recommended articles and knowledge base
Cons
- Currently offers jumbo reverse mortgage option in only 24 states
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Bank Of America Mortgage Overview
Bank of America is one of the most well-known banks in the country, so its no surprise that millions of people turn to them for their mortgage needs.
Like most large banks, Bank of America offers typical mortgage options , but they also offer geographically specific loan options for low to moderate-income families who may not qualify for traditional loans.
Does Bank Of America Offer Reverse Mortgages
The Bank of America offers reverse mortgage to the senior citizens so that they can enjoy their life after retirement. It does not ask for any credit score while offering reverse mortgage to someone. The amount of reverse mortgage loan depends upon several factors like, existing debt, medical expenses etc.
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How To Qualify For A Bank Of America Mortgage
Like most lenders, Bank of America offers a wide selection of loans, each of which has different qualifying requirements. In general, aim for a credit score of at least 600 and a debt-to-income ratio no higher than 43%.
Bank of America does have programs with more flexible guidelines if you have a higher DTI or a low credit score, but youll get the best rates and terms when you prove you can comfortably afford the loan and have a solid payment history on your other debts.
In addition to managing your credit score and debt-to-income ratio, you should try to have the following:
- Stable income and employment for the last 2 years
- Proof of assets for your down payment and closing costs
- Proof of reserves
- No recent delinquencies or public records
Can You Lose Your House With A Reverse Mortgage
As with any mortgage, there are conditions for keeping your reverse mortgage in good standing, and if you fail to meet them, you could lose your home. The ways you could violate the terms of a reverse mortgage include:
- The home is no longer your primary residence.As part of the reverse mortgage agreement, the home must be your primary residence. This means that you cannot leave the home for more than 12 consecutive months, explains Michael Micheletti, spokesperson for Unlock Technologies, a company that helps homeowners access their equity. This rule doesnt bar you from leaving your home to travel or to come and go as you please, but if you vacate the property for 12 consecutive months, the reverse mortgage loan becomes eligible to be called due and payable.
- You decided to move or sell your home.If you have to move and put your home up for sale as part of the move, youre still bound by the requirement to live in the house for 12 consecutive months. If selling your home becomes a challenge and you dont find a buyer within that 12-month window, the reverse mortgage can be called due, Micheletti says.
- You dont pay your property taxes or homeowners insurance. Even with a reverse mortgage, youre still responsible for paying property taxes, and failure to do so could violate the terms of your loan. In addition, you must maintain current homeowners insurance.
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How We Found The Best Mortgage Lenders
Our rankings were derived from more than 60 data types in the following categories:
- Types of loans offered: We favored companies that offered a variety of loan options, such as fixed- and adjustable-rate mortgages, term-lengths, and loans backed by government agencies.
- Customer Experience: We favored companies that consider alternative credit data, provide a streamlined application process, at least two forms of customer service, and a variety of resources and educational tools
- Reputation & Transparency: We evaluated consumer complaints with the CFPB and the number of regulatory actions filed with the NMLS
Over the course of our research, we consulted the following expert sources.
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Offer Help And Support With Technological Tools
The application and closing process for a reverse mortgage can take much longer than it should if borrowers are not technologically inclined. If documents must be transmitted and signed using snail mail or a borrower is unfamiliar with email and other applications that lenders customarily use, this can throw a monkey wrench into the process and delay reverse mortgage payments. It can also make comparison shopping a much more difficult and time-consuming prospect.
To help your friend or parent find the best lender for them and receive their reverse mortgage proceeds with as little difficulty as possible, consider preparing yourself to provide whatever technical support they may need, and make sure they know that you are there for them on that front.
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Liberty Home Equity Solutions
Liberty Home Equity Solutions began as a small startup in 2013 but now services more reverse mortgages than the vast majority of other lenders. The companys president is currently an officer on the board of the NRMLA a national organization which certifies lenders who maintain high ethical standards and a high degree of transparency. These are outstanding credentials and they make Liberty Home Equity Solutions a strong choice of lender, as does Libertys Iron Clad Guarantee. For middle-class families, this lender represents an accessible, dependable and high-transparency option among reverse mortgage lenders.
Libertys Iron Clad Guarantee actually consists of multiple guarantees in one, mostly regarding overall costs, customer service, and the loan application and approval process. Liberty offers reverse mortgage borrowers perks like $100 gift cards and $500 account credits if it cannot match a competitors costs or takes longer than 60 days to close a loan. The guarantee also ensures that customers can complete the entire sign-up process from home if they wish and that they will have a dedicated group of specialists handling their account whom they will always be able to reach by phone during normal business hours .
To reach a licensed Liberty Home Equity Solutions counselor, call them at 751-2606, or request that they get in touch with you by visiting LibertyReverseMortgage.com.
Put The Home In Both Spouses Names
If youre married and decide to do a reverse mortgage, make sure to put the house in both of your names. In 2014, HUD changed these regulations to allow eligible non-borrowing spouses to defer the due and payable status of the loan. This means that spouses may be able to reside in the home in cases where the borrower has passed away. The biggest hoop spouses had to jump through, in such cases, was getting title to the home quickly to qualify for the deferral.
It is preferable that both spouses also be borrowers, but that is not always possible when one spouse is not of qualifying age. Fortunately, HUD now allows non-borrowing spouses under age 62 to remain on the title as a mortgagor. That does not make them a borrower on the loan, but it does help the non-borrowing spouse after the death of the borrower.
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