Details for MEDIA SPACE SOLUTIONS - Ad from 2019-08-08
PAIDADVERTISEMENT Why Haven’t Senior Homeowners Been Told These Facts? Keep reading if you own a home in the U.S. and were born before 1957. It’s a well-known fact that for many senior citizens in the U.S. their home is their single biggest asset, often accounting for more than 50% of their total net worth. Yet, according to new statistics from the mortgage industry, senior homeowners in the U.S. are now sitting on more than 6.9 trillion dollars* of unused home equity. With people now living longer than ever before and home prices back up again, ignoring this “hidden wealth” may prove to be short sighted. it’ss not All things considered, it 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 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, which frees up cash flow, a huge blessing for seniors living on a fixed income. Unfortunately, many senior homeowners who might be better off n’t with HECM loan don et mor more even bother to get ause of information because surprising Our new Reverse Mortgage infomation guides & DVD are now available more that mor featuring award-winnng actor and paid AAG spokesman, Tom Selleck than a million homeowners have already used rumors they’ve heard. a government-insured Home That’s a shame because Equity Conversion Mortgage HECM loans are helping many or “HECM” loan to turn their senior homeowners live a better home equity into extra cash for life. retirement. In fact, a recent survey by However, today, there are still American Advisors Group millions of eligible homeowners (AAG), the nation’s number one who could benefit from this HECM lender, found that over FHA- insured loan but may 97% of their clients are satisfied simply not be aware of this with their loans. While these “retirement secret.” special loans are not for everyone, Some homeowners think they can be a real lifesaver for HECM loans sound “too good senior homeowners. The cash from a HECM loan can be used for any purpose. Request a FREE Info Kit Many people use the money & DVD Today! to save on interest charges by Call 1-800-840-6698 now. paying off credit cards or other high-interest loans. Other to be true.” After all, you get the common uses include making cash you need out of your home home improvements, paying off but you have no more monthly medical bills or helping other mortgage payments. family members. Some people It’s a fact: no monthly simply need the extra cash for mortgage payments are required everyday expenses while others with a government-insured are now using it as a “safety HECM loan; however the net”for financial emergencies. homeowners are still responsible If you’re a homeowner age 62 for paying for the maintenance or older, you owe it to yourself to of their home, property taxes, learn more so that you can make homeowner’s insurance and, if an informed decision. required, their HOA fees. You may be pleasantly Another fact many are not surprised by what you discover aware of is that HECM reverse when you call AAG for more mortgages first took hold when information today. President Reagan signed the FHA Reverse Mortgage Bill into Homeowners who are law 31 years ago in order to help interested in learning more senior citizens remain in their can request a FREE 2019 Reverse homes. Mortgage Information Kit and Today, HECM loans are DVD by calling toll-free at simply an effective way for 1-800-840-6698 *Source:https://www.mpamag.com/market-update/senior-home-equity-has-grown-to-6-9-trillion-112295.aspx A reverse mortgage increases the principal mortgage loan amount and decreases home equity (it is a negative amortization loan). AAG works with other lenders and fnancial institutions that offer reverse mortgages. To process your request for a reverse mortgage, AAG may forward your contact information to such lenders for your consideration of reverse mortgage programs that they offer 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.V2019.04.17 NMLS# 9392 (www.nmlsconsumeraccess.org). American Advisors Group (AAG) is headquartered at 3800 W. Chapman Ave., 3rd & 7th Floors, Orange CA, 92868. (4824 NW Gateway Ave, Suite 201, Riverside, MO 64168) These materials are not from HUD or FHA and were not approved by HUD or a government agency.