Is a Reverse Mortgage Right For Me?

IS A REVERSE MORTGAGE LOAN RIGHT FOR ME? When considering a reverse mortgage home equity loan, there are many questions you can ask yourself in order to determine if you can benefit from all the features it offers. Start here and you will be on your way to discovering if this unique loan is right for you. yes onno OR START yes A reverse mortgage loan may be a great way to increase your cash flow. COULD I USE SOME EXTRA MONEY TO FUND MY no Good for you! You're confident you have enough money right now. RETIREMENT EXPENSES? no The minimum age to qualify is 62 years old. Until you reach your 62nd birthday, continue to research and educate yourself about reverse mortgages. DO I WANT BACK-UP FUNDS TO HELP MY RETIREMENT ACCOUNTS LAST LONGER? yes Financial experts have learned ways to leverage a reverse mortgage for this purpose. no Good for you! You're confident you have enough money right now. I AMI AGE 62 OR OLDER? yes You satisfy the age requirement to qualify! no A reverse mortgage loan uses the home you own as collateral; therefore, if you are not a homeowner, you may not qualify for a reverse mortgage. If you plan on buying a home, you may qualify for a HECM for Purchase. DO I OWN MY HOME? yes You satisfy the homeownership requirement to qualify! no A reverse mortgage is a kind of home equity loan where the loan is secured with a lien on your home. If you are not comfortable with one, then this is not the right option for you. I yes A reverse mortgage is a loan designed specifically to help seniors access a portion of their home equity and fund their retireme LOAN AM I COMFORTABLE GETTING A HOME EQUITY LOAN? needs. IS MY HOME A SINGLE-FAMILY HOME, A CONDO, A DUPLEX OR TRIPLEX, A MANUFACTURED HOME, OR A FARM HOME? yes Your home may qualify! You can visit HUD.gov for additional details on any possible restrictions. no Vacation homes, 2nd homes, mobile homes, Co-Ops, and multi-family homes of 4 units or more do not qualify at this time. Please visit www.HUD.gov for details. I DO I HAVE AT LEAST 50% EQUITY IN MY HOME? no A reverse mortgage must pay off all existing debts on the property first. If you do not have enough equity to do so, then you may not qualify for the loan. Speak to a licensed reverse mortgage lender to help determine your eligibility. yes You have a good chance of qualifying for a reverse mortgage. DO I WANT TO ELIMINATE MY MONTHLY MORTGAGE PAYMENTS? yes A reverse mortgage loan will pay off your existing mortgage and allow you to access your equity without having to pay a monthly mortgage payment. You would still be responsible for standard expenses such as taxes, insurance, and home maintenance. FOR SALE AM I COMFORTABLE SELLING MY HOUSE? no With a reverse mortgage loan you can still make monthly mortgage payments and there are no pre-payment penalties. Other options that would allow you to make monthly mortgage payments include a second mortgage or other kind of home equity loan. no A reverse mortgage loan can give you access to your equity without selling your yes Selling your home to access your equity may be an option for you. There is also a type of reverse mortgage called the HECM for Purchase, which is available to help you buy a new home and get a reverse mortgage in one transaction. home. DO I WANT TO MAINTAIN OWNERSHIP OF MY HOME? yesA reverse mortgage is not the same as selling your home to the bank, so you maintain ownership of your home. The lender would have a lien on the property, the same as a traditional mortgage. no If you no longer want to be a homeowner, then selling your home may be an option for you. DO I PLAN TO LEAVE MY HOME FOR MORE THAN 12 no A reverse mortgage loan helps you to age in place and is perfect for seniors who plan to stay in their homes. CONSECUTIVE MONTHS? yes Reverse mortgage borrowers must live in the home as their primary residence. If you plan to use this as a vacation home or travel for more than a year at a time, this may not be the right option for you. DO I HAVE MEDICAL EXPENSES, CREDIT CARD DEBT, OR BILLS I WOULD LIKE TO PAY DOWN OR PAY OFF? yes The funds from a reverse mortgage can help pay down anything you choose, including medical bills, credit card balances, and home repairs. no You can use reverse mortgage funds for anything else you wish, or keep the proceeds on standby in case of emergencies. IS IT IMPORTANT ΤΟ ΜΕ Ο AGE IN MY HOME? yes A reverse mortgage may be right for you because it was designed for just that. no |f it is not important for you to stay in your home as you age, you may have other options. no If your heirs are not interested in keeping your home, at loan maturity they can sell the home and the proceeds will pay your loan off in full. Any remaining equity will go directly to them. DO MY HEIRS WANT TO INHERIT THE HOME? yes They have the option to refinance into a traditional mortgage to keep the home after your reverse mortgage loan becomes due. CAN I AFFORD TO CONTINUE MY HOMEOWNER OBLIGATIONS SUCH AS PAYING MY HOMEOWNERS INSURANCE AND PROPERTY TAXES? yes Great! A reverse mortgage may be a good choice for you. no You must be able to meet these financial obligations in order to avoid foreclosure. You may have the option to set aside some of your reverse mortgage proceeds in order to pay these continuing expenses. FOR MORE INFORMATION CALL TODAY! A REVERSE MORTGAGE LOAN MAY BE RIGHT FOR YOU! Your next step is to call American Advisors Group at 1-800-AAG-0103 and speak with a reverse mortgage professional. Get more information about how a reverse mortgage loan may be able to help you and join the thousands of seniors across the nation that have already used this financial tool to improve their lives. NMLS# 9392 (www.nmlsconsumeraccess.org). American Advisors Group (AAG) is headquartered at 3800 W. Chapman Ave., 3rd & 7th Floors, Orange CA, 92868. AAG conducts business in the following states: AK (Alaska Mortgage Broker/Lender License No. AK9392), AL, AR, AZ (MB_0911141), CA (CA Loans made or arranged pursuant to a California Finance Lenders Law license (603F324) and Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act (4131144)), CO (Regulated by the Division of Real Estate; to check the license status of your mortgage loan originator, visit http://www.dora.state.co.us/real-estate/index.htm), CT, DC (District of Columbia Mortgage Dual Authority License No. MLB9392), DE, FL, GA (residential Mortgage Licensee #22849), IA, ID, IL (Illinois Residential Mortgage Licensee; Illinois Commissioner of Banks can be reached at 100 West Randolph, 9th Floor, Chicago, Illinois 60601, (312)814-4500), IN, KS (Kansas Licensed Mortgage Company MC. 0025024), KY, LA MD, ME (SCM11356), MI, MN, MO, MS (Licensed by the Mississippi Department of Banking and Consumer Finance), NC, ND, NE, NJ (Licensed by the N.J. Department of Banking and Insurance), NM, NV, NY (Licensed Mortgage Banker-NYS Department of Financial Services; American Advisors Group operates as American Advisors Group, Inc. in New York.), OH, OK, OR (ML-4623), PA (Licensed by the Pennsylvania Department of Banking 28356), RI (Rhode Island Licensed Lender), SD, SC, TN, TX (Mortgage Banker Registration), UT, VA (Licensed by the Virginia State Corporation Commission MC - 5134), VT (Vermont Lender License No. 6384), WA (Consumer Loan # CL-9392),WV, WI, WY (WY-DBA AAG Reverse Mortgage Lender/Broker License No. 2331). Reverse mortgages are first and second mortgage loans. A reverse mortgage increases the principal mortgage loan amount and decreases home equity (it is a negative amortization loan). Borrowers are responsible for paying taxes and insurance (which may be substantial). do not establish an escrow account for disbursements of these payments. AAG works with other lenders and financial 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. These materials are not from HUD or FHA and were not approved by HUD or a government agency.