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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. All things considered, it’s not surprising that more than a million homeowners have 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 with HECM loan don’tt even bother to get moree information because ause of rumors they’ve heard. That’s a shame already used Our new Reverse Mortgage infomation guides & DVD are now available a governmentfeaturing award-winnng actor and paid AAG spokesman, Tom Selleck insured Home because HECM loans are helping Equity Conversion Mortgage many senior homeowners live a or “HECM” loan to turn their better life. home equity into extra cash for In fact, a recent survey by retirement. American Advisors Group However, today, there are still (AAG), the nation’s number one millions of eligible homeowners HECM lender, found that over who could benefit from this 97% of their clients are satisfied FHA- insured loan but may with their loans. While these simply not be aware of this special loans are not for everyone, “retirement secret.” they can be a real lifesaver for Some homeowners think senior homeowners. HECM loans sound “too good The cash from a HECM loan to be true.” After all, you get the can be used for any purpose. cash you need out of your home Many people use the money to but you have no more monthly save on interest charges by paying off credit cards or other highRequest a FREE Info Kit interest loans. Other common & DVD Today! uses include making home improvements, paying off medical Call 1-800-791-7033 now. bills or helping other family members. Some people simply mortgage payments. need the extra cash for everyday It’s a fact: no monthly expenses while others are now mortgage payments are required using it as a “safety net”for with a government-insured financial emergencies. HECM loan; however the If you’re a homeowner age 62 homeowners are still responsible or older, you owe it to yourself to for paying for the maintenance learn more so that you can make of their home, property taxes, an informed decision. homeowner’s insurance and, if You may be pleasantly required, their HOA fees. surprised by what you discover Another fact many are not when you call AAG for more aware of is that HECM reverse information today. mortgages first took hold when 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 1-800-791-7033 *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. These materials are not from HUD or FHA and were not approved by HUD or a government agency.