Page 7 - AAG094_B2C AAG Advantage Jumbo Booklet
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THE AD V ANT A GE D IFFEREN CE
HECM Advantage
Age 62 or older Age 55* or older
Own your home Own your home
Requires substantial home equity Requires substantial home equity
Counseling required Counseling required
Financial assessment required Financial assessment required
Max claim amount of $822,375** $10 million
Top loan amount (% of $822,375**) Up to $4 million
Upfront and annual insurance premiums No mortgage insurance premiums
Non-recourse loan Non-recourse loan
Maintain home, pay property taxes, Maintain home, pay property taxes,
and homeowners insurance and homeowners insurance
*The Advantage product options have a minimum age requirement of 55 in all states, with the exception of NY, and WA in which the minimum
age is 60, and UT, NC, and TX in which the minimum age requirement is 62.
**HECM loan principal is calculated as a percentage of appraised value or $822,375, whichever is less.
