Page 17 - AAG094_B2C AAG Advantage Jumbo Booklet
P. 17
n Social Security and Medicare benefits
not impacted
The Upside n Loan repayment deferred until you leave Other Considerations
the home or fail to comply with loan
terms, such as the payment of property •
taxes, home insurance and home upkeep Failure to comply with loan terms, such as payment
of property taxes, homeowners insurance and home
n Non-recourse loan guarantees neither maintenance, may lead to default and/or foreclosure
you nor your heirs will ever owe more (this is the same for a traditional mortgage)
• Medicaid or Supplemental Security Income (SSI)
than the value of the home
n After the loan is repaid, any remaining eligibility may be affected
equity belongs to you or your heirs. Your •
heirs will inherit your house and any Potentially fewer assets to leave heirs as the loan
balance increases
equity in the property just like with any
other loan. If the heirs want to keep the • Not government insured
property, or get the equity, they do need
to pay off the loan. They could do this by
selling or refinancing the property.
