Page 17 - AAG094_B2C AAG Advantage Jumbo Booklet

n Social Security and Medicare benefits

not impacted

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 Failure to comply with loan terms, such as payment
of property taxes, homeowners insurance, and home
upkeep
maintenance, may lead to default and/or foreclosure
n Non-recourse loan guarantees neither (this is the same for a traditional mortgage)

you nor your heirs will ever owe more •
than the value of the home Medicaid or Supplemental Security Income (SSI)
eligibility may be affected
n After the loan is repaid, any remaining •

equity belongs to you or your heirs. Your Potentially fewer assets to leave heirs as the loan
balance increases
heirs will inherit your house and any
equity in the property, just like with any • Not government-insured
other loan. If the heirs want to keep the

property, or get the equity, they do need
to pay off the loan. They could do this by

selling or refinancing the property.