Page 4 - Your Guide_AAG Jumbo Booklet
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What is AAG’s Advantage jumbo
reverse mortgage loan?
AAG created the Advantage jumbo reverse mortgage loan to
help more seniors find a way to convert their home equity into
cash to achieve a better retirement. With it, Americans age 62
and older can unlock their home equity into tax-free money
without having to make any monthly mortgage payments.* We
recommend consulting your tax advisor when researching a
jumbo reverse mortgage loan.
A jumbo reverse mortgage is similar to a traditional HECM
reverse mortgage, only it’s not insured by the Federal Housing
Administration (FHA) but backed by AAG. This means that you
can now take advantage of loan amounts up to $4 million,
a significantly higher amount compared to a HECM reverse
mortgage, which caps the home value used to calculate your
loan proceeds at $679,650.
*Borrowers are responsible for paying property taxes, homeowner’s insurance,
and for home maintenance.
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