What does AAG mean in MORTGAGE

A reverse mortgage allows homeowners who are 62 years or older to borrow against the equity in their home to generate income or access cash in retirement. The homeowner does not have to make any payments as long as they remain living in the home and maintain certain requirements such as paying for taxes and property insurance. With a reverse mortgage, there are no monthly payments required and interest is added to the loan balance over time.

To qualify for a reverse mortgage, homeowners must be at least 62 years old, own their home outright, hold title to the home, and live in the home as their primary residence. They will also need to meet with a Housing Counseling Agency prior to applying for a loan.

American Advisors Group provides professional guidance and access to quality products that will fit your individual needs. AAG has knowledgeable advisors who can answer all of your questions about reverse mortgages and help you decide if it's right for you. They also have competitive pricing, excellent customer service, and convenient online tools that make it easy to apply for a loan or manage your account.

AAG offers several types of Home Equity Conversion Mortgages (HECMs), including traditional fixed-rate and adjustable-rate loans, as well as HECM Saver loans with lower initial costs than traditional HECMs but smaller maximum lending limits.

It typically takes between two weeks up to two months from start-to-finish until the loan proceeds are available when obtaining a reverse mortgage through AAG. Each step of the process—from submitting an application to receiving loan funds—can take several days depending on various factors such as borrower information accuracy, processing times with third parties, etc.