American Advisors Group (AAG), like American Mortgage Corporation, exists to give their clients the best service possible to give them the retirement of their dreams. Both companies offer services with the best interest of their clients in mind. If you are over 62 and want to have a comfortable retirement, AAG Reverse Mortgage can be something that you would want to explore.
American Mortgage Corporation works closely with AAG in its reverse mortgage offerings, and here are some of the information you need before you apply.
The bank does not own your home if you apply for a reverse mortgage. As the homeowner, the title remains under your name, and you will own the home for as long as you are alive and living in the property. If you also make sure that your mortgage is in good standing, there should be no problem. You are responsible for your upkeep, taxes, and insurance as well.
Are you hesitant in applying for a reverse mortgage because it might affect your Social Security, Medicare, and other benefits like your pension? A reverse mortgage is not an income but a loan. So receiving your monthly payment from your reverse mortgage should not worry you. If anything, this can be a good thing because the longer you delay receiving your Social Security benefits, the higher your eligibility is, so you will receive a larger amount when you finally access it. There may be some benefits like your Medicaid that might be affected, so better talk to Medicaid personnel for more details.
Receiving your reverse mortgage can be done monthly, partial lump sum, lump sum, or a combination of any of these. So, if you have a big project or a travel expense that you need a substantial amount of money, then a lump sum might be a good option. But if you need a regular monthly cash flow, then you can choose that as well.
If you need to know more about a reverse mortgage, we are here to help.