15 suntimes.com | The Hardest-Working Paper in America | Monday, August 17, 2020 | - EDUCATIONAL ADVERTISEMENT - FREE Reverse Understanding MortgageLoans A Guide for Children and Caregivers Learn how home equity can helpl oved ones in retirement. Y our Guide to a Bette r Retirement Understanding Reverse Mortgage Loans Our new Reverse Mortgage information guides & DVD are now available featuring award-winning actor and paid AAG spokesman, Tom Selleck. U.S.A.’s #1 Reverse Mortgage Company *Source: https://reversemortgagedaily.com/2019/12/17/senior-housing-wealth-reaches-record-high-of-7-19-trillion Reverse mortgage loan terms include occupying the home as your primary residence, maintaining the home, paying property taxes and homeowners insurance. Although these costs may be substantial, AAG does not establish an escrow account for these payments. However, a set-aside account can be set up for taxes and insurance, and in some cases may be required. Not all interest on a reverse mortgage is tax-deductible and to the extent that it is, such deduction is not available until the loan is partially or fully repaid. AAG charges an origination fee, mortgage insurance premium (where required by HUD), closing costs and servicing fees, rolled into the balance of the loan. AAG charges interest on the balance, which grows over time. When the last borrower or eligible non-borrowing spouse dies, sells the home, permanently moves out, or fails to comply with the loan terms, the loan becomes due and payable (and the property may become subject to foreclosure). When this happens, some or all of the equity in the property no longer belongs to the borrowers, who may need to sell the home or otherwise repay the loan balance. V2020.06.30 NMLS# 9392 (www.nmlsconsumeraccess.org). American Advisors Group (AAG) is headquartered at 3800 W. Chapman Ave., 3rd & 7th Floors, Orange CA, 92868. Licensed in 49 states. Please go to www.aag.com/legal-information for full state license information. These materials are not from HUD or FHA and were not approved by HUD or a government agency. adno=STM000111211801 urGuide Yo toaBetter Retirement As Featured on: ABC, CBS, CNN & Fox News
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