ORANGE, Calif.--(BUSINESS WIRE)--American Advisors Group (AAG), the leading reverse mortgage lender in the nation, has released its jumbo reverse mortgage loan, called the AAG Advantage, to its wholesale partner network in California. With AAG Advantage, California brokers and loan officers may originate reverse mortgages through AAG on properties valued at up to $6 million, versus the FHA loan limit of $625,500 associated with a traditional Home Equity Conversion Mortgage (HECM) loan.
The AAG Advantage was initially launched in select states by the company’s retail channel last September. The loan will roll out to other states through both retail and wholesale platforms in future phases.
Like a HECM reverse mortgage, AAG Advantage is designed for borrowers age 62 or older to convert a portion of their home equity into cash to help them retire comfortably. With AAG Advantage, owners of higher value homes now have the opportunity to borrow up to $3 million in loan proceeds—a significantly greater amount than offered through a traditional HECM loan. With the AAG Advantage, borrowers are not required to pay mortgage insurance premiums that are charged with a government-insured reverse mortgage.
AAG California wholesale partners may market the AAG Advantage jumbo reverse mortgage not only to owners of property types eligible for a HECM loan, but also to owners of Ginnie Mae-approved condominiums, expanding the potential market for reverse mortgage in California.
“We’re pleased to now offer the AAG Advantage to our wholesale partners in California, where many of their clients’ property values tend to be higher,” says Kimberly Smith, senior vice president of wholesale lending at AAG. Smith continues, “With AAG Advantage and our solid network of California wholesale partners, we can help extend reverse mortgages to a greater number of seniors, provide them access to more funds and help them age in place with increased security and peace of mind.”
About American Advisors Group
American Advisors Group (AAG) is the nation’s leader in reverse mortgage lending. We are dedicated to helping American seniors convert a portion of their home equity, a largely untapped asset, to help fund their retirement needs.
AAG holds an A+ rating by the Better Business Bureau, has a 96% customer satisfaction rating and is a proud member of the National Reverse Mortgage Lenders Association (NRMLA). To learn more about American Advisors Group and reverse mortgages, please visit the company’s website at www.aag.com, on Facebook and Twitter.
