By definition, a reverse mortgage is a financial agreement in which a homeowner relinquishes equity in their home in exchange for regular payments, typically to supplement retirement income. Unlike traditional mortgages, which decline as you pay down the loan, reverse mortgages rise over time as interest on the loan accrues.
Reverse mortgages seem to appeal most to the senior demographic. Particularly seniors who are strapped for cash or who are looking for a second income, a reverse mortgage could be a strong financial option.
The leading lender in the reverse mortgage industry is American Advisors Group (AAG). They were founded in 2004 and are currently licensed in 48 states. The company provides government-issued Home Equity Conversion Mortgages. Here are a few more reasons to trust AAG if you are interested in a reverse mortgage:
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To find out more and apply for a reverse mortgage with AAG, please click here.