Access More with the AAG Advantage Jumbo
Get more cash! Jumbo loans are available for homes valued up to $6 million - including Ginnie Mae-approved condos. The greater your home value, the more proceeds you may be able to access. Currently limited to $3 million maximum loan. No Capital Gains Taxes. Capital gains taxes are only due upon a sale. The AAG Advantage is a loan, secured by a mortgage on your home, and does not require sale of the home. The proceeds of a loan are not taxable as income. No Monthly mortgage payments. If you qualify and your loan is approved, a Reverse Mortgage loan must pay off your existing mortgage(s). With a Reverse Mortgage loan, no monthly mortgage payment is required. The borrowers are responsible for paying property taxes and homeowners insurance (which may be substantial). We do not establish an escrow account for disbursement of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. Borrowers must occupy the home as their primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan also becomes due and payable when the borrower or eligble non-borrowing spouse either dies, sells the home, permanently moves out, defaults on taxes and insurance payments, or does not comply with the loan terms. Access all of your loan proceeds in one lump sum. No mortgage insurance premium (MIP). This means lower closing costs for you.
All Borrowers must be 62 years of age or older and:
- Own the property outright or have a small mortgage balance
- Occupy the property as your principal residence
- Meet the guidelines of the Financial Assessment regarding income and credit requirements.
- Participate in a consumer information session given by an approved mortgage credit counselor
- Meet loan-to-value requirements
- Live within a specific state in which the loan is currently offered