Reverse Mortgages

Financial Reverse Mortgages

Retirement just got easier with AAA Reverse Mortgages.

Looking for a way to ensure a more comfortable retirement? AAA Northeast Bank provides government insured reverse mortgage products that leverage and maximize the equity of your home. A reverse mortgage can help you stay in your home while providing additional financial freedom and peace of mind with tax-free income.

What’s more, we’ll provide you with all of the details and a firm understanding of the process so you can proceed with confidence and finally relax and enjoy your golden years!

Getting Started

  • Call 1-800-446-6997 to speak with a reverse mortgage consultant. We’ll meet you in a mutually convenient location to take your application. We can also calculate your maximum loan amount and guide you through the entire process.
  • Attend a free informational seminar. Click here to view our seminar schedule.

AAA Reverse Mortgage FAQs

Have questions that aren’t answered below? Call 1-800-446-6997 to speak with a reverse mortgage consultant.

If I get a reverse mortgage will I lose the title of my home?

No. When you take out a reverse mortgage the title of your home remains with you and/or your estate.

 

If I get a reverse mortgage will it affect my social security benefits?

No. A reverse mortgage will not affect your social security benefits.

 

If I get a reverse mortgage could I owe more than the house is worth?

No. You will never owe more than the value of the home.

  • You will never have to make a mortgage payment while still in the home.
  • The money may be used for retirement planning, home repair, health care, health or long term care insurance, purchasing a new car or a second home, travel, gifts, endowments, or monthly income.
  • Loan proceeds are not considered income and will not affect Social Security, Medicare, SSI or Medicaid benefits. Eligibility for certain local entitlement programs may be affected if you decide to keep proceeds in a personal asset account (checking, savings, etc.).
  • At least one borrower must be 62+ years of age. Ask our Mortgage Consultants about particulars. Must have completed required counseling prior to application.
  • For jointly –owned property all borrowers must be at least 62.
  • No health requirements.
  • Income, credit and assets will be reviewed to determine eligibility.
  • The amount is based on a federal Housing Urban Development (HUD) formula that factors in the youngest homeowner’s age, appraised value in relation to HUD county guidelines and current interest rates.
  • The initial amount borrowed can never exceed the value of the home and could be limited in the first year by government regulation.
  • Lump sum distribution.
  • Fixed monthly dollar amount for a term you specific.
  • Lifetime monthly distribution (tenure payment).
  • Easily accessible line of credit which based on the unused portion, will increase over time.
  • Combination of any of the above options such as a lump sum for home repairs, then monthly disbursements.
  • When you sell your property, just as any other lien.
  • When the property is no longer occupied by at least one borrower as the primary residence. Beginning with loans originated on Aug. 4 2014, a non-borrowing spouse will no longer automatically be required to pay back a government-insured reverse mortgage when the person listed on the loan dies or leaves the property.
  • As with any mortgage, a reverse mortgage has closing costs such as title insurance, attorney fees and an origination fee. A reverse mortgage also requires a mortgage insurance premium. Most of these costs can be financed in the loan amount so there are minimal out-of-pocket expenses at time of application.
  • You are responsible for general upkeep including utilities and taxes.

* All loans offered through AAA Northeast Bank. AAA Northeast Bank is a MORTGAGE BROKER ONLY, NOT A MORTGAGE LENDER OR MORTGAGE CORRESPONDENT LENDER. AAA arranges but does not make loans. Some restrictions apply. Rates and terms subject to change without notice. All loans are subject to credit approval, appraisal and satisfactory title examination where applicable. Consult your tax advisor regarding the tax deductibility of interest. Other rates and terms available. (1) Actual rate will be determined by individual credit worthiness. Rates may not be available in all areas. (2) APR of 3.914% is based on a $200,000 purchase loan, 20% down payment, 360 payments of $940.47 a 740 FICO score and no points. Rates subject to change without notice and are reviewed each business day by noon. Due to the volatility of the market, lenders may be re-pricing throughout the day. Lenders require tax and insurance escrows, and do charge for escrow waivers, if allowed. Rates shown in Horizons must go to press at least three-four weeks prior to publication, so may be different from those quoted when you contact us. NMLS #178791