Connecticut homeowners age 62 and older have a new reverse mortgage product available to help them with their retirement planning goals.
American Advisors Group (AAG) reports that it has launched its jumbo reverse mortgage loan, called the AAG Advantage, to its wholesale partner network in Connecticut. With AAG Advantage, Connecticut brokers and loan officers may originate reverse mortgages through AAG on properties valued at up to $6 million, versus the Federal Housing Administration’s Home Equity Conversion Mortgage (HECM) product, which has a loan limit of $625,500.
The AAG Advantage was initially launched in select states by the company’s retail channel last September and made available to wholesale partners in select states in May. The company plans to introduce the product in other states in the near future.
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. In addition, borrowers are not required to pay mortgage insurance premiums that are charged with a government-insured reverse mortgage.
AAG Connecticut 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 Connecticut.
