ORANGE, Calif., Jan. 17, 2019 /PRNewswire/ -- Trends show that wealthy seniors are now taking advantage of their home equity as means for further investments. American Advisors Group (AAG), a leading provider of home equity solutions for retirement, today revealed the top 10 reasons seniors are choosing their Advantage™ jumbo reverse mortgage loan. The Advantage loan gives affluent seniors access to their home equity with loan amounts up to $4 million. AAG reviewed more than 250 initial Advantage customers to determine the most common reasons why seniors are getting a jumbo reverse mortgage loan, below are the results:
Top 10 Reasons Seniors Choose a Jumbo Reverse Mortgage Loan
- To make home modifications or repairs
- To buy an investment property or a vacation home
- To help children purchase a property
- To provide children with an early inheritance
- To create college funds for grandchildren
- To establish a trust fund
- To cover in-home care costs
- To have more financial liquidity
- To maintain their current lifestyle
- To pay off other debts
"Jumbo reverse mortgage loans present an opportunity for older Americans to achieve greater financial comfort and expand their wealth," said Paul Fiore, chief retail sales & operations officer for AAG. "Products like Advantage have emerged as an optimal option for affluent homeowners who have a desire to diversify their capital and invest in other aspects of life, such as family needs, home remodeling or secondary property purchases."
Using Advantage loan data, AAG was able to identify trends among borrowers and create a description of the most common customer for a jumbo loan. Below are the profile factors of the average jumbo loan client:
Average Advantage Jumbo Reverse Mortgage Loan Customer Profile
- Average Home Value: $1.7 million
- Average Loan Amount: $665,000
- Average Age: 77 years old
- Average Credit Score: 729
AAG's implementation of proprietary jumbo loans stems from the company's desire to expand into the most versatile financial solutions company available to older Americans. The Advantage loan is one of the latest offerings in a new line of products from AAG designed to help savvy seniors live a financially comfortable life.
AAG is dedicated to helping older Americans find new ways to fund a better retirement through the responsible use of home equity. As the nation's leader in reverse mortgage lending, AAG offers a suite of home equity solutions — including federally-insured Home Equity Conversion Mortgages, traditional and proprietary mortgages, and real estate services — that are designed to give seniors a better financial outcome in retirement. AAG is a proud member of the National Reverse Mortgage Lenders Association (NRMLA). To learn more about AAG and reverse mortgage loans, please visit the company's website at www.aag.com.
American Advisors Group, NMLS #9392, 3800 W. Chapman Avenue, Orange CA 92868
SOURCE American Advisors Group (AAG)