Orange, California-based American Advisors Group, a reverse mortgage lender, just launched a jumbo reverse mortgage, called the AAG Advantage.
Through the new product, qualified borrowers can obtain a reverse mortgage on properties valued up to $6 million, compared to the the Federal Housing Administration loan limit of $625,500 associated with a traditional Home Equity Conversion Mortgage loan.
The AAG Advantage is available to both owners of property types eligible for a HECM loan and owners of Ginnie Mae-approved condominiums.
It will be available to senior homeowners in select states first and later roll out to other states in subsequent phases.
Like a HECM reverse mortgage, AAG Advantage is designed for borrowers age 62 or older, and borrowers are not required to pay mortgage insurance premiums.
“With our new AAG Advantage, we’re proud to help extend reverse mortgages to a greater number of seniors and provide borrowers with higher value homes a solution to access more funds,” said AAG CEO Reza Jahangiri.
“The launch of AAG’s jumbo reverse mortgage loan further reinforces our commitment to helping American seniors age in place and gain greater financial freedom,” he continued.