Welcome, and thank you for visiting the home page for AAA Reverse Mortgage Specialits, Inc. We are headquartered in Chicago, Illinois and unlike many others, our company has been specializing in this FHA insured, HUD regulated reverse mortgage program since 2002. We have taken great care to make sure you can get all the facts about the program here, but please give us a call or request information if there is anything we can do to assist you.
We take great pride in our ability to work closely with each senior to make sure you know as much about the reverse mortgage program as we do.
Thank you for trusting AAA Reverse Mortgage Specialists, Inc. to give you the facts about the reverse mortgage program.
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Find the Reverse Mortgage Option to fit your needs:
Reverse Mortgages
A reverse mortgage is a home loan that lets homeowners convert a portion of the equity in their home into cash. The equity built up over years of mortgage payments can be paid to you. Unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence.
Am I Eligible?
To be eligible for a HUD reverse mortgage, HUD's Federal Housing Administration (FHA) requires that the borrower is a homeowner 62 years of age or older, and must live in the home they want the reverse mortgage for.
How Much Do I Get?
The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA's mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.
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