loan, AAG Advantage, California wholesale partners.
“We’re pleased to now offer the AAG Advantage to our wholesale partners in California, where many of their clients’ property values tend to be higher,” says Kimberly Smith, senior vice president of wholesale lending at AAG.
Originally released last September to select states through AAG’s retail channel, the company plans to roll the loan out to additional states, in both retail and wholesale platforms, in the future.
Now, California brokers and loan officers will be able to originate reverse mortgage
s on properties valued up to $6 million, unlike HECM loans, which have a FHA
loan limit of $625,500. With AAG Advantage, owners of higher value homes now have the opportunity to borrow up to $3 million in loan proceeds. Additionally, borrowers are not required to pay mortgage insurance premiums that are charged with a government-insured reverse mortgage
. Another advantage is that AAG California wholesale partners may market the company’s jumbo reverse mortgage
to owners of Ginnie Mae-approved condominiums, in addition to owners of property types eligible for a HECM loan.
“With AAG Advantage and our solid network of California wholesale partners, we can help extend reverse mortgage
s to a greater number of seniors, provide them access to more funds and help them age in place with increased security and peace of mind,” said Smith.
American Advisors Group (AAG) has announced the release of its jumbo