The product can be used for a home purchase or a cash-out refinance
American Advisors Group (AAG), a provider of home equity solutions for retirement, has added government-backed Veterans Affairs (VA) loans to its product suite.
Whether for a home purchase or a cash-out refinance, the VA loan offers older veterans a low-cost option to access their equity for home modifications or to help supplement their retirement income.
With the addition, AAG now offers older veterans a full range of options for accessing their home equity, including government-insured Home Equity Conversion Mortgages, proprietary jumbo reverse mortgage loans, traditional mortgage loans, as well as real estate services for buying or selling a home.
"Adding the VA loan was a natural expansion for AAG. There are millions of older veterans in this country who represent a significantly underserved demographic," AAG CEO Reza Jahangiri said. "By offering veterans more ways to extract their home equity, we are empowering them to chart their own course in retirement, whether that means moving to a more senior-friendly home, getting in-home care, or simply maintaining their independence and quality of life in retirement."
Through the Department of Veterans Affairs, most members of the active military, reservists, and veterans are eligible for a homeownership loan with no down payment and no mortgage insurance requirements. The loan benefit is also available to surviving spouses of military members who lost their lives while on active duty or as a result of a service-connected disability.
