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Don’t spend any more sleepless nights worrying about money.
Home Equity Retirement Solutions from AAG, will provide the peace of mind you need.
We Are Here To Serve You
My aim is to address and solve for one of the most significant challenges facing the Baby Boomer Generation today….Being Financially Prepared for Your Retirement Years.
We're committed to educating Retirees and their families on the value of a product that has been created by the US Government during President Reagan’s term in office. The Home Equity Conversion Mortgage (HECM) was designed to utilize the equity in your home as a means to assist a peaceful and secure transition to one’s retirement years. Many Financial Advisors are now realizing the value of this product as one of several overall financial planning tools.
Our Commitment to you is that the educational process will be based upon an honest, ethical and open dialogue. Our goal is to integrate the dialogue into your circle of trusted advisors, whether those be family or a team of financial professionals.
Why you should have confidence in Stan Kassan
I am passionate about working with senior homeowners, improving their “quality of life” and giving them “peace of mind”.
Service is my Number 1 priority. You have my cell phone number and can reach me 24/7.
I follow through with each and every client – from start to finish and beyond we work together.
I have been in the financial services business for over thirty-five years and have earned the trust and confidence of a great number of clients.
Facts About Home Equity Conversion Mortgages (HECMs)
- A Home Equity Conversion Mortgage is a reverse mortgage that is federally-insured and available to homeowners over the age of 62. It allows the homeowner to convert a part of the equity in their home into cash which can be used however the homeowner sees fit.
- To exorcize yourself from a reverse mortgage all that is necessary is to simply pay off the balance due, much the same way you would liquidate a traditional mortgage.
- The age of the youngest borrower, the debt owed on the property, and the appraised value of the property all figure in when determining the available cashout. Generally speaking one could expect to draw out cash equal to roughly 55% of the appraised value.
- To qualify for a Home Equity Conversion Mortgage / reverse mortgage you must be 62 or older (a spouse who is under 62 can qualify as a non-borrowing spouse). You must demonstrate that you are financially capable of maintaining the property taxes, homeowner's insurance, and any other property expenses. The property must also be maintained to FHA standards.
- How much equity do you need to get? Generally speaking, 50% equity would qualify a borrower. There are exceptions on a case by case basis.
- What happens to the loan after you die? FHA (the guarantor of the loan) allows your estate up to 12 months to make a decision as to what to do with the property. Options would include: Pay off the mortgage and do with the property as you choose; Sell the property, pay off the mortgage, and keep the net proceeds.