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Before you can be approved for a reverse mortgage, you must meet with a third-party counselor at a certified counseling agency who will make sure you understand how the reverse mortgage works ...
The most common type of reverse mortgage is a Home Equity Conversion Mortgage (HECM), for borrowers ages 62 and older. Some reverse mortgage lenders offer other options for borrowers ages 55 and ...
The group was founded in 2004 by Reza Jahangiri, president and chief executive officer. [2] [4]In June 2009 the company received a capital-infusion commitment from private-equity firm JAM Equity Partners of El Segundo, California, an investment said to give AAG "the resources needed to compete on a national level with a celebrity spokesperson and [to] build a recognizable brand."
An approved counselor should help explain how reverse mortgages work, the financial and tax implications of taking out a reverse mortgage, payment options, and costs associated with a reverse mortgage. [31] The counseling is meant to protect borrowers, although the quality of counseling has been criticized by groups such as the Consumer ...
Jahangiri is an active member of the National Reverse Mortgage Lenders Association (NRMLA), serving as the past co-chair of the organization's board of directors . NRMLA is the national voice of the reverse mortgage industry, serving as an educational resource, policy advocate and public affairs center for lenders and related professionals.
HECM, lump sum, line of credit, reverse for purchase, Platinum (jumbo) For HECMs, borrowers must be aged 62 or older and have considerable equity (at least 50 percent) or own their home free and ...
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