Reverse Mortgages
AAA Mid-Atlantic has teamed up with Wells Fargo Home Mortgage to provide members reverse mortgages. A reverse mortgage is a special type of loan that enables individuals aged 62 or older to convert some of their home’s equity into tax-free [1] funds. The proceeds can be received as a lump sum, in monthly installments, as a line of credit, or as an upfront sum plus monthly allotments – and without impact on Social Security or Medicare [2].
Benefits:
- $350 application fee waived for AAA members
- No income, employment or credit requirements [3]
- Provides access to the equity in your home with flexible payout options
- You continue to own and live in your home
- You cannot owe more than the value of your home
- You can receive monthly payments instead of making them .
Qualifications
- Homeowners must be at least 62 years of age and occupy the property as their primary residence
- The home must be owned free and clear or have a remaining mortgage balance that can be paid off by the reverse mortgage
- The home must meet HUD minimum property standards
- Reverse mortgage customers are required to attend a HUD-approved counseling session
Contact A Representative
For more information about reverse mortgages or to apply, please call 1.800.599.2694.
Disclosures:
[1]Consult a tax advisor.
[2] Loan proceeds are not considered income and will not affect Social Security of Medicare benefits. However, your monthly reverse mortgage advances may affect your eligibility for some other programs. Consult either your local program office or your attorney to determine how, or if, monthly reverse mortgage payments might affect your situation.
[3] Reverse Mortgage borrowers are required to obtain an eligibility certificate by receiving counseling sessions with a HUD-approved agency. Family members are also strongly encouraged to participate in these informative sessions. Call for more detailed program information.
Wells Fargo Home Mortgage is not affiliated with AAA Mid-Atlantic.
Information is accurate as of date of printing and is subject to change without notice.Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. © 2008 Wells Fargo Bank, N.A. All Rights Reserved. #59893 8/08-11/08. An Equal Housing Lender.
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