Reverse Mortgage Questions? AAG Launches New Interactive Q&A Site

NewImage.jpgHave a reverse mortgage question?  American Advisors Group (AAG) launched ReversemortgageQA on Thursday to make it easier for consumers to find information on reverse mortgages and ask individual questions over the web.

ReversemortgageQA is designed as a network of question and answer websites that will enable consumers to easily request free, fast, and accurate information specifically related to their individual questions about reverse mortgages.

“I‘m so glad seniors are being offered this new forum which allows them greater access to the facts about reverse mortgages,” said Fred Thompson, former Senator and AAG spokesperson.  “American Advisors Group has done an amazing job creating a venue that empowers seniors with more information and greater transparency.”

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Reza Jahangiri, CEO of AAG, said the company wants to inform and educate seniors using an easy to find question and answer platform.

“This is something seniors and their caregivers deserve,” he said. “They can go directly to www.ReverseMortgageQA.com to have their concerns answered by experienced reverse mortgage professionals, without committing to anyone or anything. We hope people use this site to gain a better understanding of the benefits of this often misunderstood financial product.“

After a posting a question, users will receive an answer from a qualified reverse mortgage professional and have the reassurance that they are talking to someone with the knowledge and understanding to provide the facts says AAG.  Users can also view previous answers to commonly asked questions to gain a better understanding of how the reverse mortgage loan program works including how to qualify, how FHA insurance works, and what the application process involves.

The company has other opportunities to leverage a site like this through websites like Facebook and other social media outlets.  It will be interesting to see what they do to expand its reach.

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  • The most pressing question I have and many other seniors who live in stock cooperative units nationwide is when will HUD implement the directive letter to lenders so that seniors who want the HECM reverse mortgage can get one? We have been waiting for 2 years to hear the news from the lenders that HUD is implementing what has been passed into law. We want answers.

    • ChangeManager@comline.comnAs a co-founder of HECMs for CO-OPs at Latuna Woods CA, I agree with Akoolkat, and want to know when HUD Secretary Shaun Donovan will implement the Housing and Economic Recovery Act of July 30, 2008, signed by George W. Bush, which includes a co-op reverse mortgage requirement. Sending this in hope for contacts from co-op owners. NOTE: even should we not take advantage of a reverse mortgage opportunity, the value of our property is degraded by the inability to have such an access!

    • Akoolkat,rnrnEven if HUD approves a Mortgagee Letter, depending on its comments the question you should be addressing, what will the supply be like? Because of increased risk and less likely liquidity for the investor, interest rates may be much greater. Some companies will not be able to offer HECMs for coops because their warehouse lines will not permit it. rnrnHUD may just be the first and perhaps the lowest hurdle in getting a good priced product to coop stockholders. If the interest rates are higher, proceeds could be less.rnrnHearing the cries of many of those who are counting on maximum proceeds, they need to be prepared for some disappointment. Per some coop owners in one complex, one industry leader guaranteed them that the change will come September 30. It is hard to believe that this was done but who knows. Until the Mortgagee Letter is released, don’t count on anything.

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