The latest in new product offerings for the nation’s largest reverse mortgage lender, American Advisors Group is adding government-backed Veterans Affairs (VA) loans to its offerings, the company announced Wednesday.
Adding to the company’s suite of products that includes Home Equity Conversion Mortgages, jumbo reverse mortgages, traditional “forward” mortgages and real estate services, VA loans will further diversify AAG’s product offerings during a time of HECM market contraction. The company began offering forward loans in February 2018.
“Adding the VA loan was a natural expansion for AAG,” said the company’s Chief Executive Officer Reza Jahangiri in a press release. “There are millions of older veterans in this country who represent a significantly underserved demographic. 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.”
More than half of older veterans own their home without a mortgage, according to a report by the Housing Assistance Council cited by AAG. VA loans can be used for new home purchases or cash-out refinance transactions, giving older veterans a low-cost option to access equity for use in home modifications or to supplement retirement income, AAG said, noting the company’s support for veterans, including its spokesman, actor Tom Selleck, who served in the U.S. National Guard.
“The men and women who served our country deserve to retire with dignity and respect,” Selleck said in the release. “As a veteran of the US Army National Guard, I’m proud to represent a company like AAG that’s committed to improving the quality of life of older veterans.”
With the addition of VA loans, AAG becomes the only financial services company with a VA loan focused exclusively on older veterans, the company stated.
Written by Elizabeth Ecker
