FREQUENTLY ASKED QUESTIONS

Q.  How Much Money can I receive?

A.  The amount of money your receive is dependent upon several factors: your age, the value of your home, current interst rates and the specific plan you choose.  Your Loan Advisor can help you determine which plan best meets your needs.  While each individual's situation is different, as a rule of thumb the older you are and the higher your home's appraised value, the more money you will receive.

Q.  What are the costs?

A.  Costs vary from one program to another. That's why we offer a variety of programs to meet a variety of needs.  Most reverse mortgages, however, have costs dimilar to traditional mortgages such as interest charges, origination fees, closing costs, inspections and insurance.

Q.  When does the loan become due and payable?

A.  As long as property taxes and home insurance are paid, and the home is kept in good working order, the loan is due and payable when the borrower sells the property, permanently leaves the home, or passes away.

Q.  Can Alliance Guaranty Mortgage make the process easy?

A.  We have worked hard over the past several years to simplify the process.  We believe the first step is the most important.  That's when you and your Loan Advisor review your goals and objectives and decide which plan best meets your needs.  Once you are comfortable that you are making a good decision the the process moves forward.

Q.  Who should I look to for advice?

A.  Decide who you trust, then discuss your intentions with them.  It may be your attorney, a financial advisor, AARP, a family member or close friend.  We want you to feel confident in your decision.

Q.  Are there any restrictions on what I can do with my money?

A.  You can use the proceeds to whatever end you choose.  After all, it is your money.

Q.  Whose name is on the home's title?

A.  Yours.  The borrower retains title to the property.  A reverse mortgage is a lien just like a traditional mortgage.

Q.  What is the best way to get started with Alliance Guaranty Mortgage?

A.  We actually prefer to meet you in person but we know that is not always possible.  Please contact us by phone, email, or stop in the office for a cup of coffee.  We are usually in from 9am to 5pm Mondy thru Friday. We are available at all times by appointment.