Aag reverse mortgage Meaning and Definition
Aag reverse mortgage
Pronunciation
(/ˈɑːɡ ˌrɛvərˈs mɔrˌtɡɪdʒ/ )
Part of Speech
Noun
Definition
A type of reverse mortgage that allows homeowners to borrow against the equity in their property after the age of 55, providing financial assistance for retirement or other expenses.
Etymology
Aag, short for Age Advantaged Guaranteed, is a term coined by the financial industry to describe this type of reverse mortgage, focusing on the benefits of borrowing against home equity during retirement.
Usage Notes
Aag reverse mortgages are often used for retirees seeking financial assistance or pursuing activities they enjoy, such as travel or hobbies, without worrying about depleting their savings or leaving a large inheritance.
Cultural References
Aag reverse mortgages have been featured in popular finance and retirement planning publications, highlighting the importance of planning for one’s golden years.
Idiomatic Expressions or Phrases
This type of reverse mortgage can provide financial peace of mind, allowing seniors to “enjoy the fruits of their labor” without worrying about money.
Related Words or Phrases
- Reverse Mortgage
- Equity Release
- Retirement Planning
Collocations
- Aag reverse mortgage for retirement
- Using an Aag reverse mortgage for travel
Frequency of Use
Aag reverse mortgages are becoming increasingly popular among retirees, with over 50% of seniors considering or already using this type of reverse mortgage for their financial planning.
Common Misspellings
- Gherbera
- Aager-reverse-mortgage