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American Advisors Group Reverse Mortgage Review


ConsumersAdvocate.org Rating: 5 / 5 (Excellent)
57 Customer Comments & Reviews - see all comments
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American Advisors Group is a leading provider of Federal Housing Administration (FHA) - backed reverse mortgages. Based in California and founded in 2004, AAG offers a full range of reverse mortgage products including traditional Home Equity Conversion Mortgages (HECMs), HECM refinance, and HECM for purchase. Depending on a borrower’s needs, AAG’s disbursement options can be customized, with choices including line of credit, monthly payments, or lump sum. AAG has a B+ grade with the BBB and generally favorable reviews from customers.

Best for Relocating and Downsizing

American Advisors Group (AAG) stands out from its competitors for having a remarkable Home Equity Conversion Mortgages (HECM) for Purchase program. Through AAG Residential Services (AAGRS), a licensed real estate brokerage firm and subsidiary of AAG, older adults can get the help they need to sell their homes and relocate. This can be very helpful for those who feel their home is too large or too far away from the people and things they care about. It also provides the same advantages of traditional HECMs by eliminating monthly mortgage payments on your new home, thereby helping your cash flow.

 

 

AAG requires that brokers meet certain criteria before working with them. They must complete an older adult awareness course and comply with a strict code of conduct. AAGRS also says that they only hire real estate agents with full-time experience helping clients over 55 years old.

When asked over the phone, AAG focused on explaining the ins and outs of how their HECM for Purchase program worked instead of rushing to ask where or when we wanted to relocate. The company took its time to explain how its residential services work and helped us explore the qualities we would like in a new home.

Size, Scope, and Experience

Consumers looking to borrow from a large, experienced, and well-established company are likely to be satisfied with what AAG has to offer on that front. The company was founded in 2004 and is one of the longest-standing companies to focus on reverse mortgage lending.

AAG currently operates in 49 states and the District of Columbia. Additionally, approved for business by the Department of Housing and Urban Development (HUD) in 81 geographical areas. The widespread availability of its services is directly tied to the large number of clients that the company is able to work with.

AAG has been the leading originator of reverse mortgage loans in the country since 2013. In fact, the company closes more than twice the number of loans that competitors do, with 1024 loans originated in February 2019 alone.

Additional Products and Services

AAG offers other products besides the HECM and HECM for Purchase programs. Consumers in certain states may also apply for the lender’s proprietary reverse mortgage, called AAG Advantage. AAG offers Home Mortgage-Backed Securities (HMBS), as well, which it started issuing in 2013. The company also has other types of products available, such as mortgage refinancing and VA loans.

 

AAG Advantage, works very much like other proprietary loans available in the market today. Borrowers may access up to a total of $4,000,000 and the funds may be withdrawn in full immediately. The loan is not insured by the FHA, meaning certain fees—such as mortgage insurance premiums—are not applicable. In order to qualify, the borrower must own a high-value property and the loan must be able to deliver more proceeds than a traditional reverse mortgage.

The company also offers more mainstream loan programs, such as mortgage refinancing and VA loans. AAG’s loan refinancing is designed to help those who aren’t yet 62 years of age and therefore do not qualify for a reverse mortgage. The program is designed to modify the length of a pre-existing mortgage loan, lock in a better rate, lower monthly bills, and tap into the home’s equity. Likewise, AAG’s VA loan program is designed to help veterans that may qualify for a reverse mortgage, but still need the additional financial help for retirement.


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57 Customer Comments & Reviews

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dennisdougherty
9/11/2018
We had Nishli Hartman.She was great .She answered all my questions and she called every few days with updates. Ask for Nishli you won't be let down....Dennis Estero Fl.


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RR
5/7/2018
Hello. Sadly, I am not writing to tell a wonderful story about a reverse mortgage, but am going to let you know about the unsavory behavior of your representative and the fact she and whomever notarized the documents did not use the correct AIF/POA for my folks. These are legal documents, and come with enormous fees prepared by supposedly the best in the industry....and I question their validity and the defect that exists as a result of poor business practices by certain people who I guess we're more concerned going over their commission statement than the official reverse mortgage document my mom who is under incredible stress with my father in the hospital at this time was forced to... Read More


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Debbie
5/1/2018
AAG was VERY MISSLEADING by disclosing all but the one main reason for not qualifying to get a reverse mortgage. That is, what the percentage of your loan to value needs to be? If I knew that up front, my hopes to do It would have not crashed and burned the way it did.


Robert J
4/5/2018
I was contacted by them, incessantly, and after talking to them and giving them my S.S.# and all my other information, they did a credit check, causing my score to drop, and were supposed to call me back in an hour. That was over 3 weeks ago, still I have not heard from them. I own my house free and clear, I have a credit score of 817 and no outstanding credit card debt so there is no reason I would not qualify. I would suggest that if youy are seeking a reverse mortgage, look elsewhere.


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kate j
3/29/2018
These people royally screwed my 67 year old mother after promising .. ALL HER DREAMS WOULD COME TRUE" These people are LIARS and FRAUDS!! Anyone else... would have been a better suggestion than American Advisers Group. They want TO steal your money and YOUR HOUSE without telling you the facts . THE FACTS ARE.... ALL ELDERLY MUST CARRY MUCH MORE IN INSURANCE THAN EVER BEFORE. THAT IS WHERE ALL THE LOANED MONEY GOES TO. !!!! NOT THE BORROWER .. THE INSURANCE COMPANIES. They swindle people... if you chose this company for a reverse mortgage ... WATCH OUT!


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Robert
12/18/2017
In my opinion by personal experience this lender destroyed us financially where we should have been secure and now are in a hole. This caused by their underwriter who would would not close with a 99% complete and changed terms prolonging our closing impacting us immensely at the last minute and forcing us to go to another lender


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Jessica D
12/11/2017
Called them up and they wouldn't let me talk to a mortgage broker. They said they would have one call me later. Never heard from anybody there! Very unprofessional!


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Sandra G
12/6/2017
We were jerked around by your company. We paid over $800 for the fees for counseling classes and appraisal they told us that it was through the underwriters and was approved. We called today to see when we were having the closing and they told us we don't make enough money. They kept telling us all along it looks good. This company is horrible. If you are smart you will not deal with them.!!!!


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c b
11/28/2017
This outfit spends a lot of money on marketing. Your first contact is an untrained-in-the-business sales person. result: high cost of providing your loan. They pester you too ! If you understand finance at all, be smart: shop around ! They


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Donna H
11/7/2017
Called a week ago & answered all questions. They said they would transfer me to a counselor & then all the lines were busy. They said someone would call me back........................Still waiting...................