We may earn a fee if you click on the links below. Compensation does not determine ranking. Not all brands are included. Learn more

American Advisors Group Reverse Mortgage Review


ConsumersAdvocate.org Rating: 5 / 5 (Excellent)
57 Customer Comments & Reviews - see all comments
Our content is free because we may earn a commission when you click or make a purchase using our site. Learn more.
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.


Leave a comment for American Advisors Group Reverse Mortgage
Minimum 12 words.
 No maximum length.
* What's Your Rating?
To make this comment as helpful as possible for our community, please provide at least 2 sentences.

57 Customer Comments & Reviews

Loading Reviews ...
H
Harry B
3/10/2017
Good company. I don't have a single question that went unanswered. Was expecting something for referring my neighbor besides a thank you card?


J
Joann
3/10/2017
The Rep that took my call was Bill from Poway, ca. And quoted me a pay out of $17,000 with me having $163,000 equity in my condo and a life expency of less than 10 years! You are forwarned!!


A
Amelia
3/9/2017
Kolleen is unbelievable and I want to give the highest possible accolades for her service. She is professional, responsive and accommodating. I trusted her every second of her leading the way, yet I never felt pressured or rushed. She deserves an A+ rating.


L
Lillian F
3/7/2017
Thank you. Thank you. Thank you. I am very glad that I did my research and with this mortgage company. We live in a rural area with comps few and far between but they made it work. Excellent appraisal and quick turnaround.


S
Steve
3/7/2017
Thank you for finishing what One Reverse could not. Quicken Loans (parent company) have a great name but they are NOT quick. We're on a well + cistern and have a solar lien but AAG made it happen. A bit slow, but the end result is great. Many thanks


C
Chris S
2/26/2017
Superb experience, with few mistakes. Chuck Burson is a stand up man and took care of us. We refinanced a prior reverse loan since it was not drawn from and AAG got us better rates. I would recommend.


D
Darlene M
2/20/2017
My agent was a man we had used when financianing our house years ago. Since I knew him it was easier to "deal"......was a hard sell person with whom you must have done your homework about the reverse mortgage process, closing costs, etc. This is true with ANY real estate person. I was able to negotiate rates, closing costs etc. and the process went well. HOWEVER, customer service with AAG is the PITS....they still (after being a customer since August 2015) cannot find my loan with the loan number which comes on my statement each month.....and reps who answer phone seldom know answers. etc. I've been left on hold, passed around, and basically only get service when I ask for a... Read More


L
Lori K
2/9/2017
My mother first applied in May of 2016 and is still waiting for this to go through. It has been nothing but a hassle. They have been putting things off for months and then she had to do another counseling session and another appraisal. Her home was completely paid off and she had good credit and income. We are so disappointed in this and would have gone to someone else but we had already paid for the appraisal and counseling. My poor mother is a wreck. We would never recommend this company to anyone.


B
bill
2/7/2017
do not answer direct questions, refuse to allow talking to anyone but 1st line intake rep. 0 customer care!!!!!!


Pam B
1/17/2017
We have been very happy with our reverse mortgage with AAG that we got over a year ago. Recommend them highly.