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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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Rick E
1/2/2017
I would like AAG to know that Tamara Ritter is a definite asset to the organization. She went above my expectations each time we spoke or otherwise communicated and expertly handled the red tape thrown at us by the board of my HOA. In addition to recommending AAG, I am recommending her.


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louise c
12/12/2016
worst company....no knowledge of what they are doing..kept me jumping through hoops..knowing I would not receive the loan...wasted a lot of my time...do not use this company


Ed P
12/11/2016
In checking with different companies on Reverse Mortgage, I have never dealt with any so rude and uninformed as AAG. Cut my losses quick and moved on!


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annebigredfan
12/6/2016
What a mess. Worst experience ever. Contacted AAG on 8/16 from website. Received phone call on 8/29 from Christine Le, Reverse Mortgage Professional. Conducted phone prequal same day and set up counseling session for 9/7. Christine Le claimed to be a 15 yr professional. She was unable to answer many of the questions we had and put us on hold multiple times to "ask her manager" for the answers. While this in and of itself was not a huge issue it was the start of 14 weeks of delays, misinformation and complete loss of trust in AAG as a Reverse Mortgage Lender. Specific complaiints are: Being told the process could be completed by AAG in 6 - 8 weeks - we cancelled our application at 14... Read More


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Margaret
11/30/2016
We had a problem with them because earlier in the year we were thinking about refinancing our reverse mortgage since the property is owned by my mother we are waiting for her to Decide even tho she made me power of attorney we still are trying to find a good company so I went on the site to see what rate we could get and they sent me a little link and it was a virus anybody will take thier time for to Decide


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Charlie A
11/28/2016
The AAG loan officer I worked with was knowledgeable and I was educated and walked-through on everything I wanted to know. I don't even want to know what their phone bill is. I would recommend this outfit to anyone. My tenure payments came in at a higher monthly amount than I was originally hoping for. I am quite happy.


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Ralph B
9/21/2016
Originally, I initiated the reverse mortgage process thru AAG and, as you might expect, the "loan office" was very attentive to my needs. That all seemed to change once I was more involved in the process. Suddenly, email that I sent questioning some of the instructions I received were not answered or answers were seriously delayed. The "loan officer" claimed that he had a medical condition which interfered; he did apologize. But after an extended delay, and on the verge of making a final commitment, I cancelled the transaction. My point to the "loan officer" was that I could not do business with a firm that had such a casual attitude. Even in the face of medical issues, no arrangements... Read More