American Advisors Group Reverse Mortgage Review

#1 in Reverse Mortgages

American Advisors Group is a reverse mortgage lender that handles HECM Loans. The company provides FHA Reverse Mortgage Loans, reverse mortgage resources, and webinars for senior citizen clients.

Services and Features

American Advisors Group provides an online calculator that gives you an idea of how much money you could expect to get from a reverse mortgage. Fees and other interest rate calculations are provided by a professional, so clients know exactly what to expect.

American Advisors will appraise your home value to ascertain how much money you may qualify for with your reverse mortgage. Clients must be at least 62-years-old to be eligible. The company offers different kinds of disbursement options including a line of credit, modified tenure plan, tenure, monthly payments, full, partial, lump sum, or any combination depending on the client’s preference.

The borrower is obliged to fulfill certain obligations during their reverse mortgage loan period. This includes paying property taxes, home insurance and basic home maintenance. American Advisor Group assures that clients will not lose their home as long as they uphold their obligations and responsibilities.   

Services and Features

Reverse Mortgage Calculator

Online Quotation

Refinancing

Financial Guide

Types of Reverse Mortgage

VA Loans

Single-Purpose Reverse Mortgage

Home Equity Conversion Mortgage

Proprietary Reverse Mortgage

Qualifications

Counseling

Home Owner

Amount of Equity

Not Stated

Age

62 and older

Accreditation

Member of US Department of Housing and Urban Development

Member of Nation Reverse Mortgage Lenders Association

Insured by FHA

Approved by Equal Housing Opportunity

Plan Details

No Pre-Payment

Not Stated

No Monthly Servicing

Not Stated

Interest Rate

Not Stated

Closing Cost and Fees

Not Stated

Help and Support

Mobile App

Telephone Support

Webinars

Email

FAQs

Reverse Mortgage at American Advisors Group

American Advisors Group is a good choice for reverse mortgage services. The company has free kits and webinars which provide useful information about reverse mortgages. These give borrowers a better look into the world of reverse mortgages, and can be a big help in the decision-making process.

Latest Reviews

Start your review for American Advisors Group Reverse Mortgage
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American Advisors Group Reverse Mortgage review
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 weeks with no closing date in sight, not recieveing requested information (after multiple requests) of amortization schedules needed to assess what our costs would be with the lender paid the fees versus paying the fees out of the loan equity. Being asked repeatedly for information that we had already provided in some instances 2 or 3 times. As the file languished for 12 weeks in processing at AAG the market interest rate was rising. Called and asked Christine to give us an updat market interest rate quote. I knew we were dealing with someone who really did not know what they were doing when she told us there wasn't an interest rate just an APR. Where did she think the APR came from? Never did get an interest rate quote. It took 30 days to get the appraisal (omaha market is 14 days) There was no follow up on the process to keep the process moving. The appraiser failed to show up twice on the scheduled appointment dates. After 10 to 15 emails and multiple phone calls I expressed my frustration that our file was no where near closing, her response was to send me a marketing list to show me AAG was the top reverse lender. I explained AAG's rating meant nothing if she was unable to get our loan completed, Christine kept saying what a highly rated company AAG was and sends me an email with a list of lenders to prove what a great lender I was working with. After we complained by phone and email our file was sent to Christine Le's manager Greg P. Greg P reviewed our file and in week 12, AAG again requests a list of items that should have been requested in the first 30 days of the loan and for information we had already sent. After speaking with Greg P and asking for a closing date and being told AAG could not give us a closing date, we cancelled our loan went to Liberty Home Equity and will be cloisng within 30 days. As a mortgage lending professional for the past 35 yrs I would NEVER recommend AAG to anyone as a lender..

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Charlie Aech
American Advisors Group Reverse Mortgage review
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
Tiverton, Rhode Island
American Advisors Group Reverse Mortgage review
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 were made to provide continuity and that was a source of concern.