- One of the Largest Reverse Mortgage Lender in the Nation
- 94% Customer Satisfaction Rating and A+ BBB Accredited
- Support From Reverse Mortgage Professionals
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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.
- Largest Reverse Mortgage Lender in the Nation
- 96% Customer Satisfaction Rating and A+ BBB Rating
- Available in 49 states, 24/7 to answer your questions
Latest American Advisors Group Reviews
First, you should know I’m not the brightest light bulb on the planet. However, after reading some of these negative reviews, perhaps I’m not dimmest, either. The agent I worked with, Terry Bisogno,is the brightest. he explained everything in plain english and I understood most everything he said, and lf I didn’t understand something, and would rephrase it until I did We’ve had this HECM for three months, now and couldn’t possibly find any faults with it, nor with the procedures it took with all the paperwork all the way to closing. Some of you naysayers should realize you’re dealing with a lot of money and people just ain’t as honest as thy should be, so yes, it is necessary to find... Read More
So far I am very happy with my reverse mortgage, had a little trouble getting a new Certificate of Condo Insurance but now I know how to do it. My son says I made a mistake because he says AAG will try to get me to default so they can take my house. I don’t believe that and they were very responsive when I asked to draw some more funds! This loan has helped me to do some much needed remodeling so I can enjoy my home in my later years as things were starting to fall apart! So far I give them a 4 1/2 star rating
I spent nine month in the AAG process before I was rejected due to a rule that they should have been able to tell me about in the first week. These people are totally INCOMPETANT !!!
I tried doing a reverse mortgage (can be verified) for months and months with this company, and it was one of the worst dealings with a company I have ever had. Some staff members on the processing side have no clue as to what they are doing when it comes to handling a non cookie-cutter loan. So when you try and call them for help they will virtually not answer or return your call (or email), and if one tries to go to their boss via phone or email for help, that person will also not take the call or call you back when you leave an urgent message (or they won't answer your email). I have all the proof in writing! I was more than qualified credit-wise to do the loan but had a small Title... Read More
I as contacted by Allied First Bank to refinance my Reverse Mortgage with AAG in a very aggressive manner. The way I was handled brought up every red flag and I was extremely annoyed by it. Appraisal of my home was 85000 more than the actual appraisal and I was offered 7500 as extra in my pocket. Do those people really think that every elderly person will fall for that? I am happy with AAG and will not switch into the unknown. I have always been treated with care and respect. I appreciate AAG and will stay with the company, Thank you, Petra
This company or any company offering a “Reverse Mortgage” (RM) is actually offering you and your surviving spouse or heirs the OPPORTUNITY to receive some monies based on strict criteria and a $0 mortgage balance on your Primary Residence. Having said this, what is not being said is any company offering an RM is, at closure, giving you a reduced amount of money for the full value of your fully owned home, with an assigned interest rate on the RM (hopefully you have locked in a Fixed not Variable Rate of Interest). In essence, the RM Company now OWNS your home with the documents you sign, YOU have given them a 1st mortgage position on your home, you have literally become “the bank” loaning... Read More
I currently have a Reverse Mortgage with AAG. I applied for a refinance loan, I was approved for the loan. The did make me pay for the survey of my property, $2,400. At that time it was found that my property is in FEMA Flood Zone D. Up to this point everything was going normal with the process and I was told the loan would be funding. At the point where the funds should have been funded I was informed that they would not fund. I contacted HUD, FHA, FEMA and Land Use Dept. of the county and was informed that the information they were demanding I get was not available, and not used in the unincorporated area of the county. But that made no difference to them, they then contacted another... Read More
DO YOUR HOMEWORK PEOPLE. THIS IS NOT THE COMPANY YOU WANT TO DO BUSINESS WITH!!!
Terrible to work with. To many people handling one quote. Each not knowing what the other is doing. Every day a new story about closing'
One of the best experiences we have had… One of the best experiences we have had in 47 years. Our personal agent, Nathan, was fabulous. He was intelligent, explained things simply, called us every Friday during the process to keep us informed and was simply just a very nice person. Honestly, we were a bit fearful going into the decision to do the Reverse Mortgage but it was explained so well and not in a condescending way. We felt comfortable going forward and it’s been a great experience. One burp we had at the very end of the process that was not AAG problem but the UPS delivery service lost our check after it was dispersed to us by the title company. The check was cancelled and resent... Read More
My advice to anyone working with AAG is that they make certain they are dealing with an experienced agent. Chris Alamo is not. As soon as I started working the Chris Alamo he immediately told me to set up a counseling appointment which I did for the following week at a cost to me of $125.00. After the counseling Chris told me to contact my HOA to see if my community had FHA approval. My community does not and was not going to help me pursue this reverse mortgage. During the week between the time of my scheduled counseling if Chris had told me to contact my HOA prior to the appointment I would not be out $`125. When I told him we should have waited to hear from my HOA before... Read More
I have had nothing but trouble with my reverse mortgage loan from the beginning!! Please do not trust these people. They are out to deceive the elderly!!!
AAG has been charging me for flood insurance for 8 months now. I have sent them proof that I already have flood insurance but the is not an intelligent person working there that can get this charge stopped!!!
Now I just received a letter stating that I am delinquent on my property taxes!!! Hello, ca. Hasn’t sent out bills to anyone!! There is a Covid 19 going on!!
I CANT PAY A BILL THAT I DONT RECEIVE!!! Wake up AAG.
So, I say don’t do it! AAG will squeeze every last cent from you one way or another.
As we approached month 4 (yes, 4) to get a reverse mortgage (which I don't have yet) I gave up and closed the account. I had to call THEM to get an update; on one call I was told my request was closed due to lack of communication w/ our HOA president; on another I was told they had "just received" docs from the managing company - docs that were sent via email 2 (yes, 2) months previously. Why didn't THEY call ME about these (perceived) hangups? They did nothing to keep things moving. I had to call their corporate number - not my rep - to find out about the last situation. Rep's response to my calls was, "Condo team working on it" which means zilch after hearing that for 2 weeks. Wasted... Read More
In contacting AAG about a Reverse Mortgage, My only question was "what are the interest rates?" After all, the website posted a click on button just for that. After a couple of hours of yammering on the phone, providing all my information for basic qualification (which was totally unnecessary in that I've "been there and done that", literally, from a previous Rev, Mtg., I asked for the 10 time, what's the interest rate and the representative, avid, finally gave me the rates and stipulated that I could only get the variable rate. This means that he rate can go up whenever. I'm not a fan of variables at all. Must also share, I worked in the mortgage business at one time and am quite... Read More
Tom Selleck is doing damage control for this company. You won’t believe how much paperwork is generated
to secure this loan. It’s daunting! All that with great credit scores and plenty of assets. We found the “right
hand doesn’t know what the left hand is doing”.... they are not organized! What a mess! We backed out.
I currently have a reverse mortgage with AAG up until now I would have given high marks. However I now give them a zero or one because they do not return calls. I even called for a supervisor and again no return call.
I would say stay away from them they are full of promises when you are signing up but after that they have nothing to do with you.
I approached AAG for information on doing a reverse mortgage. I was told that they would give me half of the value of my house. I was told it would probably be a line of credit instead of cash as *some* people had blown through the cash (some people). She would not give me any costs and told me that interest would be around 5% but I would get 5% interest on the line of credit. I decided to wait. I e-mailed her again this week, and, instead of her responding, I get a call from the 'home office' trying to talk me into the loan. I told the 'licensed professional' that I needed to know closing costs and interest. His response was 'why? You get to stay in the house until you pass away so what... Read More
Talked to an adviser. Never got back with me on the figures for me to review. My credit score dropped because of this inquiry.
We are extremely pleased with the service we received from Carole Grant of AAG. She was always available when we called and she kept us apprised every week during the process. From start to finish, the whole experience was very positive. She is the perfect blend of being professional and personable.
It seems many negative reviews here center around the fact their loan was not approved. If through the process certain items come up that were not caught before is part of the process of reviewing a loan. Nothing can be promised until closing. Our experience has been perfect, from start to closing - yes many documents had to be sent and resent to pass the underwriting process. My suggestion is don't count your money until its in the bank. Be prepared if the process fails - have a backup plan! Yes, they will hold money back to pay for insurance and taxes if you have or had a history of late payments on your mortgage (thats not stealing as the money is being spent on your taxes and insurance... Read More
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.
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
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.
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.
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!