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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.
 
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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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Edwin N
9/30/2022
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

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Jeanne L
6/10/2022
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

tgering71
6/8/2022
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 !!!

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Robert R
4/12/2022
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

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Petra S
12/22/2021
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

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Debbie
10/27/2021
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

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Ramona D
10/19/2021
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

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VERONICA M
8/9/2021
DO YOUR HOMEWORK PEOPLE. THIS IS NOT THE COMPANY YOU WANT TO DO BUSINESS WITH!!!

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marsha f
3/17/2021
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'

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Randy
10/20/2020
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

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