American Advisors Group Reverse Mortgage Review
36 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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36 Customer Comments & Reviews
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Stay away from this outfit!!! They never return calls, they want bank statements personal information after sending everything to them they would lie to us and say they never hot it we have proof on our copter that they did After 4 months of stress and lies from them not to mention appraisal fee and they even put their name on my homeowners insurance I demanded to know what the heck was going on,they said everything was moving along ok and would call me next day. I told them that wasn't ok and he said ok we can't give you a reverse mortage He took 4 months to tell me that after taking my money and putting their name on my insurance The guy that was handling mine said he was a minister... Read More
I called AAG with not knowing if i was to stay in my home or move in the near future. AAG explained that if moving was a potential future plan, then we could pay on the reverse mortgage at our own pace and time as we go. No late payments, no credit hits, no foreclosure, no 30 day regimen. That way, every dollar we put in the loan to pay off the balance owed will be placed in a growth account/ line of credit, growing at the same rate as the interest on the loan. That allows me to control my balance if I want to sell in the future, deduct from taxes the interest paid, and to have access to more tax free money later if I don't sell. This is a great product no matter what the future plans.... Read More
Would not recommend this company to anyone. 4 months into the process I am still waiting. The Company is slow to respond and they always need 1 more thing. I have paid $1000.00 out of pocket so far for multiple Fed Ex shipping documents, counseling and appraisal not including phone time. I am getting the impression they have no idea what is going on. My home appraised at $352K it is paid in full, my credit is good and at 63 I am still working. The stress of this process has been extremely overwhelming and caused me great anxiety. I have heard for 2 months we are getting close to closing....by the way one more thing that will take us at least a week to review then we will probably... Read More
Neither the website nor the people at the 800# will provide any info on rates, closing costs, etc., unless you give them your address so they can start barraging you with videos and info packet. NOT the way to do business!
They got a terrible appraiser, so we could not do the deal. They presented us with great numbers, if the appraisal came in at a certain amount. So, beware, be sure they get you a decent appraiser. They will tell you that they have to go into a pool to get one, maybe so, but they need to weed out the bad ones! We have a complaint filed with HUD on this experience so others may not have the same problem. My friend Tom Sellick will be informed about putting his name with this company!
Went through the entire process including paying for an appraisal and they never at any time indicated my home would not be eligible because of the ratio of mortgage vs equity. The current mortgage is 70000. Home is worth 160000.
Great company to work with. All dealings and final numbers were positive
Ed Wacaster laid everything on the table and gave us 5 star service. He is a kind and knowledgeable man. We will be referring Ed and AAG.
Keep up the good work! Diva and the reps were pleasant and reliable and I am happy with my reverse mortgage. I have only good things to say about AAG.
Good company. I don't have a single question that went unanswered. Was expecting something for referring my neighbor besides a thank you card?
- Our # 1 Choice, BBB Accredited, #1 Reverse Mortgage Lender in the nation
- Meet with a Licensed Professional to discuss your personal needs, depending on your location.
- Customer service agents readily available 24/7 to answer your questions
- Approved Member of US Department of Housing and Urban Development
- 96% Customer Satisfaction Rating
- Eligibility: Age 62+, $100K+ home value with 50%+ equity
- Free Information Kit on Pros & Cons