American Advisors Group (AAG)

So we had a few phone calls and we got to the point where he shared a report with the various options that they would offer. We went over that and discussed that, then we set up the counseling session where they went over a very similar kind of report about the options for getting an HECM. The FHA counseling session more or less confirmed what we were hearing, so we were feeling good about going with the reverse mortgage at that point. Also, since we had consulted the attorney ahead of time, she talked to us about different options that we had. So that helped also to understand the report that we got from AAG.

We contacted Joseph again and we talked about how to move forward with the formal application process, etcetera. He said, until the counseling was done, we couldn't really move forward. So, the counseling company that we talked to sent Joseph an AAG certificate that we had taken the counseling, then we've spoken on the phone a couple of times since then to move forward. But there was a slight hiccup after getting the counseling certificate until we were able to connect up with AAG again. It was not anybody's fault in particular, but Joseph took a couple of days off and we didn't hear back from him right after we had the counseling session to confirm that they received the certificate. We ended up calling him a few times and calling his supervisor to understand what was happening. I got the message that he was out of the office, but I didn't know for how long.

He was only gone a couple days, but it was over a weekend too. So we didn't really hear back until the Monday after and we had gotten the certificate on Wednesday. So that made me feel very uncomfortable that I hadn't heard back from anybody in that amount of time. The communication back from the company could have been a little better to let us know what was going on and if the certificate had been received or not.

All in all, I liked dealing with Joseph and he was very helpful. When I needed questions answered that he might not answer, he was able to get someone else on the line to talk to me about those particular items. For instance, on the report that I looked at, some of the numbers needed clarification and he helped me with that. So, I felt pretty comfortable with AAG in general, and Joseph in particular, except for that one glitch.

He paused after certain things to see if I had a question. If I didn’t, he kept going. Then, if I did have a question, he answered it right away. He didn't have to put me on hold. He didn't have to go check with someone else. He just kept saying, “I know the experience that you had before was totally different. But this is all we do.” He also said, "We take this very seriously.” So he made me feel comfortable from the very first phone call.

We had the big freeze in Texas and Jason called and informed me that he would let me know as soon as AAG will move forward for all of their clients. But lo and behold, I get a call from him and he told me that my house has been appraised. Even he was shocked it's gone so quickly. But at one point my disability was not approved. So I had to go through that. I called Jason and left him a message. “Okay, Jason. I know you're not the one that’s going to make the decision. But basically, I'm $150 difference from what is going in the bank right now, and what would be going in the back from Disability.” I told him that I wanted my $585 back for the appraisal that hadn't happened yet. He called me back and he was so kind. Both of us would start laughing because I'm the kind of person that laughs anyways. Then he called me a day later and he said he already got the email and that we were moving forward.

Jason called me every time something happened or sent me an email. He gave me the number on the appraisal and it was 275. So he went through the process saying, “If HUD chooses to get a second appraisal, then that's what we'll have to do. And that usually takes three or four more days.” Lo and behold, the next day, he called and said that HUD has already made a decision and there was no second appraisal. He told me that I have one person that's going to be calling me. Now, I'm waiting for that person. Jason already gave me his name and what he does. From my experience a year ago, to working with AAG is night and day. I haven't had one bad experience. I have dealt with another company before and it was a nightmare. Everything had to be mailed to me. But with Jason, I could do the DocuSign.

It took me a while to get it. At first, I was all for it. But I was listening to many people saying to go with the equity loan because I would not be getting much with a reverse mortgage. I had to apologize to my loan officer Andrea because she was trying everything that she could to explain to me and let me know to hold on. I was concerned about how much I was getting at first. Then I was nervous that I won't be able to pay off the credit card because during this time, I had my carport checked into and there was a problem with it. I didn't know how much money that was going to cost. I started questioning why I should get this equity loan and I talked to somebody.

But then Andrea called me back and told me that the appraiser went through and this would be more than I would be getting from the equity loan if I took it. Plus, I would have all this interest and all this other stuff going through. First of all, it gets me out of debt. I can stay in my home, and with the repairs, it will be great. Also, I don't want to move anymore. She took the time to reassure me and that was something that I valued right from the very beginning. She was still there for me and that was one thing I liked about it. I felt comfortable with her. This would be the best thing for me and I decided to go through with it.

American Advisors Group was really great and I couldn't believe how fast everything went. There was no beating around the bush type of thing. When I was working with my equity loan, since I've taken off two loans from them since I've been here, sometimes they'll say one thing, and then the next thing, it was something totally different. I didn't see that when I dealt with Andrea. There was a number that was on one of the papers that she sent to me, and I didn't understand it. When I called her, she told me which paper to look at and explained everything to me. That is somebody that cares.

My loan officer is a really good guy. He answers my calls, returns my calls and emails, and he's in communication with me whenever I need it. AAG's service is perfectly acceptable. There were just a few minor, insignificant things that happen all the time. The appraiser didn't call me like he was supposed to before we did the appraisal so I don't know what the results of the appraisal are yet. I called them yesterday because I heard they've already gone out. And because of COVID, they can't actually go in the house. I wanted them to understand that this is not just an old house. It's 100% new construction, everything except for the foundations. And even when the foundations had work on it, everything is new. I've already put a considerable amount.

I put my retirement savings, my 401K that I had, I had put in the proceeds from the sale of my mobile home. I've put quite a bit of my own money into it, maybe $10,000 short of finishing. That's why I was wanting the loan. The value of the property is secured more than 100% because it's only like a 50% loan-to-value. He just says, “Oh, this is a 1940, 1,000 square foot cottage.” I only wanted the appraiser to base the appraisal off new construction cost per square foot for new construction. He had already completed the appraisal. He didn't call me before he came out.

I called AAG and I said, “You guys already have the appraisal.” They said, “No, we don't have it.” So, there's a miscommunication somewhere between the two. I don't know who's the problem, but I'm a little nervous. I should hear today what the appraisal came in at. Hopefully, it came in enough to cover what we need. Our market’s crazy right now. Even if they have to reduce the loan amount a little bit, that's no big deal.

I told quite a few people what I'm doing, and I get the same comments that I had from people when I was working for a bank like, “Oh, they're gonna take your house, and there won't be anything left for your kids.” I have to work twice as hard to dispel the rumors and the fears that people have about reverse mortgages, but I recommend AAG.

There were times when our rep said one thing that we agreed to. I didn't have all the money to put up for the frontal costs. At the time that we made the loan papers and signed them, he said they would take care of it on the backside of the loan. Then I got calls telling me I needed to pay for $500 for appraisal and I have to pay the notary and the counseling fee. We're on a fixed income and I started paying these things. Then they said I have to pay the insurance and taxes when they're due until we get to closing. I just made a payment for my homeowners fire insurance and it's taken all my money away. Usually, I don't have to pay these things until March. But I had to pay it now to prove to them that I'm paying for these things before we go into closing.

I didn't have money for the appraisal. The rep had to discuss it with his manager in order to see if we could just do this $500 on the back end of the loan. He called me up the other day and left the message to say that he talked to the manager and it would be okay if we use the $500 on the backside of it. But it just gets a little aggravating. I thought it’d run a little bit smoother when he promised that it would be taken care of on the backside of the loan but he's calling me up every other week asking me when can I pay this amount or that amount. I'm having problems with my budget ‘cause I’m on Social Security. Now I have these payment that I have to make.

Hopefully, everything will work out. Right now, we're in the process of getting all the copies ready. We had to wait for Social Security copies and for a Social Security card that was misplaced. We just finally got them and we're sitting down tonight with the printer and starting to print these things off and mail it to AAG. But I would still recommend them to a friend. It's a good program. If you have money to pay for the closing costs upfront, it's not so much of a hassle.