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American Advisors Group (AAG)
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American Advisors Group (AAG)
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American Advisors Group (AAG)

 4.7/5 (575 ratings)
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American Advisors Group (AAG)

About American Advisors Group (AAG)

AAG offers several types of reverse mortgages, including FHA-backed home equity conversion mortgages (HECMs) and proprietary jumbo loans. AAG’s jumbo reverse mortgages allow homeowners to access up to $4 million in equity, which is well beyond the HECM limit at the time of publishing. AAG also offers HECM for Purchase loans, a type of reverse mortgage that helps you buy another home.

Overall Satisfaction Rating

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  • 1 stars

Pros

  • Free online loan calculator
  • Multiple payout options
  • Access up to $4 million in equity

Cons

  • Fees can add up quickly
  • Not available in Massachusetts

Bottom Line

AAG offers HECMs and jumbo reverse mortgages, plus other services to help people change houses. Its online loan calculator gives you an idea of your loan options without submitting personal contact information.

Top American Advisors Group (AAG) Reviews

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Rated with 5 stars
Verified

Every facet of my Reverse Mortgage Loan was handled with respect and professionalism. It was made simple and they made sure each step was understood… They want you to be sure you ...

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Rated with 5 stars
Verified

... AAG stood by me all the way for getting me approved… They have all kinds of programs out there to help you. I did a thorough check of companies before I applied with AAG. Chec...

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What is AAG?

AAG is a lender offering a range of reverse mortgages for eligible borrowers, including HECMs, HECMs for Purchase and jumbo loans. It can also help you sell your home.

With AAG’s reverse mortgage calculator, you can enter details about your property and yourself for a quick, free loan estimate without giving any contact information. However, AAG’s reverse mortgage calculator estimates don’t include fees.

How does an AAG reverse mortgage work?

If you’re near retirement age, the application process for a reverse mortgage is similar to that of a traditional mortgage. A home appraisal is typically required, and you must get a financial assessment to make sure you can keep up with the loan terms. The lender then assesses your eligibility to keep up with payments for property taxes, insurance and other obligations. Failure to pay these auxiliary expenses could cause a default on a reverse mortgage.

The amount you can borrow usually depends on your age, your property’s value and your interest rate. There is a limit for the maximum amount you can get through a HECM, but jumbo reverse mortgages can exceed this limit. Most reverse mortgage borrowers must also complete financial counseling before getting their loans.

If you’re approved for an AAG reverse mortgage, you retain the title to the home, and you can choose how you wish to receive the funds:

  • A lump-sum payout allows you to draw 60% of accessible funds in the first year to pay off large expenses.
  • A growing line of credit can be tapped when needed for unexpected expenses. The unused principal grows over time, giving you access to more funds the longer it goes untouched.
  • Term or tenure reverse mortgages allow you to receive fixed monthly payments. Tenure loans provide payments for as long as you live in the home and comply with loan requirements (such as paying for repairs, homeowners insurance, etc.). Term loan borrowers select how long they would like to receive payments.
  • A reverse mortgage for purchase allows you to use the funds to buy another home with no monthly mortgage payments.

Interest accrues on the loan balance over time, along with any fees. The balance of your account is due when you move out of the home, pass away or otherwise violate the terms of your reverse mortgage.

AAG services

American Advisors Group offers a variety of services, including reverse mortgages and help with buying or selling your home.

AAG reverse mortgages
AAG provides several reverse mortgage options for different financial situations, including reverse for purchase loans. AAG’s reverse mortgages come with three payout options:
  • Lump-sum: With a lump-sum payout, you can draw 60% of your funds in the first year and get access to a large amount of cash to pay for significant expenses like medical bills or home improvement projects.
  • Growing line of credit: You can also tap into your home equity through a line of credit, which you can access as needed. The unused principal amount increases over time.
  • Term or tenure: You can get fixed monthly payments with a term or tenure reverse mortgage through AAG. A term reverse mortgage lets you select how long you’d like to get monthly payments. A tenure reverse mortgage lets you receive monthly payments as long as you live in your house.

An AAG home equity solutions specialist can help you determine which reverse mortgage loan option is best for you.

AAG Advantage jumbo reverse mortgage
Borrowers with high-value homes can access up to $4 million in equity with a jumbo reverse mortgage from AAG. Your age, the value of your home and your interest rate will determine your AAG Advantage jumbo reverse mortgage amount.

Like with a traditional reverse mortgage, AAG Advantage borrowers must complete financial counseling to apply for the loan. AAG Advantage loans also require a home appraisal, and jumbo borrowers must meet certain loan obligations, including paying property taxes, maintaining homeowners insurance and keeping the property in good repair.

AAG Residential Services
American Advisors Group Residential Services (AAGRS) helps older adults buy or sell a home. AAG brokers can help those who want to relocate, downsize or move closer to friends or family.

AAG reverse mortgage rates

AAG’s reverse mortgage rates depend on interest rate indexes and margin. The company offers both fixed and variable interest rates, but closing costs, origination fees, servicing fees and mortgage insurance may add to your costs. Regardless, you’ll have to talk with an AAG specialist to see the exact rate and fees of whichever loan option you choose.

American Advisors Group FAQ

What fees does AAG charge?
AAG charges interest, an origination fee, closing costs, servicing fees and mortgage insurance premiums when required by HUD. Fees roll into the balance of the loan, and AAG charges interest on your balance, which grows over time.
What is the AAG Foundation?
The AAG Foundation is a paid volunteer time-off program for full-time AAG employees. Through the program, employees get eight hours per year of paid service to AAG Foundation-approved activities.
Where are AAG loan options available?
AAG operates in every state except Massachusetts.
When was AAG founded?
AAG was founded in 2004.

Is AAG legit?

Yes, American Advisors Group provides several legitimate financial solutions that can make retirement easier, including a variety of reverse mortgages to help qualifying borrowers tap into the equity in their homes. Contact AAG to see which options you might qualify for and learn more about reverse mortgages.

American Advisors Group (AAG) Reviews

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Page 1 Reviews 0 - 5
Rated with 4 stars
Verified Reviewer Verified Buyer
Original review: April 15, 2021

AAG's reps explained the reverse mortgage and answered a lot of my questions about what the process was. They asked a little bit about our situation and it seemed like it was a good fit. I got to know the person we've been dealing with, Joseph, over several phone conversations and from talking to him, it seemed like the reverse mortgage was what we wanted to do and it was something that would work out. He was appointed as the person we were dealing with and he pretty much laid out the process for us, step by step. He also talked about the different options we have under the program, but we needed some specific information.

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.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: March 15, 2021

    Jason is absolutely amazing. He made no false promises. He kept me in touch with everything. He walked me through the process. There were some days that I needed to talk and he gave me those few minutes to do that. I appreciate that more than anything. He was extremely knowledgeable. From the very first phone call, you could tell he knew what he was doing. He has that type of voice that wasn't condescending. It wasn't overwhelming. He didn't talk 1,000 miles an hour, which I can do myself if I'm in a hurry. He talks slowly. He didn't just assume that I was an old lady and didn't know any better. He took the time to ask me enough questions, to get to really know me a little bit better in a short amount of time, before we really got down to the crux of it.

    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.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 16, 2020

    When I first moved down here, I was in the hospital so many times for heart issues and I went through my savings like crazy. Then seeing doctors after doctors, I ended up using credit cards quite a bit. Now, the house needed some repairs. I'd taken out a home equity loan through my bank. But no sooner I had taken that out, I ended back up in the hospital. I knew by doing what I was doing, I was constantly in debt all the time. I didn't know which way to go. When the young guy came to my house, he told me that I got a nice home and I only got minor things that needed to be fixed. He said that I'd better go through a reverse mortgage. People would say they’d take my home and it was not like that. He gave me the phone number and I called.

    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.

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    Rated with 5 stars
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    Verified Reviewer Verified Buyer
    Original review: Oct. 11, 2020

    I used to work as a mortgage loan officer, and I was familiar with reverse mortgages. It's exactly what I need at this time. AAG answered any questions I had, which wasn't too much. They directed me to Consumer Credit Counseling, which I'm also familiar with because I used to recommend people to them too as part of my job. They went through an entire session on the phone. It was about a 30-minute phone call. They pretty much read a script, but made sure I was familiar with all of the pros and cons.

    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.

    American Advisors Group (AAG) response

    Thank you for your positive review. We strive to provide the best experience for you and we’re happy to see that it was reflected.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 8, 2020

    I've been trying to get a loan. Seeing that I had some collections on some credit cards, no one would give me a personal loan or a home equity loan. I wanna get my home fixed up so I decided to look into a reverse mortgage. When I did, it seemed like it was the right thing to do. It sounded like it's good because my kids don't want the house. There's no one to leave the house to. They don't want the aggravation. They have enough of their own stuff let alone come in here, clean the house up and try to put it up for market or rent it out. To eliminate all those things, my wife and I discussed doing a reverse mortgage and we thought that would be a better plan.

    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.

    American Advisors Group (AAG) response

    We appreciate you taking the time to leave a review. We’re happy we could help and glad you had a positive experience with us.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: July 22, 2021

    The rep was very forthcoming and full of information. I had to go to a little class thing and AAG did a summary of what's going on with it. People should go with them.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 21, 2021

    I was very happy with my rep at AAG. He was very understanding and he explained everything I didn't understand. I would recommend him highly to anybody. He was very easy to talk to in terms of getting what information I needed and I was very comfortable with him. Everything was right on and the information that he needed, I got.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 20, 2021

    AAG had a high rating with the Better Business Bureau. Plus, there was an article about the the best reverse mortgages and AAG was right up there. When I called them, I talked to Peter and he looked up our loan. He told me that we could refinance, get 18,000 cash, and a lower interest rate. He was great, he called back, and he kept track of everything. I didn't know how old he was but at that time, I felt like I was talking to a young slick guy on the way up. He was also very friendly and thoughtful when he called.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 19, 2021

    AAG's rep was extremely helpful. We are not 100% positive we're going with the program but we're going through the motions. Everything's been good and we're very satisfied.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 18, 2021

    We've had a wonderful experience with AAG. Their people have been very kind and understanding. They are very concerned and they are willing to work with us. Maureen is our rep and she is very nice. She's very considerate and she follows through on things. We're hoping things will go on through as there are glitches all the way along the road. Other than that, AAG is easy to work with and everything is fine.

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    American Advisors Group (AAG) Company Information

    Social media:
    Company Name:
    American Advisors Group
    Company Type:
    Private
    Year Founded:
    2004
    Address:
    3800 W. Chapman Avenue
    City:
    Orange
    State/Province:
    CA
    Postal Code:
    92868
    Country:
    United States
    Website:
    www.aag.com

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