American Advisors Group (AAG)
ConsumerAffairs Accredited BrandAmerican Advisors Group (AAG) is the leading reverse mortgage provider in the United States. Our mission is to help adults 62+ improve their lives and plan for retirement through reverse mortgages.
AAG is a U.S Department of Housing and Urban Development Approved Lender, a member of the National Reverse Mortgage Lenders Association, and a Top 3 place to work in Orange County, California.
584 American Advisors Group (AAG) Consumer Reviews and Complaints
Thought long and hard about doing this but in the near future it will need extra cash. Whole process was fairly easy, I just collected documents needed and the rest was like a regular mortgage, lots of paperwork to sign. The only hard pill to swallow were the closing costs, $10000 for HUD Mortgage Insurance and about $11000 for closing costs. So for $21000.00 I have peace of mind til the end of my days, Hard to put a price on that! My Agent was Evelyn **, a very nice and knowledgeable Lady. My advice - Go for it!
Everyone I spoke with or dealt with did a great job. My only problem with the process was when I would be told only one more thing would be needed and I would have to send several more things. Seems like too many things were required but overall it was a good experience.
I’m not writing this to scare you away from a reverse mortgage but to share our experience using AAG. We hope other families can get something positive out of the Hell we endured from AAG. We started the loan process with another company but I became a little nervous when they wouldn’t disclose their investors or where the funding was from. I went with AAG because they were supposedly the #1 company (so they say) and offered a better deal but we ended up with one that was way worse. It was supposed to be a quick and easy 15 day turnaround loan process since we already put together all the loan docs needed with the previous company which met the FHA guidelines for approval. The appraisal and terms of the loan needed to be completed to fund the loan. I was told by my advisor (who I had to train how to do his job and that’s no lie) that it would be painless so don’t worry they would take good care of us.
We started to work with AAG in July 2017 and it was finally funded in March of 2018! YES MARCH OF 2018! We were lied to and went through a endless series of problems that were created by all their mistakes, unprofessionalism, carelessness, lack of experience and knowledge, poor management and complete chaos in their organization. The appraisal wasn’t completed until Nov. 22nd and had to be done by their appraiser only. We were given every excuse possible for the delays until I blew up on the advisor to learn. He dropped the ball and no one ever ordered it.
I had no other options of going elsewhere because the laws changed on Oct 1st and we would had to start from scratch and not be able to get the same loan The rules had changed and the allowed % of cash that can be disbursement decreased dramatically and would have be useless for us. I learned all of this when I escalated my problems to a supervisor who said she would do anything to speed up the process that we had to wait our turn in line. There was double the volume of loans since Oct 1st and They were short people. I said our loan has started months before those and we should be ahead of them but she said no and said I could take my business elsewhere if I didn’t like it. They knew our hands were tied so what could you say and she took great joy in shoving her power back in my face. So I was sent back to my advisor who told me every two weeks the loan would be done for next 3 months until I finally lost my lid.
So I called the receptionist and told her I had a special delivery for the CEO and could I speak to his secretary. When I finally reached I told her what we were going through to that point and calling my lawyer to file elderly abuse charges. That changed their tune and it still took another month of their stupid mistakes but the loan was funded the first week of March. I told them to stop calling me over that time and I didn’t want to hear one more fake apology. When the loan was funded they could email me. The morning it was the finder the advisor called me to tell me but I hung up the minute I heard his voice and have spoken to them since.
You can’t even imagine how those 7 months of Hell affected my 84 yr old disabled mother. I was week after week of promises that it would be done and we needed to stay at home to sign the final loan docs with their Notary who had to come to the house. We couldn’t leave our home because the loan could be approved for funding at any time and docs needed to be signed within a day so they said. You have no idea the toll it took in her spirit and how she felt about her losses.
When you apply for the loan you have explain why you want the reverse mortgage and certain reasons wouldn’t be approved. Our plan was buy an RV to take a 6 month vacation across the USA/Mexico/Canada that we had planned our whole lives. It was our final item on my mother’s bucket list. I write this with tears because it never happened and now she’s too ill to do it. What can I say or how could I ever apologize enough to her for what has happened. She missed her first Great Grandchild’s birth, all the holidays which might be her last and so many other important final events for her. I’m not asking for anyone's pity but I wanted you to know what they’ve done to my family and those ** haven’t called, sent a card or apologized for the HELL they put her through! HOW MUCH ** RUDER CAN YOU GET!!!
OH but wait because they found a way! Three days ago when I was looking at our first statement We’re paying interest on a line of credit we don’t have access to for a year which goes into their pocket!!! You would think that interest would start when you are able to have the money and not be forced to pay for it prior a year prior to the access. My name is Eric and I hope in some small way this helps you when deciding to use this company for your reverse mortgage. Please don’t be discouraged from doing a reverse mortgage because it was the right option for us but DON’T USE AAG! My email is ** if I can help.
Could not be more pleased with the entire process. By the end of the second conversation with Adrena ** I was sure this was what I needed to do. She convinced me to read the material and watch the video and having done so she walked me through the process. She made herself available every step of the way, answered questions and took care of several problems along the way. Cannot say enough about her effort to make sure that we were taken care of. Thank you Adrena, you are truly a major asset to AAG.
Excellent service from my advisor, Jason **. If Jason didn't know the answer to any of my questions during the process he would find out and quickly get back to me. All in all, AAG does an excellent job of thoroughly investigating the borrower and explaining a rather complicated loan process.
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Our agent Manuel ** was very good, he kept us informed either by phone, e-mail or mail. I would rather have been able to go into an office to do paperwork and have things explained to us. When we had the Notary lady come one night, it was a bit overwhelming. I couldn't believe how many papers there were to sign. It was virtually impossible to be able to read all of the papers thoroughly.
From the very first contact with our loan officer on the phone our experience with AAG has been informative and supportive. Bonnie and Ed took us through the steps on what paperwork was needed and helped us go through this process painlessly.
Working with Josh ** - I was very pleased with my loan officer, Josh ** who always seem to have the right answers for my questions. Everything he told me from day one was correct. The process was very simple except for all the paperwork I had to sign. Good luck in the future to Josh.
questions. They also completely explained in a manner in which we could understand. We would definitely guide our family and friends to call AAG for any reverse mortgage interest.
AAG reverse mortgage - not in your best interest - they foreclose when (in their opinion) you're not able to keep your property maintained - and as you get older, maintaining your property becomes harder (and more expensive). AAG foreclosed on my dad when they declared the property was not properly maintained. Dad covered the taxes, covered the insurance, did what he needed to do like he was supposed to do. But AAG declared the property (their property, by the way) not kept up. They foreclosed. The house went to auction at the county courthouse. A house flipper bought it with cash.
The house flipper got the sheriff to evict my dad from his own home. We sought legal help, but it was too late. In disbelief, we had to quickly scramble and dispose of all his property and move dad into an expensive apartment with stairs and a whole new set of challenges. Don't get into this arrangement. Sell your house on your own terms. Don't believe the Tom Selleck commercials - which is what prompted me to write this review. This is a (slimy) big business for them. Our entire family has been impacted. Please seek some other avenue, on your own terms.
Lance ** was the loan officer I dealt with and was extremely professional and exceptionally polite. Only issues was pertaining to some documents that were required last minute before closing (through another person), but when Lance got involved the problems were solved. Great job Lance!
For the most part, the experience with completing my reverse mortgage was great. The only recommendation I'd make is to improve communication. In the beginning the communication was great. Greg let me know what was happening and what was about to happen. Further down the line, though, it wasn't clear to me what was happening. After the appraisal, for example, I wasn't sure how the estimates were affected since the appraisal was somewhat lower than the original estimate. I asked for an updated Good Faith Estimate but didn't receive one until the day we were to sign the closing papers.
AAG staff great! Felt like they became part of my family! We had one problem, we had to go through 2 separate appraisals. The second appraisal was $21,000.00 higher than first and was more accurate to the sale prices around us last few years.
Dealing with Chris ** and Joseph ** was a pleasure. Both were pleasant, courteous and knowledgeable and kept us fully aware of the progress of the transaction at all times. It is necessarily a tedious procedure, but they made it as pleasant as possible.
Angie is truly an excellent agent. She is very knowledgeable about the product that she is selling. It is a delight to work with a person that knows and presents the details of her product. We were kept inform at all times of the status and the progress of the project.
I never realised how much work went into obtaining a reverse mortgage. I would like to thank Allen ** and Christina ** for their help, they were very helpful and professional. Thank you so very much. Looking forward to future contact if needed.
My husband and I were extremely pleased with our dealings with AAG. Our contact person did everything exactly like he said and followed up with us on a weekly basis. Every other person we dealt with was just as efficient and accommodating. The entire process was easy and rewarding and we had no complaints whatsoever.
Nick was a joy to work with. I have worked around a lot of people during my lifetime and I can tell you it was a pleasure working with him. He answered every questions I had and if he didn't know he would find out. Returned phone calls promptly.
Merrie and I wanted to express our Thanks to you Gavin for the way you have managed this. In the beginning my wife was very uneasy about a RM and after that initial conversation you answered all her concerns and mine. Your professional knowledge is great. I also appreciated the way you were always there to take my calls. You are to be Highly Commended. #Seamless :)
Overall, I was pleased with the experience. I worked with Robyn **, and found her to be very helpful and a great resource person. We did hit a few bumps along the way, but in talking with her, she was able to satisfy any major concerns I had. It gives me a degree of comfort to know that I now have a guaranteed source of additional income, should I need it, in the event of some unforeseen major expense.
Enjoyed talking with Nadine **. She is easy to talk with. That is the one thing I enjoyed the most! The processing was delayed due to the holidays and the repairs were delayed a little due to the winter weather. But, Robert was helpful working with me once he saw the processing had been delayed. So, I am very happy with the outcome. I may not have qualified for the reverse mortgage program without Nadine's attention to detail and her timely helpfulness walking me through the application process.
The only reason I gave 4 instead of 5 stars is because of the length of time it took to complete the paperwork/review and close. And I think AAG should give their local notaries more than 18 hours notice. My agent, Mario ** was excellent: well informed, helpful and quick to respond.
The agent that helped us secure the reverse mortgage was available to talk with me. I was able to leave messages or email pictures of family member whose signature we needed. Very helpful. Unfortunately the loan was stuck with the holidays of Christmas and New Years. Thank you AAG. Even though the total amount was less than expected it is all good.
We are pleased to have worked with Gregory ** and Deanna ** in securing the loan for Lorraine... I know a lot of others also helped with this endeavor and it was appreciated. Greg was very thorough, and encouraging, and Deanna very precise and both were a pleasure to work with them. My hat is off to AAG. Thanks again.
We had a great experience with James ** who started the process with us and was always available to answer any questions or concerns we may have. When we were turned over to Brandi, the experience became frustrating in the extreme. She seemed to expect us to know the process and didn’t seem to have an understanding of what was needed. Process became very piecemeal. Thankful we had James to talk us off the ledge.
The process took longer than my original Reverse. Paperwork was requested and supplied but repeat requests for additional info was frustrating but had already been supplied. Some of the hold up could have been avoided if the person handling the paperwork could have told me unless water heater got the second strap the loan would not close. I had previously sent a note about this.
Good Reviews and Bad Reviews however, Honesty and Integrity are vital especially when you are required to provide extremely sensitive financial information. AAG fails miserably, misinforming and deceiving the Applicant, Real Estate Companies, Escrow Officer, and FHA Appraiser throughout the loan process, which did not successfully conclude in spite of written and oral communications to the contrary. The following will provide details and specifics associated with my personal experience:
On October 26, 2017, an AAG Vice President, JM personally assigned me to his loan officer NM. In my conversation with NM, specific requirements pertinent to obtaining a reverse mortgage loan were disclosed. They included purchase agreement, counseling, FHA appraisal, and financial disclosure, all of which were provided. Nothing more was requested or deemed required. I explained my current and past residency and lack of credit history. NM clearly indicated this was not a problem since I was "the perfect candidate for a reverse mortgage considering my age, marital status, and substantial net worth". Since that time, endless amounts of data have been requested and furnished whether the data was relevant or not. In early October the account was reassigned to JM immediately after NM had called to advise the loan had been rejected due to a conflict between the Sun City HOA Nora Fee, and FHA requirements.
A Realtor's interpretation of the facts along with my email to Mr. R. Jahangiri, AAG CEO resolved the issue overnight. The loan was then reinstated. JM has repeatedly lied, misled, misrepresented and failed to disclose requirements initially, and throughout the loan process. JM's standard answer is "I don't make the rules", but he certainly knows how to break them. This has placed all parties at financial risk, and in my case, resulted in health issues. The UNITED STATES OF AMERICA CONSUMER FINANCIAL PROTECTION BUREAU ADMINISTRATIVE PROCEEDING File No. 2016-CFPB-0026 of December 07, 2016 levied a $400,000 fine against AAG, its Officers and Directors for fraudulent actions comparable to that of what has occurred here. Once again AAG has violated Federal Law, and should be held accountable.
I would strongly advise that anyone considering a Reverse Mortgage require written specifics of exactly what is required of the applicant prior to initiating a relationship. Knowing if you will initially qualify is essential prior to releasing sensitive data and incurring significant expenses which will not be voluntarily refunded should the loan nor be approved for valid or invalid reasons. AAG refused to provide me with these specifics.
The last advisor was great. The previous one not so much. My experience was long 10+ months from the time I started and had check in hand. My experience was terrible in the fact that sending an email or making a call was grueling because it would take days or week for an answer. A lot of the time you had to do it twice. For a large company with their reputation is the reason I chose them but was very very disappointed.
Overall I was pleased how things went, I just feel like it took to long to complete the Reverse, seems like there was always an issue with something. But the loan office was great and so was the underwriter on keeping me updated on everything.
Tom ** & Rhonda ** were very helpful throughout the process. I have little patience with paperwork but they helped to get me through the process. Rhonda has an excellent telephone voice. This was important to me since I have hearing difficulty which is not fully corrected with aides.
American Advisors Group expert review by Michele Lerner
American Advisors Group has been in business for approximately 10 years. Its mission is to help seniors convert as much home equity into tax free cash as possible.
Fairly well-known company: AAG has been offering reverse mortgages for over 10 years and has used celebrity spokespeople in its marketing campaigns.
Clear info on site: AAG’s website includes a frequently asked question section, which contains detailed information about reverse mortgages.
Offers free informational kit: Rather than applying online, consumers are encouraged to send for free information before making their decision.
Customer service: There have been consumer complaints alleging that it took months for AAG to close on a reverse mortgage.
Comparison: Some consumers claim that they got less money once AAG closed on the mortgage than they would have from competing companies.
Best for: Seniors who want to enjoy their later years and seniors who expect their house’s value to rise.
Mortgage & Real Estate Contributing Editor
Michele Lerner, author of “HOMEBUYING: Tough Times, First Time, Any Time”, has been writing about personal finance and real estate for more than two decades. Michele writes for regional, national and international publications in print and online for a variety of audiences including consumers, real estate investors, business owners and real estate professionals.
