The people who assisted me with my RVM were second to none. They were very knowledgeable of the subject matter and impeccable with their decisions. I'm sorry their names escape me but they know who they are. I'm extremely proud of them and they are definitely an asset to your organization. Thanks.
This was a wonderful experience for me. It is not as complicated as one would expect mainly due to the expertise of the agent handling my account. He checked in with the progress faithfully each week and when other documentations were needed he walked me thru that easily. The only thing I would remind anyone is there will be a lot of documents to fax or email so be prepared for that in advance. My scanner got a real workout!!! I would recommend American Advisory Group to everyone.
Working with Jaime ** was a pleasant experience, he kept my wife and I informed all through the process, ensuring that we understood all facets of the reverse mortgage procedures. The appraisal and the signing of all the documents were in a timely manner. I would definitely recommend AAG and Mr. ** to my family and friends.
The process took too long, almost 5 months. Communication among AAG reps. wasn't always the best. There were times I knew the info. from one rep. and then had to share it with another AAG rep. AAG in-house communication could use some improvement. My loan advisor India ** was pleasant to work with and professional, whether by email or phone.
Secondly, I was disappointed with the small line of credit extended to me for 2016. I thought it would be higher based on the large amount of equity in the property and the small loan balance I owed B. of A. Bank. I was unhappy with the escrow account withheld for taxes & insurance. The amount withheld is larger than the initial line of credit available to me for 2016. It would have been more helpful to me financially, if the original line of credit were larger and the escrow acct. eliminated. I am pleased to no longer have a monthly mortgage payment. One less bill to pay. I relieved some of the pressure.
It was a longer than expected process, however, it was explained that due to our house valuation it would take longer than usual. The frequent forms, telephone calls and dealing with the IRS for information did have cause for concern, however, our agent Brad **, CSA was consoling throughout the process.
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Your firm was recommended by my insurance carrier USAA. Initial contact was good, but in succeeding encounters I was shifted to a total of FIVE different contacts, some of which were pretty hard to reach, and most not too informative, with the exception of Lynn **, who is my pick of the litter and the only one who weekly updated me on progress. It was a little confusing on how matters proceeded. You evidently employ several outside firms to perform various functions, requiring me to interface with six different entities, including a bank and law firm, as well as title searchers all over the country. I was not in a financial bind when starting the process, which was noteworthy because it required about 15 weeks from start to finish. Another negative feature was the signing of 50 documents TWICE with the notary public. The upside was we did not have to travel from our home for any of these events. They came to us.
I called AAG and got a very nice person Anthony. He did explain everything to me. Well I had a few more questions after talking to Maria. My house was appraised at a fair price. Anyway I wanted to get a mortgage to pay off some bills and do some repairs to my home. I got a welcome letter saying I was approved for a loan. I did get a letter stating I needed to repair or replace my garage door. Well I decided to get an estimate to replace both doors. The appraiser said my roof was fair. I also wanted to get my roof done with gutters. I got estimates for both. Well it wasn't worded right as they wanted a certain percentage down. Maria called me and told me the contractors had to agree to get paid after job was completed and loan was approved.
Now if I had the money I wouldn't be looking to do a reverse mortgage. She told me they have contractors that agree to this payment after service. I asked her who they were. She did not tell me. Now I realize she may not have had it right in front of her but she could have let me know later. I want my contractor anyway which I have the right to do. So if the job or loan isn't approved I have to pay for it???
Well the big ZILLION RED FLAGS WENT OFF when my brother was over & I wanted him to ask some questions about this process. Well Maria said she could not talk to anyone that was not on the loan!!! She brushed us off and my gut feeling was this is a scam or not legit. I'm the person on the loan and legally I can have someone ask questions as long as I ok it. Now if my brother called them and asked questions that is a different story. I'm 71 have all my senses and if I want someone to ask questions so I understand things better that is MY CHOICE! This disturbed me very much and looking into a couple of other companies they don't have a problem with it and in fact welcome it. Also their charges are a lot lower than AAG. I'm very nervous about going forward after this experience. The initial conversation with Anthony was great but getting to this department gave me a not so safe feeling.
My wife and I applied for an AAG Reverse Mortgage late last year and were approved in January 2016. Our AAG rep was extremely knowledgeable, and kept us well informed throughout. I cannot tell you what a relief it was for us to know that we could stay in our house and not be forced to move because we needed access to cash. I have MS and I find myself in the "doughnut hole" as early as April. The cost for my prescription drugs and copays is $8K - $10K per year. Had it not been for the AAG loan approval we would have been forced to sell our home and downsize or find a rental that would lower our monthly costs. We love our home and are eternally grateful to AAG for giving us the a way to stay here and not to have the worries about our budget each and every month.
I felt especially happy because I had so much guilt associated with my medical costs and that the only reason we would have to move was my fault. The program is better than I thought. Each month our balance of available money increases because we haven't had to use any of the money yet, so it is just like having a savings account. This feature is incredibly important because it increases our available cash balance each month. What I'm trying to say is that it is very beneficial to establish the Reverse Mortgage as soon as possible instead of waiting until you are out of cash and need funds immediately.
This fact wasn't apparent to me at first, but now I see that the AAG loan amount isn't a fixed amount based on a percentage of the appraisal value of your house. Instead, it is the starting point for an account that makes cash available if you need it but then acts as a savings account each month you take out less than the growth associated with the Principal Limit. This may sound confusing but trust me, I figured this out during the 2nd month our loan was in place. Thank you AAG. We cannot tell you how much we appreciate the loan you gave us.
Very tedious application and approval process over several (~5) months during which numerous e-mails and phone calls reminded unanswered/-returned by AAG; except for one person (Jeana **), other stuff involved seemed to lack professionalism, and/or were overwhelmed by their amount of work to do; RM is registered under two different loan numbers and the tediousness returned when it came to handing back originals of documents (tax returns) provided during the application process.
Chris was by far one of the most professional & thorough person I have worked with in years! I was so impressed with him that I recommended him to my neighbors who are also looking at a Reverse Mortgage.
I was expecting an arduous journey through mountainous paperwork filled with delays, incorrect information, having to repeat several steps involving time consuming telephone calls explaining all of the above. Instead I was expertly guided through each step, explaining to me what to expect and how long it would take. My questions were answered correctly and immediately. AAG turned a complex transaction into a simple exercise.
Kristina ** was GREAT! She promptly answered our calls and questions. She was our life-line during this process! She was very competent, helpful and informative. Your company is extremely lucky to have her as an employee!
This was a great experience, which helped me fix up my home. The AAG group, that I have spoken with, from the past to the present, are very professional.
My mortgage advisor was on point all the way. Just wish it hadn't cost so much for this refinance. Otherwise, I am happy with this company.
Services of appraiser (advised inaccurate detector information & omitted response to at least 2 other matters, as advised by AAG) lacked completeness & accuracy. Services of AAG processor were often VERY slow, with questions sometimes never responded. Believe lack of accuracy & processor attention was cause of extremely slow handling of loan. After funding, handling has been good.
Brian is absolutely wonderful. He kept us informed all the way through the process. He never minded answering a question and always was there for us. As a retired loan officer I know the importance of customer service and he always went above and beyond. We are very grateful to Brian to help us through our loan process.
Everything done by Mr. ** in Georgia was outstanding. Very accurate on time and kept me informed every couple days. When folder hit California it was a disaster. Sat on things for days at a time, repeated same questions days apart. Didn't wire transfer funds as instructions even when supplied with voided check for routing numbers. Received hard copy check only holding my funds up more. Outstanding in Georgia but wheels fall off in California division... They keep poor notes for reference on return calls. Misspelled my name on documents. Had to initial corrections for 10 minutes with notary. Too bad Anthony ** wasn't able to handle from beginning to end. He is very good at his job and explains things several times to be sure you understand. He's a great asset.
I was skeptical at first but ended up pleasantly surprised at the great service I got especially from rep Kevin who fielded the many questions I had. This was a new area for me and it came at a good time to be very helpful. I'm glad I went with AAG and would recommend them to others who would benefit from a reverse mortgage.
I would like everyone to know how hard diligent Micheal ** work on my reverse mortgage for me. She never quit searching all possible avenues there were to help me with my reverse mortgage, Micheal ** went above the call of her duty to help and for this I am deeply in her gratitude. She deserves a well deserved reward for her hard work and time spent. SHE IS PRICELESS as an employee. Thank you Ms. ** from the bottom of my heart, I'll never forget the hard work you personally put into this for me. You saved a life.
We had a very good experience with AAG and Milton **. Everything was done in a timely manner, and we never had to leave our home. Even the signing of the application and the closing was done at our home. We were kept informed about the progress of our loan at all times. I would recommend AAG to anyone who was looking for a company to process their reverse mortgage.
Andrea ** is a true professional and a pleasant to work with! She was most helpful, knowledgeable, and a great representative of your company. I am a retired senior executive of a NY Stock Exchange listed corporation. If I was still working, I would give her a substantial raise and hire her away from you!
The introduction and continued instructions were well handled. All questions were answered in an acceptable time frame. All agents were cooperative and very helpful. I was very pleased with the entire transaction.
Appraisal fee of $499.00 was steep considering he only spent 29 minutes at my house. He did however an excellent and thorough job. I never asked how long the reverse mortgage application would take but think that 10 weeks was a little too long. Satisfied with all else.
The contact people were very polite and courteous. The overall process took 18 full weeks from interview 03/30/2016 to 08/01/2016 to complete. I thought this was longer than necessary. Thanks.
AAG has provided very good service thus far. My only suggestion would be that they update their forms. Specifically, they recently changed the withdrawal request fax number but the request form still shows the old fax number.
My experience was good, accurate and to the point.
The whole process was done in a very timely manner. My son who assisted me with this was very impressed with all the followup calls from the company on the status of this loan. Thank you all for the peace of mind.
Both me and my wife thought that the service, explanations, of Reverse Mortgages and complete help thru the process by Mr Kyle ** were excellent. Thank you again.
We applied for a reverse mortgage and were treated with courtesy and respect. Our forty year old home looks brand new and is now handicapped accessible. Thank you.
Loan Officers made a major assumption that our HOA fees were in arrears and put them into the loan docs. I was not notified that this was done and found it on the first closing. I stopped the closing and brought it to our rep's attention. Because of my great behest the loan company ordered it corrected. The second close went through with fees attached from the error in the first closing. We did receive a refund. After the closing when we had made a declaration that we wanted further transactions sent our bank we received the document back and someone had altered it after closing.
This being illegal to modify documents after being notarized I made a clear and definite statement of my displeasure. I feel that the illegal actions of those involved should be dealt with in a major way. All of these mistakes cost me money and time to which I did get a "I am sorry" and a gift card. I cannot recommend AAG to anyone without because of the illegal actions made on our closing.
Michele LernerMortgage & 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.
More about Michele→
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.
American Advisors Group (AAG) Company Profile
- Company Name:
- American Advisors Group
- Company Type:
- Year Founded:
- 3800 W. Chapman Avenue
- Postal Code:
- United States
- (855) 242-3340